Prime Focus gets $10 million cash injection to grow in China
Mar 23, 2013 No Comments
Media and entertainment private equity specialists AID Partners Capital have formed a joint venture with Prime Focus World, a 100% subsidary of Prime Focus Ltd, to capitalise on VFX demand in China, valuing the company at $250 million.
Thousands of Prime Focus artists, well known for its 2D to 3D conversions services, have worked on titles such as Star Wars: Episode One – The Phantom Menace, Shrek, Transformers 3, Harry Potter and the Deathly Hallows Part 2 and Men in Black 3.
As demand for 2D to 3D conversion increases in China’s theatrical and television markets, this new venture is designed to establish a stronger presence in the region.
“3D and VFX are now the key elements of big budget films. With the increasing budgets of China’s tentpole movies, there is a tremendous demand for world-class 3D and VFX services in China. Prime Focus World is able to provide the best quality creative and technical services at a reasonable cost. With the resources and network of AID Partners and our China partner Zhejiang Jingqi Wenhua Chuanbo Company, we believe that the joint venture with Prime Focus will become one of the most important media entertainment service providers in China,” said Kelvin Wu, principal partner of AID Partners.
As of December 2011, the total number of 3D screens in China had reached 5,355, representing about 58 per cent of total screens in that market.
MEET PRIME FOCUS AT 3D CREATIVE SUMMIT
Matthew Bristowe, Joint Managing Director of Prime Focus World, oversees the output of the stereo conversion department of Prime Focus World in London. He will be talking at the 3D Creative Summit in London March 27th to 28th.
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