Continuing the trend of film industry expansion into China, a supplier of 3-D equipment to movie theaters has signed a deal for 100 screens there, according to The Hollywood Reporter.
Beverly Hills-based RealD Inc. has more than 20,700 screens worldwide and its systems are already available on 850 screens in China, with 2,000 scheduled in the future. RealD’s agreement is with China’s Womei Theater Chain, which operates 33 movie auditoriums, and plans to open 200 theaters and 1,000 screens over the next five years, according to the Los Angeles Times.
Hollywood is eager to take advantage of Chinese money and their willingness to spend on the film business. From Disney partnering with China’s DMG on “Iron Man 3” to China’s Wanda Group purchasing AMC Theaters, the future of the industry looks to feature major involvement with the Chinese market.
“The Chinese cinema box office continues to grow at a record rate while the appetite for 3-D by Chinese moviegoers remains among the highest in the world,” Edman Chan, general manager of Asia for cinema at RealD said in a statement.
“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 also expressed optimism about the deal.
“Our cooperation with RealD represents a perfect combination between the leading global 3-D technology and a five-star level cinema,” Womei noted in a released statement.
RealD announced the news of the deal Monday, the same day that it reported a $4.2 million second-quarter loss – compared with last year’s $18.9 million during the same period last year – falling short of expectations by about $5 million, citing “slower than anticipated growth in headcount,” according to the Times.