My Thoughts on Technology and Jamaica: Palace Amusement's Profits soar on 3D in 2011AD - Live Entertainment heralds Return of the Sunday Matinee

Thursday, April 5, 2012

Palace Amusement's Profits soar on 3D in 2011AD - Live Entertainment heralds Return of the Sunday Matinee


It appears that the plans by Palace Amusement Company to go 3D HDTV at all their four (4) cinemas namely Carib Cinema at Cross Roads in Kingston, Palace Cineplex at Sovereign Centre in St Andrew, Palace Multiplex in Montego Bay and the Odeon Cineplex in Mandeville as first reported in my blog article entitledPalace Amusement and the 3D Movies - Lady Gaga's 3D Mui Mui and Dolche & Gabbana” is beginning to reap rewards.

This as recent statistics released by the Palace Amusement Company in their Annual Report in December 2011AD indicates that going 3D HDTV at all four (4) Cinemas for a cool US$2 million (JA$172 million) was indeed money well spent as reported in the article “Palace Amusement to show live sports, concerts”, published Wednesday December 7, 2011AD, by Steven Jackson, The Jamaica Gleaner.

This after the Palace Amusement Company was facing losses of JA$7.8 million between January 2010AD to March 31 2011AD. Their newly audited financials indicate the following and are an update to the above story that first broke on my blog:

1.         Palace Amusement Company spent some J$76.6 million in upgrading all four (4) of its cinemas, an increase of 233% over 2010AD expenditures
2.         Jamaicans J$614.5 million at the movies in 2011AD, a new record for the Cinema Company whose fortunes were sagging
3.         J$431.5 million was in Movie Ticket sales
4.         J$183 million on confectioneries i.e. including popcorn, candy and sodas
5.         6.6% increase in the Palace Amusement Company’s pushed audited Net Profits to J$10.9 million in the year ending June 30, 2011AD

Broken down in terms of each of the cinemas owned by Palace Amusement Company or the period 2010AD to 2011AD, the 6.6% uptick in profits can be seen across all of their cinemas as follows:
1.      Carib5 earned the bulk of box office receipts at J$223 million with food sales at a decent J$97.7 million
2.      Palace Multiplex  is second at J$100.3 million with food receipts at J$38.1 million
3.      Palace Cineplex at comes in third with J$77.9 million with food receipts at J$34.6 million
4.      Odeon Cineplex at J$30.2 million with food sales at J$12.5 million

Clearly the future of cinema is 3D HDTV, being as it affords a very simple way to protect content from copying by Video Pirates as noted in my blog article entitled “3-D anti-piracy technology to thwart Digital Video Piracy”, as to watch movies in 3D HDTV Movies requires active shutter glasses.  Its popularity can be seen in the fact that, quote: “During the year, we exhibited 29 3D pictures, and it is becoming patently obvious that the industry is set to phase out and discontinue its analogue distribution within two years. Locations without [digitized] screens will by then have no option but to close”.

Buoyed by these results, Palace Amusement is now laying the groundwork to push into yet another arena: Live Entertainment. This as mentioned in their 2011Annual Report, quote:  “Alternative content has been on the horizon for some time, but during the year we were not able to make it a reality. It is still uppermost in our minds as we look forward to showing live events such as concerts - pop, classical and opera, as well as sporting events”.

Conceivably, highlights of the London Olympics 2012AD as well as other sports events such as UEFA Cup football matches and even CARIFTA Games may be conceivably shown in the cinemas. Being as they are live exclusive events, sponsorship tie-ins are required to ensure that Palace Amusement Company is not encroaching on the Broadcasting rights for these various content.

In addition, the Palace Amusement Company may also consider my idea of using their cinemas to stage the J’Anime Competition as described in my blog article entitled J'Anime Competition  - An Avenue to Fame for Animators”.

Live Entertainment, specifically in 3D HDTV, especially events that may be abroad, would make Palace Amusement Company a viable competitor to Triple Play Provider FLOW which has ramped up its investment in the region by some US$30 billion over the next five (5) years in Jamaica as mentioned in the article “Flow to invest another J$30b in five years”, published Friday February 3, 2012AD by Steven Jackson, Business Reporter, The Jamaica Gleaner.

Like Palace Amusement Company, they too are facing problems for which a push towards 3D HDTV and 300MBps speeds remain as their main savior as prognosticated in my blog article entitled FLOW goes 3D HDTV as Netflix cometh - XFinity follow-on indicates Streaming's Deep Impact” and the Geezam Blog article entitled “FLOW goes 3D HDTV et al – Netflix to make FLOW Extinct”.

And although not having the mobility of LIME TV or Telecom Provider LIME’s coming foray into IPTV Streaming in partnership with Avail-TVN and Juniper Networks as build-out partners as stated in my blog article entitled “LIME parent CWC partners with Avail-TVN to provide IPTV Streaming Service - War of The Worlds against Netflix ” and “LIME chooses Juniper Networks to rebroadcast Avail-TVN's Content - Pepita Little's Ghostbusters to capture Media Personalities”, they do have a bigger advantage, literally.

This as with a partnership with eMedia Interactive’s founder and CEO Tyrone Wilson as described in my blog article entitled “e-Media Interactive launches  the First Caribbean IPTV Network - IPTV Venture Capitalism in the Year of the Dragon”, they can use their bigger venues and screens to deliver content streamed by the Caribbean first indigenous IPTV Streaming Platform, kick starting Palace Amusement Company into the 21st Century. 

Broadcasting is definitely set to be dominated by IPTV Streaming as Wired and Wireless Broadband Internet from the Telecom Providers begins to nibble at the Free-to-Air Broadcasters now slowly crumbling empire, as Palace Amusement Company’s Direction for 2012AD effectively heralds the triumphant return of the Sunday Matinee.

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