Reliance ADA Group company MediaWorks (or Adlabs Films) and US-based In-Three will set up a joint venture studio for conversion of 2D movies into 3D, digital cinema quality ones in India. MediaWorks will provide the infrastructure while In-Three’s patented technology Dimensionalization and MediaWorks’ subsidiary Lowry Digital‘s proprietary image processing tools will be utilised for making the 3D titles. It appears that the new studio will focus mainly on Hollywood titles and content from global clients of In-Three and not Indian content.
MediaWorks also owns a theatre chain BIG Cinemas which has 500 screens in India, US, Malaysia and Indonesia. In October, another theatre chain owner Pyramid Saimira sold 39.87% stake of its film production subsidiary Pyramid Saimira Productions International to RDB Group and announced that it would produce 28 films and 1,785 hours of TV content for 2010-2011.
3D Stereoscopic Films; In-Three
MediaWorks and In-Three will produce 15-25 feature film projects in a year and will begin the first joint project with the company’s US subsidiary Lowry Digital will start from early 2010. With this, MediaWorks has extended its expertise into stereoscopic 3D films. Other 3D stereoscopic films are the kinds such as Dreamwork Animation’s Monsters vs Aliens, Pixar/Disney’s Toy Story and the upcoming Avatar by 20th Century Fox.
MediaWorks reported a consolidated net loss of $2.3 million for the quarter ending September 2009. Revenues from film and media services increased by 64% to $10 million sequentially.
Key Corporate Announcements From ADAG
In July, the group’s chairman Anil Ambani had hinted that an IPO was in the offing, and the $325 million equity infusion into Dreamworks Studios was a sign that something BIG was to happen, yet there has been no update on the company’s plans to go public. Since then, the company has launched BIG Maps on Reliance GSM network, partnered with Spice Digital (previously Cellebrum) for a mobile application for its video on demand and DVD rental business BigFlix and MediaWorks recently reorganized its theatre chain BIG Cinemas operations into two business strategic units based on geographical division.