MUMBAI: DreamWorks Animation SKG (DWA) has reported total revenue of $136.1 million and net income of $9.1 million for its first quarter ended 31 March, driven primarily by the success of Puss in the Boots.
The animated action comedy film, which has grossed approximately $554 million in worldwide box office to date, contributed $73.6 million of revenue to the quarter, driven primarily by home entertainment and international box office. The film reached an estimated 3.8 million home entertainment units sold worldwide through the end of the first quarter, net of actual and estimated future returns.
“DreamWorks Animation‘s first quarter of 2012 was driven primarily by Puss In Boots‘ continued success at the international box office and the solid performance from its home video release to date. We look forward to releasing the third chapter of our blockbuster Madagascar franchise in theaters on June 8th,” said DreamWorks Animation CEO Jeffrey Katzenberg.
Kung Fu Panda 2, the company‘s summer 2011 release, contributed $14.1 million of revenue to the quarter, driven primarily by home entertainment. The film reached an estimated 5.5 million home entertainment units sold worldwide through the end of the first quarter, net of actual and estimated future returns.
Megamind, the company‘s fall 2010 release, contributed $5.0 million of revenue to the quarter, driven primarily by international pay television and worldwide home entertainment. The film reached an estimated 5.3 million home entertainment units sold worldwide through the end of the first quarter, net of actual and estimated future returns.
Shrek Forever After, the Company‘s summer 2010 release, contributed $2.5 million of revenue to the quarter, driven primarily by home entertainment. The film reached an estimated 10.0 million home entertainment units sold worldwide through the end of the quarter, net of actual and estimated future returns.
Library, which now includes How to Train Your Dragon, contributed approximately $27.4 million of revenue to the quarter. Titles are added to the company‘s library during the quarter of the second anniversary of the domestic theatrical release. All other items, including non-feature film businesses, contributed $13.5 million of revenue to the quarter, of which Shrek The Musical was the single largest contributor.
Costs of revenue for the quarter equaled $96.5 million. Selling, general and administrative expenses totaled $27.5 million, including approximately $4.9 million of stock-based compensation expense.
The company‘s income tax expense for the first quarter was $5.1 million. The company‘s combined effective tax rate – the actual tax rate coupled with the effect of the Company‘s tax sharing agreement with a former stockholder – was approximately 35.5 per cent for the first quarter.
The company‘s second quarter and full year results are expected to be driven by Madagascar 3: Europe‘s Most Wanted, which is scheduled to be released on 8 June 2012. Television revenue for Kung Fu Panda 2 and home entertainment revenue for Puss In Boots are also expected to contribute to the company‘s second quarter results.
Category: International
-
Puss in the Boots drives DreamWorks’ first quarter results
-
China’s Tianjin city is creating $1.27 bn film & media hub
MUMBAI: China-based Harvest Seven Stars Entertainment has tied up with the government of Tianjin city to build Chinawood, a $1.27 billion film and media hub that will be spread across a land admeasuring 8.6 million square feet.
The base is aimed at US and other foreign productions and will provide a hub for co-productions that are exempt from Chinese import quotas. Some 35 per cent of the investment is earmarked for film financing,said the group in a statement.
Among Chinawood‘s functions will be a co-production film financing platform, a co-production service centre with post facilities, a facility for 3D conversion and a distribution and marketing center.
Off late, Seven Stars Entertainment has been busy building a rapport with Hollywood having linked up with Jake Eberts and Justin Lin on projects already this year and launched $800 million private equityfund Harvest Seven Stars Media Fund in February.
Seven Stars Entertainment‘s Bruno Wu said, “It is crucial, as well as inevitable, that we offer the products and services to facilitate substantial cooperation between the two territories. This project is asignificant step towards closing that gap by providing expertise and facilities in all areas of financing, legal, co-production, distribution, marketing, sales and infrastructure.”
Tianjin is a coastal city that takes around 30 minutes from Beijing by high-speed train. It has been growing in recent years by aggressively attracting high-tech industries to set up there.
