Wanda Group's cinema chain subsidiary unit Wanda Cinema Line posted an over-40-percent box-office revenue increase. (Photo : www.english.caixin.com)
In recognition that the Chinese movie market is now the second-largest in the world, more investors are pouring in their money on the industry.
One Chinese giant that is further strengthening its participation in the industry is the Wanda Cinema Line – the operator of the biggest cinema chain in the country – by building and opening 100 more Dolby cinemas within the next five years. The theaters would use projection and sound technology from Dolby Cinemas.
The first moviehouse, which would have the Dolby Atmos sound technology and the Dolby vision projection system, would open before March, according to Wanda’s statement filed with the Shenzhen Stock Exchange. Besides partnering in China, Dolby and Wanda would also have as its partner Hoyts, a cinema operator in Australia.
Wanda is not limiting its business partnerships to Dolby. In June, it also partnered with IMAX which installed giant screens in Wanda-owned cinemas in a lot of shopping malls. The IMAX presents better business opportunity for movie house owners because tickets are usually more expensive in IMAX theaters.
For Dolby, the deal with Wanda is a big step with the sound experts getting a foot inside the second-largest movie market in the world as the San Francisco-based company aims to have its new product accepted in more countries outside the west. Besides China, Dolby is also expanding in Australia, Spain, The Netherlands and other European nations, reported LA Times.
Kevin Yeaman, chief executive of Dolby Laboratories, said in a statement, “Dolby’s Collaboration with Wanda Cinema Line marks a significant step in delivering the next-generation cinema experience on a global scale.”
