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Cineworld unveils digital investment plans
Cinema operator Cineworld has revealed plans to roll-out digital projection facilities across its entire UK and Ireland estate after securing a partnership with Arts Alliance Media (AAM).
The group will use existing resources and cash flow to invest around £30m in converting the remainder of its properties over the next three years, after already spending £10m during 2009 and the first half of 2010. Under the terms of the new agreement, AAM will receive a Virtual Print Fee from distributors each time Cineworld screens a film using digital projection rather than a 35mm projector.
The cinema operator will then receive a quarterly payment from AAM that reflects the total projected Virtual Print Fees earned, which will go towards recouping some of the £40m outlay over the next seven-to-10 years. In addition to the screening of 3D films, it is hoped the move will also allow Cineworld to screen live sporting events, plays and concerts as a result of the new digital agreement.
Cineworld chief executive officer Steve Wiener said: "Digital is a core part of our strategy and we are pleased to be partnering with Arts Alliance Media to continue our rapid roll out of digital projection facilities to encompass our entire estate. "Going to the cinema will no longer be just about going to see movies. Alternative content in 3D such as live sport, plays, opera and concerts will now become more readily available at all Cineworld cinemas across the UK."
AAM chief executive officer Howard Kiedaisch added: "Bringing digital technology to cinemas across the UK and Ireland means cinema owners, film distributors and consumers can benefit from the advantages digital cinema has to offer."
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