IMAX buys stake in Prima Cinema, promises higher-quality theatrical releases in your mansion
Prima Cinema's same-day-as-theaters movie player may be a niche device, but it's catching the eye of some big companies. IMAX has just bought a stake in Prima in return for both a Chinese distribution exclusive as well as a technology deal. The arrangement will let IMAX use the know-how from the Prima Cinema Player in its Private Theatre systems, giving the wealthy a chance to watch downloadable, IMAX-quality theatrical releases at home. Other platforms might come in the future, according to the company. There's no word on just when the integration will take effect, but we're sure that well-off movie buffs can't wait.
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IMAX PARTNERS WITH CONTENT DISTRIBUTOR PRIMA CINEMA TO PROVIDE CURRENT THEATRICAL RELEASES IN THE HOME
Agreement with PRIMA Cinema Enables Customers to Experience Day-and-Date Movies Enhanced with IMAX Proprietary Technology
LOS ANGELES, Oct. 28, 2013 /PRNewswire/ -- As part of a broader strategy to expand The IMAX Experience® in the home, IMAX Corporation (NYSE: IMAX; TSX: IMX) today announced it has acquired a stake and a significant option position in PRIMA Cinema Inc., whose proprietary systems transmit current theatrical releases from powerhouse studios like Paramount Pictures and Universal Pictures in a highly encrypted, location-sensitive fashion for secure home viewing.
IMAX plans to integrate the PRIMA Cinema technology into the IMAX® Private Theatre and other potential platforms, enhancing the image and sound of the content through its digital re-mastering (IMAX DMR®) process, which enables IMAX customers to access current theatrical releases of the highest possible quality.
As part of the agreement, IMAX 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," said 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," said 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."
IMAX has leveraged 40 years of cutting-edge, proprietary and patented technology and architecture to custom-design a new premium home offering that is multi-sensory, immersive, and visceral. The IMAX Private Theatre combines breathtaking IMAX® and IMAX® 3D images, flawless sound and optimized theatre design to deliver the ultimate in-home entertainment experience. For more information on the IMAX Private Theatre, please visit www.imaxprivatetheatre.com.
