RealD Opens Latin American Office in Rio de Janeiro, Brazil
Sean Spencer Joins RealD as Director of Latin America Cinema
RIO DE JANEIRO and LOS ANGELES (April 24, 2013) – RealD Inc. (NYSE: RLD), a leading provider of 3D cinema technology, announced today that the company has opened its first office in Latin America. Located in Rio de Janeiro, Brazil, the new bureau will focus on the company’s Cinema business and handle sales, customer service and operations for Latin America, including Central America and South America.
“The Cinema industry has seen its greatest growth in recent years in international markets, including Latin America, where box office has grown approximately 100% in the last five years,” said Marlene Songin, Vice President, Cinema at RealD. “This new office will increase RealD’s presence across Latin America and better position us to grow our business in the territory.”
RealD also announced the appointment of Sean Spencer to the position of Director, Cinema, Latin America. In this role, Sean will oversee the Rio de Janeiro office, heading sales and managing communications with exhibitors currently utilizing RealD technology in the territory. A 16-year veteran of the Latin America entertainment industry, Sean previously held the position of Vice President for Latin American Operations with the Motion Picture Association, as well as Executive Director of the Television Association of Programmers. He speaks fluent Portuguese and Spanish, and maintains key contacts with top-level government officials and industry executives throughout the region and the U.S.
“Having spent most of my professional life in the entertainment industry in Latin America, I have seen first-hand the growth of the cinema industry and recognize the opportunities for continued expansion of RealD’s business in the territory,” said Spencer. “I look forward to introducing many exhibitors to the advantages of RealD while also working with our current customers to broaden their RealD install base to match the continued demand for 3D.”
“Sean’s experience in the Latin American market is a great addition to the RealD team and we look forward to his many contributions as we work together to build our business in the territory,” added Songin.
The Latin American market has seen its total cinema box office grow from approximately $1.4 billion in 2007 to approximately $2.8 billion in 2012, according to the Motion Picture Association of America. During this period, Brazil has experienced strong box office growth from approximately $366 million in 2007 to approximately $839 million in 2012. Of the approximately $839 million in total Brazilian box office in 2012, approximately $250 million came from admissions to 3D films, according to IHS Screen Digest.
RealD is the world’s most widely used 3D cinema technology with approximately 22,200 screens equipped with RealD 3D by approximately 1,000 exhibitors in 68 countries around the world (as of December 31, 2012). There are currently approximately 1,450 auditoriums equipped with RealD 3D in Latin America including approximately 250 in Brazil and approximately 840 in Mexico.
About RealD Inc.
RealD is a leading global licensor of 3D technologies. RealD’s extensive intellectual property portfolio is used in applications that enable a premium 3D viewing experience in the theater, the home and elsewhere. RealD licenses its RealD Cinema Systems to motion picture exhibitors that show 3D motion pictures and alternative 3D content. RealD also provides its RealD Display, active and passive eyewear, and RealD Format technologies to consumer electronics manufacturers and content producers and distributors to enable the delivery and viewing of 3D content. RealD’s cutting-edge 3D technologies have been used for applications such as piloting the Mars Rover.
RealD was founded in 2003 and has offices in Beverly Hills, California; Boulder, Colorado; London, United Kingdom; Moscow, Russia; Shanghai, China; Hong Kong; Tokyo, Japan; and Rio de Janeiro, Brazil. For more information, please visit our website at www.reald.com.
Cautionary note on forward-looking statements
This press release includes forward-looking information and statements, including but not limited to: statements concerning the opening of a RealD office located in Rio de Janeiro and the growth of the 3D cinema industry in Latin America. These statements are based on RealD’s current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside RealD’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. RealD’s annual and quarterly reports include a more detailed discussion of the risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements.
RealD undertakes no obligation to update publicly the information contained in this press release, or any forward-looking statements, to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
Source: Press Release