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IMAX Expands Relationship with SPI in India with Four-Theater Deal
January 31, 2012—IMAX and SPI Cinemas Private Limited (SPI) have announced an agreement to install four digital IMAX® theater systems in new SPI Cinemas complexes across India. The deal brings the total number of commercial IMAX® theaters open or contracted to open in India to 13.
The local Indian film market currently ranks number one in the world for attendance and film production, with over 1,000 films produced a year and approximately 90% of revenues derived from non-English language movies. Recent reports project the country's film industry to grow from $3.2 billion in 2010 to $5 billion by 2014.
"We are pleased to expand our relationship with SPI in India," said IMAX CEO Richard L. Gelfond. "Not only is SPI Cinemas' commitment to offering cutting-edge entertainment experiences perfectly aligned with the IMAX brand, but this agreement puts us in position to consider the local release of Bollywood films, which will be key to the success and growth of IMAX in this strategically important region of world."
"SPI is a leading player in the Indian exhibition industry, with multiplexes that have some of the highest attendance rates. Today's agreement will bring IMAX theaters into their new multiplexes, which will be located in high-growth areas," said Don Savant, IMAX's Senior Vice President and Managing Director, Asia Pacific. "Our unparalleled technology, worldwide brand and exciting film slate coupled with SPI's state-of-the art multiplexes are sure to thrill audiences across India and we are pleased to join forces with them once again."
About SPI Cinemas
SPI Cinemas Private Ltd. is a leading player in the Indian entertainment industry offering services such as exhibition, distribution and production. With a focus on providing a paramount movie viewing experience, the group exhibits movies in settings like never before. The group's portfolio consists of the legendary Sathyam Cinemas in Chennai, the first multiplex in India to have state-of-the-art digital screens, concept restaurants and India's largest gaming zone – Blur; Escape, Chennai's first luxury cineplex with amenities such as free gaming, designer food, a reading lounge and spa to name a few; thecinema @ Brookefields, Coimbatore's trendy new cineplex, where contemporary fashion meets the new age customer, in a setting that is a style statement on its own. The group is gearing up to launch a number of boutique multiplexes across the country this year.
SPI Cinemas is also one of the key distributors of films in Tamil Nadu and has forayed into the music business with Think Music to distribute Tamil, Telugu and Malayalam film sound tracks via digital media and Purplenote to distribute non-film contemporary music. In 2009, SPI Cinemas announced its entry into feature film production with the Tamil film,
Thiru Thiru Thuru Thuru
. The 2nd production under the banner is
(180) in 2011.