-
BBC’s Jamie Laurenson to head See-Saw Films
MUMBAI: See-Saw Films, the producer of The King’s Speech and Steve McQueen film Shame, has hired former BBC Films executive Jamie Laurenson to spearhead its move into TV.
Laurenson, who takes charge in July, will be responsible for running development and overseeing all See-Saw Films’ television productions.
“We are excited by his decision to focus solely on developing and growing our TV business,” Company founders Iain Canning and Emile Sherman said in a statement.
“Increasingly there appears to be no distinction between film and television talent and hiring Jamie puts us in the best position to take advantage of that.”
Laurenson added, “I have been very lucky to work with a host of immensely talented people whilst at BBC Films and am very grateful for all I’ve learned here from colleagues and collaborators. I’m really looking forward to the new challenge and to continuing a strong relationship with the BBC.”
-
The Avengers collects $218 million till Monday
MUMBAI: Disney and Marvel Studios appear to have a runaway hit on their hands. Joss Whedon‘s superhero film The Avengers has been continuously doing a terrific business overseas, where its total through Monday has reached $218 million.
The Avengers, which only began rolling out at the international box office late last week, is easily on track to become the most successful title produced in-house by Marvel Studios, besting the $623 million worldwide gross of 2010‘s Iron Man 2.
And the 3D film which unites many of Marvel‘s marquee superheroes has also reportedly done good business on Tuesday as a May Day holiday was observed in many foreign markets.
At this pace, Avengers‘ foreign gross likely will grow to $350 million-$400 million by Sunday, boosted by its debut in Russia and China this weekend.
Avengers will open on Thursday in North America, where it‘s widely expected to debut north of $150.
Bullish box office observers believe Avengers could finish the weekend with a global gross well north of $500 million if not closer to $600 million.
Last summer, Marvel‘s Thor grossed $449.3 million worldwide, while Captain America: The First Avenger earned $368.6 million. -
Dolby Laboratories is sponsor of next Academy awards
MUMBAI: Under a 20-year deal, Dolby Laboratories has been named sponsor of the former Kodak Theatre in the Hollywood & Highland Center that will host the Academy Awards. The complex is owned by the CIM Group.
The naming rights became available after the Eastman Kodak Co. went bankrupt and a federal judge allowed it to get out of its 20-year deal, which was costing the company a little more than $4 million a year. Kodak left the venue after 10 years as name sponsor.
Last December, the Academy in anticipating Kodak‘s problems, had not renewed its option on the theatre that allowed it to negotiate a new deal or leave for another venue. It was clear from the beginning,however, that the Academy preferred to stay in the venue. The organization had given CIM an exclusive first window to negotiate, which resulted in Tuesday‘s three-way deal.
Simultaneously, the Academy of Motion Pictures Arts and Sciences has also stated that it has renegotiated its deal with the CIM Group for the Oscars to remain in the theatre through at least 2033. That‘s a 20-year extension beyond the current contract, which was to expire after the 2013 show.
The Academy also closed a separate 20-year deal with Dolby related to the naming rights.“The Academy‘s board of governors believes that the home for our awards is in Hollywood; it is where the Academy and the motion picture industry are rooted,” Academy president Tom Sherak has reportedly said. “We are pleased to have a new agreement with CIM that will continue our long-standing partnership,” he observed.
CIM also welcomed the new deal.
-
Avengers grosses $ 178.4 million on debut in 39 markets
MUMBAI: Disney and Marvel Studios‘ The Avengers has debuted to a massive opening of $178.4 million from as many as 39 markets across the globe.
The film opened at No. 1 in all 39 territories and posted the biggest opening weekend ever in key Latin American markets including Mexico ($15.9 million) and Brazil ($11.3 million).
BIn the UK, the film debuted to $24.7 million, the biggest opening ever for a superhero title as well as Disney‘s biggest three-day opening. The 3D film grossed $19.7 million in Australia, the second highest opening ever.In Asia, the film posted the highest opening weekends in history in Taiwan, Hong Kong and the Philippines . In India, Avengers also rolled out and enjoyed the third highest opening for a Western film, according to Disney.
