RealD Inks Deal With Womei Theater Chain in China
LONDON – RealD, the 3D movie technology specialist has inked a deal with the Womei Theater Chain to kit out 100 screens across the exhibitor's movie houses in China.
RealD said the 3D technology rollout across the Chinese properties has begun and the work is "expected to continue over two years."
Womei Theater Chain management said in a statement: "Our cooperation with RealD represents a perfect combination between the leading global 3D technology and a five-star level cinema. Together, we will introduce a new sensation of cinema-going for the Chinese moviegoers."
"The Chinese cinema box office continues to grow at a record rate while the appetite for 3D by Chinese moviegoers remains among the highest in the world," said Edman Chan, general manager of Asia for cinema at RealD.
"China is the most populous nation in the world and these installations of RealD 3D across the Womei Theater Chain will further broaden the availability of RealD’s unique, realistic and immersive theatre experience."
Womei Theater Chain currently operates four cinema locations with 33 auditoriums across China, including a cinema of eight screens expected to be opened in Chongqing by the end of October.
In the next five years, the company plans to open a total of 200 cinemas totaling 1,000 screens, with an aim of reaching the top-five in box office among all movie theater chains in China.
RealD 3D is currently available on approximately 850 cinema screens in China with future commitments for more than 1,200 additional installations for a total of more than 2,000 screens committed.
Womei Theater Chain was set up in China in December 2010 with Korean theater chain Megabox as the company’s consultant
ReadD on Monday reported fiscal second-quarter results that fell short of the expectations of analysts on the bottom line but beat them on the top line.
The company said in the current quarter it expects operating expenses of up to $100 million, about $5 million less than it previously expected due in part to "slower than anticipated growth in headcount."