Asian cinema group, Orange Sky Golden Harvest is to construct an auditorium in Suzhou, China for stay performances. The group says that it intends stay leisure to develop into its engine of future income progress.
The 360 Theater Challenge venture, constructed in co-operation with Suzhou Taihu New Metropolis Wuzhong Administration Committee, includes the development of “two state-of-the-art theaters every that includes a complicated 360-degree rotating auditorium that revolves round a panoramic set with complete occupancy of as much as 2,700 spectators,” OSGH mentioned. A ground-breaking ceremony was held on Could 9. The venture is about to be accomplished in 2021 and to price $85 million (RMB600 million).
“Leveraging on our experience in film manufacturing and huge community in the business, the group is dedicated to the creation of immersive experiences tailored for Chinese language viewers, below collaboration with famend administrators and scriptwriters. The group guarantees the venture to be a extremely distinctive expertise that includes native favored tales that mixes stay theater, musical, sensible video, absolutely built-in into the pure setting of Suzhou, delivered utilizing extremely superior up to date 360-degree stage round expertise imported from Europe,” OSGH mentioned in an announcement.
The Orange Sky Golden Harvest 360 Theater (signifies) the group’s first step into the quick rising Chinese language stay leisure business. The group expects stay leisure to develop into the engine of future income progress.. and facilitate the group’s additional developments.”
In addition to a diversification from cinemas into stay theatre, the transfer marks a return to mainland China, for the Hong Kong-listed firm. Golden Harvest was as soon as a pioneer of Hong Kong film-making. When the so-called Golden Period pale, it offered its movie catalog and turned to cinema operation, the place it was a front-runner in China’s multiplex cinema sector and constructed an empire in Hong Kong, Taiwan, Singapore, Malaysia and mainland China.
However OSGH struggled to earn money in Chinese language cinema, and offered its total chain of Chinese language cinemas in 2017. That left it as an operator solely in Hong Kong, Taiwan and Singapore. Since then, OSGH purchased out its three way partnership accomplice in Singapore’s Golden Village, giving it full management of that mature enterprise.
Within the yr to December, OSGH had virtually unchanged income of $137 million (HK$1.06 billion). It swung from income of $6.7 million (HK$52 million) to losses of $4.51 million (HK$35 million).