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| China 3D Group to focus on 3D film production, distribution and related products development |
HONG KONG, Nov 4, 2010 - (ACN Newswire) - China 3D Digital Entertainment Limited ("China 3D Digital" or the "Group", Stock Code: 8078.HK, formerly known as Dragonlott Entertainment Group Limited) anticipates China's 3D film market will witness a period of fast growth in the coming five years. Based on the projection of over RMB10 billion in box office sales by the State Administration of Radio Film and Television, the year 2010 will likely record a growth of close to 60% year-on-year. Although 600 new screens were opened in 2009, China's movie screens per capita still lags behind its overseas counterparts. Thanks to continuous urbanization and increase in disposable income, the industry is expecting substantial room for growth in the China's movie market.
According to the State Administration of Radio Film and Television, China's film production has recorded progressive growth in the past decade. The number of films produced in 2009 was 456, an increase of 12.3% year-on-year and soared by 5 times when compared to that of 2001. Box office sales also showed strong positive growth, to RMB6.2 billion in 2009, an increase of 43% compared to 2008. The industry recorded an average growth of over 25% since 2006. Meanwhile, industry players will enjoy favourable government policies as an incentive to accelerate development of the creative businesses in the country. The State Council has issued the "Directive on Promoting Prosperous Development of Film Industry", reaffirming the government's stance and conveys optimism to the market.
In order to seize the business opportunity, the Group will focus on 3D film production, distribution and related products development. Besides "3D Sex and Zen: Extreme Ecstasy" which is scheduled for release in May 2011, film project in the pipeline includes distribution of "Nutcracker and the Rat King in 3D". Looking ahead, the Group will also invest in the production of a number of 3D films in the coming few years such as, the Trilogy of "The Legend and The Hero", a masterpiece of Chinese traditional mythology. Furthermore, the Group plans to expand into the cinema business by operating cinemas in Hong Kong, Beijing, Tianjin, Shanghai, Chongqing, Guangdong and Shenzhen between now and 2014.
"Although 3D movie is slightly more costly to produce, tickets are generally priced at a 30% - 50% premium to 2D movie, providing a better box office return. With the popularity of internet and prospective illegal download, and the challenge of piracy, enhancement of picture quality in 3D movies is key to a sustainable development for the industry. It will minimize the risk of piracy and at the same time, attracts more audiences to go in to the cinema for entertainment. The technology deployed by our production team rivals that of Hollywood, giving us confidence in future productions. We are humbled by the fact that "3D Sex and Zen: Extreme Ecstasy" earns the title as the world's first 3D erotic film, a milestone not only for us but for the industry as a whole." commented Mr. Shiu Junior Stephen, Executive Director of China 3D Digital Entertainment Limited.
Contact:
Fortune Media Advisory Limited
Ms Josephine Lau
Tel: +852 3421 0981
jolau@fortunemedia.com.hk
Ms Joey Lam
Tel: +852 3421 1583
joeylam@fortunemedia.com.hk
Topic: New market for product
Source: China 3D Digital
Sectors: Film & Video
https://www.acnnewswire.com
From the Asia Corporate News Network
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