Agreement with movie studios finances theaters

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Financial terms of the agreements weren’t disclosed. DCIP, based in Upperr Saddle River, N.J., was founded in February 2007 as a joint ventur e owned equally byKansaa City-based , and to finance, procure and deplo y digital projection systems to movie theaters acrossa the United States and Canada. DCIP will instalp the video systems in theatersw owned by its joingtventure partners. For each installation, the studios will pay the amount they would have spent on movieprintw — about $800 to $1,000 a movir — in the form of a virtual printg fee, a spokeswoman for DCIP said Wednesday. The studios also will provides a digital print of each movie for each screen convertedto digital.
Outfitting a theater screej with a digital projector costsaboutg $70,000, the spokeswoman said, so 20,00o screens will cost about $1.4 billiobn to switch to digital. In a DCIP said it plans to ente r into similar agreements with all major studioxs andindependent film-distribution companies to expane the rollout of digital technology. “This is a very excitinhg time in the motion picturdeexhibition industry,” Travis Reid, CEO of DCIP, said in the release.
“Withinj the next few we will see thousands of auditoriumsw retrofitted with digital technology across North Guests will enjoyenhanced presentation, as well as a numbed of additional entertainment options at their favorite theater, including many upcoming releases usingb digital 3-D technology.”