IMAX Acquires Stake in Prima Cinema
IMAX has acquired an ownership stake and 'significant option position' in Prima Cinema, planning to integrate the service into its Private Theatre. IMAX also got an exclusive to distribute and resell Prima Cinema in China.
IMAX plans to integrate Prima Cinema technology into the IMAX Private Theatre and other potential platforms. Prima Cinema uses proprietary technology to transmit current theatrical releases from studios like Paramount Pictures and Universal Pictures in a highly encrypted, location-sensitive fashion for secure home viewing. The service costs $35,000 and $500 per movie. IMAX Private Theatres carry a $2 million price tag.
As part of the agreement, IMAX also will receive a five-year window of exclusivity to distribute and resell Prima systems in China. IMAX will also maintain a seat on Prima Cinema’s board of directors.
“Today’s agreement with Prima Cinema enhances our ability to deliver a premium, end-to-end in-home entertainment experience, combining the best of IMAX’s immersive image and sound technology with the delivery of current theatrical titles,” says IMAX CEO Richard L. Gelfond. “In addition to using Prima Cinema in our IMAX Private Theatre systems, we are also exploring ways to integrate IMAX’s proprietary technology and Prima Cinema’s delivery system into other premium in-home applications.”
“PRIMA Cinema is incredibly proud to partner with IMAX and introduce a new level of innovation in the digital entertainment industry,” says Jason Pang, Prima Cinema founder and CEO. “We’ve set a high bar in terms of security and quality with our current Prima Cinema system. Complementing the IMAX Private Theater raises it to new heights and creates an entirely new digital outlet for the film industry.”
Jason has covered low-voltage electronics as an editor since 1990. He joined EH Publishing in 2000, and before that served as publisher and editor of Security Sales, a leading magazine for the security industry. He served as chairman of the Security Industry Association’s Education Committee from 2000-2004 and sat on the board of that association from 1998-2002. He is also a former board member of the Alarm Industry Research and Educational Foundation. He is currently a member of the CEDIA Education Action Team for Electronic Systems Business. Jason graduated from the University of Southern California. Have a suggestion or a topic you want to read more about? Email Jason at [email protected]
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