Illustro Pictures announced today that after initially committing to two films for immediate production, they will be tripling that planned slate of co-productions with Chinese studios.
Said Brian Hammond, President and CEO of Superior Venture Corp., "This is a once in a lifetime opportunity for Ilustrato Pictures that we have spent the last decade working toward. The hard work in getting to know the Chinese studios and their needs was realized when we reached a co-development agreement on 'Stuck,' the feature film with Hairun Pictures. That situation has since expanded greatly and we are in the running for three times the initial roster of films."
Bruno Wu, owner of China's Seven Stars Entertainment, and Avi Arad's (Marvel Studios founder) Arad Productions are teaming up to create a line of superheroes based on Chinese mythology. The strategy is to create a new brand of heroes that target the Chinese film and television industries directly.
The first planned feature will be Rise of the Terracotta.
For the third consecutive weekend, Life of Pi grabbed the #1 spot at the Chinese box office. With an incredible $25.88 million (down just 3.8 percent from last weekend), Ang Lee's film is riding a wave of extraordinary word of mouth in China. Through 18 days of release, the film has now grossed $68.9 million in the country. That moves Life of Pi up to #17 of all-time in China, just behind Inception at #16 with $70.42 million.
Back to 1942 also impressed in its second weekend with another $23.4 million. Its Chinese total sits at $44.7 million after just 11 days in release, placing it at #31 all-time.
Rounding out the top five were The Last Supper ($4.5 million with a cume of $10.7 million), My Sassy Hubby (debuting to $1.77 million in 3 days) and 2012 3D ($1.73 million for a new cume of $20.67 million). 2012 is less than $120,000 away from surpassing Quantum of Solace to enter the top 100 of all-time in China.
Beijing, China-Dec 11, 2012 --Digital Cinema pioneer Barco announces that its newest DP2K-10S digital cinema projector, based on the 0.69" DLP Cinema® chipset, has been selected by Hunan FAYOO Film Culture Industry Investment Management Co., Ltd. (‘FAYOO') and installed at its newly-opened cinema in Taojiang, Hunan Province, China. This makes FAYOO the first exhibitor in China to use an S2K projector to show commercial movies.
In order to meet the requirement for exhibiting domestic and Hollywood blockbusters, small and medium-sized digital cinemas need to upgrade to a cost-effective solution. To meet this demand, Barco has launched the DP2K-10S projector, the industry's first DCI-compliant and fully integrated digital cinema projector for small screen theatres.
Barco S2K projectors are being installed in 5 theaters of FAYOO's newly-opened cinema. Furthermore, CFG-Barco, the joint venture between Barco and China Film Group, has stated that over 100 Barco S2K projectors will be provided to local cinemas in China by the end of this year.
Mr. Cao Yu, Chairman of Hunan FAYOO Film Culture Industry Investment Management Co., Ltd., commented: "Investments in local theaters are part of our strategic deployment. Barco's cost-effective, highly reliable S2K projector is just what we need to enable our small-sized cinema to exhibit domestic and overseas blockbusters and provide moviegoers with a premium cinema experience."
Wim Buyens, Senior Vice President Barco and Head of the Entertainment Division, said: "I am very proud that our DP2K-10S projector has received such high recognition from the market worldwide. This proves that our product research and development are on the right track, the best of 2 worlds no compromised towards the cinema experience and DCI requirement and the lowers TCO, well suited for our China market. We will continue to increase the R&D investment and supply more digital cinema projection systems for more cinemas."
Specifically designed for small screens
Based on the 0.69" DLP Cinema® S2K chipset, Barco's DP2K-10S features exceptional brightness, vibrant and stable color, and perfect image ratio, enabling small and medium-sized theaters to provide an outstanding visual experience for their audiences. Furthermore, the DP2K-10S won the Best Product Award at the 2012 Beijing International Radio, TV & Film Equipment Exhibition (BIRTV) in August - a clear indication of its exceptional market potential in the future.
Mr. Chen Xuxiang, General Manager of CFG-Barco (Beijing) Electronics Co., Ltd., stated: "The DP2K-10S projector was developed with the involvement of Barco's China R&D team and currently rolling out of our production line in China. FAYOO is an important partner, and I am very glad that this product's first installation is in FAYOO's cinema. This encourages us to continue to provide comprehensive solutions for a variety of clients, with the goal of accelerating the development of China's cinemas."
About Hunan FAYOO Film Culture Industry Investment Management Co., Ltd.
Hunan FAYOO Film Culture Industry Investment Management Co., Ltd. (FAYOO) is a pioneering comprehensive enterprise with operations covering modern high-standard cinema investment, cinema decoration design, cinema construction, cinema equipment, and professional management training. FAYOO has established long-term, close partnerships with many local theaters, film production and investment companies, such as China Film Group Corporation and its digital circuits, Golden Age Digital Cinema, Hengdian circuits, Hunan Film Group, China Film Stellar Theater Chain, Beijing Fengshang Digital Cinemas, Hunan Xiaoxiang Digital Cinemas, etc.
FAYOO has many cinemas that have been established, or are being established, in Hunan Province of China, including FAYOO Xiledi International Cinema in Changsha, FAYOO Jindian International Cinema in Lengshuijiang, Ningyuan, Taojiang and Xiangxiao FAYOO Xingsha International Cinema. FAYOO is committed to becoming an influential and leading investment management company for medium-sized theaters.
U.S.-based Superior Venture Corp.'s subsidiary company Illustro Pictures Limited is expected to continue its growth within the Chinese movie market after several years of 25-40 percent annual growth.
Said President and CEO Brian Hammond, "We are seeing a huge demand for Chinese domestic films to fill the roughly ten new movie screens that open in China daily, making it the fastest growing and second largest movie market on the world. The leading Chinese studios that we have developed relationships with are looking at multiple projects, all of which could use the co-development and production capabilities of our subsidiary, Ilustrato Pictures. We believe that the 25% to 40% plus growth that resulted in record box office for China in 2012 directly benefits our Company. We are out to capture significant co-development projects that utilize our talented writing, development and production resources. With that kind of growth, we could see multiple large scale projects developed within 12 to 24 months."
Illustro is also in the process of multiple co-development agreements with various Chinese film studios.