|Cinedigm Issues Digital Cinema Industry Update |
The Leader in Fully Deployed Digital Screens Offers Unique Insights
LOS ANGELES, CA and MORRISTOWN, NJ, Oct 11, 2010 (MARKETWIRE via COMTEX) -- Cinedigm Digital Cinema Corp. (NASDAQ: CIDM) today issued an update on the state of the digital cinema industry in the United States and Canada.
James Cameron's "Avatar" prompted exhibitors to deploy digital 3D screens in late 2009, and the outsized success of that movie has prompted continued deployment on a global scale. At present, there are 12,802 digital screens in the U.S. and Canada, out of an estimated population of 39,000 screens*, representing a 65% uptick from this time last year.
Exhibitor interest in digital cinema is not limited to blockbuster 3D movies, however. Digital cinema enables exhibitors to turn their theatres into complex entertainment destinations, offering live sporting events (often in LIVE 3D), big-screen gaming, concerts, family friendly programming and much more.
"Live 3D sporting events, concerts in 3D, interactive gaming, greater numbers of independent films and other programmatic content -- digital cinema opens up an entire world of entertainment options for networked digital theatres," said Adam M. Mizel, co-CEO, Cinedigm. "Cinedigm's digital cinema platform has helped drive the effort to reach this point, but much more is possible as the wave of digital cinema adoption rolls out across North America and the world. We've only just begun."
Cinedigm has served as a driving force in the exhibition industry's transition to digital. And resulting from Cinedigm's Phase One and Phase Two digital cinema deployment programs, Cinedigm has to date signed 57 exhibitors in the United States and Canada, comprising of more than 6,000 digital screens. Upon final installation, these screens will account for almost 50% of the total 12,802 digital screens in the United States and Canada*. Slightly more than half of all digital screens have the capability to show movies, events and other forms of alternative content in 3D.
Since launching the Phase Two digital cinema deployment program last year, Cinedigm has:
-- Closed 26 Cinema Buying Group exhibitors, representing close to 800
-- Closed exhibitor buyer deals representing close to 1,600 screens
-- Closed Cinedigm financed deals, representing almost 800 screens
-- Installed approximately 1,200 additional digital screens
"We are pleased with and proud of our progress," said Gary S. Loffredo, co-CEO, Cinedigm. "We are experiencing increasing interest in our digital cinema deployment program and expect the momentum to lead to an expansion of our signed backlog and an increase in the number of digital cinema installations."
Like other successful technology innovators, Cinedigm provides a critical platform that combines the digital cinema projectors/servers they finance and install, with industry leading satellite, hard drive and now fiber/internet delivery platform, as well as Cinedigm software to make the whole platform work. Cinedigm then leverages this platform with innovative applications: alternative content and independent film marketing and distribution; software and data analytical applications and pre-show, web and kiosk based advertising.
* These figures do not include IMAX screens.
About Cinedigm Cinedigm is a leader in providing the services, experience, technology and content critical to transforming movie theaters into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, software, satellite, broadband and hard drive digital movie delivery network; pre-show in-theater advertising services; and marketing and distribution platform for alternative content such as CineLive(R) 3-D and 2-D sports and concerts, thematic programming and independent movies is a cornerstone of the digital cinema transformation. Cinedigm(TM) and Cinedigm Digital Cinema Corp.(TM) are trademarks of Cinedigm Digital Cinema Corp. www.cinedigm.com [CIDM-G].
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