Rel MediaWorks partners US co for turning 2D films into 3D
New Delhi: In a bid to meet the growing
demand for 3D movies globally, Reliance MediaWorks on Monday said
it has partnered with US-based In-Three for converting 2D
films and videos into the 3D format.
"The alliance enables us to address the rapidly growing
demand of Hollywood studios for converting both new films shot
in 2D as well as older film released in cinemas and on VCDs
and DVDs into the 3D format," Reliance MediaWorks CEO Anil
Arjun told agency.
Reliance Mediaworks will hire 200 in January when the
work starts and will gradually hike staff strength to 1,000 by
December depending on the demand, he added.
"The demand is also evident from the successful release
of 'Monsters vs Aliens', the re-release of Toy Story in 3D and
the much anticipated release of 'Avatar'," Arjun said.
The number of 3D cinema screens worldwide is expected to
touch over 7,000 this year and 15,000 by 2013 from about 2,500
in 2008, he added.
The two companies will jointly work on 5-6 titles in the
first year, while the first joint title is expected to
commence in the beginning of 2010.
Asked about the business potential, Arjun said, "It is
still early to comment on the size of opportunity but it is
big. The average cost of a project for conversion from 2D to
3D is about USD 5-15 million."
Shares of the company closed at Rs 264.25 on the BSE,
down 2.80 per cent from its previous close.