-
Piracy of Hong Kong made films on YouTube amounts to loss of over $308 million
MUMBAI: A good deal of copyright infringement of Hong Kong-made films from YouTube has been unearthed with pirated footage of over 200 Hong Kong films found on the world’s largest video-sharing website.
The act amounts to an estimated loss of over $308 million to the local film industry, according to the Hong Kong Motion Pictures Industry Association (MPIA). The members of the Association have urged YouTube and other video-sharing websites to enforce the German Court ruling last Friday to implement measures to restrict content that infringe copyright.The recent local box office hit Love in the Buff was found to be the most uploaded film that directly affected the theatrical gross of the film. The videos were taken off after a formal complaint made to YouTube by Media Asia, the copyright holder of Love in the Buff.
But YouTube did not act promptly when contacted by Media Asia to remove the illegally obtained film, taking days for the removal. “YouTube repeatedly requested the copyright holder to prove that they are the holder in order to remove the pirated videos of Love in the Buff, while they allow anyone to claim to be the copyright holder when uploading the videos. It’s very unreasonable,” MPIA CEO Brian Chung has been reported to have said. “The pirated videos on YouTube greatly hurt the theatrical performance of the film,” he added.
In view of the pirated video of Buff on YouTube, MPIA members have searched and found in three days over 200 films illegally uploaded on to YouTube, including films from both the past and recent Hong Kong Film Award winners like A Simple Life, The Flying Swords of Dragon Gate, Echoes of the Rainbow, and Shaolin Soccer.With accumulated views of over 40 million, MPIA estimated a loss of over HK$2.4 billion to the Hong Kong film industry based on an average cinema ticket price of HK$60.
-
Scorsese will make all films in 3D in future
MUMBAI: So deep is filmmaker Martin Scorsese in love with 3D format that he has decided to make all his upcoming movies in the same format.
The 69-year old filmmaker was speaking at the 2012 CinemaCon in Las Vegas to discuss his experience of making 3D movies along with director Ang Lee.
Scorsese said that he loves the new format so much that if he could go back in time, he would have filmed all his films including Raging Bull and Taxi Driver in the format. “I would have practically done all my films in 3D,” the filmmaker opined.
The director said that 3D could make audience feel a stronger connection to the story and the actors in the film.
-
Sam Raimi remaking Poltergeist for MGM
MUMBAI: Sam Raimi, the filmmaker who got his start with Evil Dead, is all set produce the remake of the 1982 film Poltergeist for MGM. The original was made by Steven Spielberg.
It is also clear that Raimi will not direct the remake but will help oversee the search for a helmer. David Lindsay-Abaire, who had earlier worked on Disney‘s Oz: The Great and Powerful for the producer will write the script that focuses on a family whose house was built on a holy site and their daughter is abducted by the ghosts.
The remake of Poltergeist is one of the two horror remakes on which MGM is in active development, the other being Carrie.Raimi is currently producing a remake of his Evil Dead that is being directed by Fede Alvarez. The film is scheduled to release on 12 April 12.
-
Sean Penn gets Peace Summit award
MUMBAI: Sean Penn, actor and founder and CEO of J/P Haitian Relief Organization has been presented with the 2012 Peace Summit Award at the recently held 12th World Summit of Nobel Peace Laureates.
Said Honorary co-chair of the World Summit Host Committee Mayor Rahm Emanuel “Chicago is honored to be the first North American city to host the World Summit of Nobel Peace Laureates, and we look forward to welcoming distinguished guests from around the globe in April. The decision to host this event in Chicago reflects the profile of our city as an international leader in civic dialogue and community involvement. While the Summit is a global event, it will have a local impact and leave a lasting legacy on our city.”
Penn has been honoured for “making an outstanding contribution to international social justice and peace,” according to a press statement.
The three-day event was scheduled for April 23-25 in Chicago, IL, with eleven Nobel Peace Prize-winning individuals and nine Laureate organizations in attendance. Penn thanked the organization for its recognition of his efforts to assist the victims of the 2010 earthquake in Haiti, and “his ongoing advocacy for peace and human rights protection worldwide.”
“IThis is an extraordinary honor in an extraordinary moment on Earth. I‘m very grateful,” said Penn.