Cine Colombia has become the first major exhibitor in Latin America to go all digital, weekly entertainment website Variety reported in its latest issue.
According to Variety, the move is testament to the financial clout of Cine Colombia’s parent company Grupo Santo Domingo, a family owned organisation with stakes in more than 100 companies, including breweries, TV and radio stations, print media, real estate and oil.
Cine Colombia is among only three circuits in Latin America that has been able to secure virtual print fee agreements with the Hollywood majors. This has seen a significant growth in Colombia’s exhibition, up 94% over the past seven years, from 9.7 million admissions in 2005 to 18.7 million in 2012. Cine Colombia enjoys a 46% share in overall admissions and 48% share in box office.
Now operating 248 screens in 37 theaters, Cine Colombia has closed deals for the construction of 70 more screens in the next two years. Although there is room for growth in Colombia, according to Variety the company plans to open screens in other Latin American territories.
Sources