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PR:'Beowulf' 3-D Screens Outperform
Note from author Robert Marich. An equipment vender for 3-D cinema projection points out rosy economics for 3-D runs of Beowulf in the press release below. A big question is whether high audience patronage will be sustained, or is simply a short-term “novelty” factor. My guess is this will be sustained because the technology is good and Hollywood studios have shown that they will support cinema enhancements to keep theatrical going, which requires bells-and-whistles that audiences can’t get with their elaborate home entertainment systems. Tickets for the 3-D playdates on non-IMAX screens are priced several dollars higher than the same movies on regular screens, so studios and theaters get more money.
BO Success of Beowulf In 3-D Validates StereoVision’s Model
20% of Theaters Projecting the Film in Digital 3-D Accounted for 40% of Opening Weekend Gross
StereoVision Focused Exclusively on Developing Next Generation Polarized 3-D Films
Nov. 20, 2007 -- VAN NUYS, Calif.--(BUSINESS WIRE)--StereoVision Entertainment Inc. (OTCBB: SVSN, http://www.stereovision.com), a film production company focused exclusively on developing low cost, high-quality, next generation polarized 3-D films, believes the success of weekend box office champ Beowulf illustrates the tremendous growth potential in the 3-D film industry.
According to Monday’s edition of The Hollywood Reporter, 3-D and IMAX screens playing Beowulf contributed disproportionately to the film’s total $27.5 million three-day weekend box office gross. Beowulf was shown this weekend in a total of 3,153 theaters with 850, or 20% of total screens, projecting the film in 3-D. Proving moviegoers demand for 3-D content, those screens contributed 40% of the film’s weekend gross. Those engagements include 84 IMAX screens, which contributed almost $3.65 million to the total take, representing a whopping $42,619 per screen average.
“Beowulf’s opening weekend box office numbers resonate very strongly for all involved with StereoVision,” said Jack Honour, Chief Executive Officer of StereoVision. “After several years of stagnant box office sales in theaters, audiences are hungry for a unique cinematic movie-going experience. Box office numbers prove 3-D is bringing people back into movie theaters. StereoVision is uniquely positioned as a pure-play developer and producer of 3-D films. We concentrate on providing the content that
The bottom text line reads: "In Theaters Everywhere This November and in IMAX 3D and Digital 3D.
is and will continue to be in demand by both audiences and theaters alike. Our independent 3-D film production company model expects to capitalize on the excitement surrounding this incredible new format.”
Charlotte Jones, Screen Digest Global Film and Cinema Analyst, stated: “The economic incentives for both distributors to provide more 3-D content and exhibitors to upgrade their theater systems are now clear. A high-quality, varied slate of 3-D-only content will be a major incentive for exhibitors to achieve by 2009 our projected count of six thousand 3-D screens worldwide.” Jones is the author of the first major industry study on 3-D cinema, entitled, “The Business Case For Digital 3-D Cinema Exhibition.”
About StereoVision
Located in Van Nuys, California, StereoVision Entertainment Inc. is a film production company focused exclusively on low-cost, high-quality, next generation 3-D feature films. Responding to the incredible growth of digital projection theaters worldwide and the exploding demand for polarized 3-D feature films, StereoVision has been developing an exciting slate of commercial 3-D feature films since its founding three years ago. Led by a management team that includes Chairman and Chief Production Officer Doug Schwartz, creator and executive producer of Baywatch, the world’s most watched television series in history, StereoVision intends to produce and distribute twelve to fifteen 3-D feature films over the next five years. Capitalizing on long-standing studio relationships, StereoVision is uniquely positioned to be a significant player in the motion picture industry’s 3-D future.
Also see Business Week article 3-D Cinema Gets Traction from Sept 10 also in this News/Features directory.
