No sooner did I write the previous post about the cinema situation in India then the news breaks that my client Adlabs has acquired 200 screen in the US. While it is not the first time an Indian exhibitor buys into the US market, this deal dwarfs the acquisition of FunAsia's four sites in Texas with 17 screens by Pyramia Saimira a few weeks ago. Not only that but to put the size in perspective, Landmark Theatres operates 232 screens in 58 locations, while Muvico has 14 cinemas with a total of 259 screens. Both of these are US exhibition house hold names and so too soon will be Adlabs.As of yet there is not detailed information about what the locations are. Also, I have not seen coverage yet by either Variety or Hollywood Reporter, which I find perplexing, but maybe they are pre-occupied by the WGA strike. Here is what DNA India has to say about it:
I would expect more details to follow soon. If Pyramid Saimir is prepared to spend $75m to grow from 17 to 75 screens, you can bet that Adlabs will not settle for just 200. Also too soon to talk about digital, other than that I can assure you that whatever they may or may not launch will definitely NOT be e-cinema.Making its first international foray, Adlabs has entered into multiple agreements with existing theatre owners in the United States to operate some 200 screens.
Precise details on this arrangement have not been made public yet as the deal has been executed by an Adlabs official in charge of developing international operations. The company refrained from divulging details stating it will be made public in due course.
Following the deal, Adlabs will have a footprint across the US covering 28 cities including the key markets in east coast (California is full of Indian techies), midwest and west coast (New York and New Jersey has a substantial Indian population).
These cinema theatres will be showcasing mainstream Hollywood films in addition to movies in the Indian languages viz., of Hindi, Tamil and Telugu.
Consider this the first move, with more to come. True to their motto, there's never a dull moment when you are with Adlabs.
Posts
2 comments:
Congratulations; and you were there. Grandchildren on the knee, great stories, great times.
It is great times for people and groups who want to buy into the US asset-base. The dollar is cheap and it is a great time to sell, being just before the required surge of investment and the long-haul of recovery. Because you are right, these will not be e-cinema systems.
Right you are, dcinemacompliance_guy, it's not just European tourists in NYC and sovereign wealth funds bailing out sub-prime affected US banks that see the strategic value of the cheap dollar. While the strong Rupee is impacting Indian exports, large companies like Reliance see it as a golden opportunity to position themselves in the North American market. Hopefully there won't be a backlash or tired Apu-of-the-Simpsons stereotypes bandied about, but the fact that this has not been trumpeted in the US media could be an indication of an intention to keep a low profile for now.
Post a Comment