Europe’s leading digital cinema chain, Arts Alliance Media, announced Wednesday that it has secured e43 million ($55.8 million) in funding from financial services firm Econocom and private investors.
London-based AAM has also pacted with Arqiva Satellite and Media to transmit films by satellite.
The news boosts AAM as it leads the charge to convert Euro theaters to digital, meaning that more film fans will be able to see the 13 3-D movies skedded for release in 2009, including “Monsters vs. Aliens” and “Avatar.”
Econocom will provide $26 million to buy equipment to complete the digitalization of France’s Circuit George Raymond loop. Via its virtual print fee-based rollout agreement with AAM, CGR has installed 126 d-screens and aims to complete the digital makeover of all 400 of its screens early in 2009.
The other $29.8 million was raised from private investors and will fund AAM as it builds its infrastructure, continues to rollout d-cinema and develop new revenue streams.
AAM’s partnership with Arqiva formalizes an already-existing relationship. In October the pair distributed the Palme d’Or-winning pic “Entre les murs” to CGR’s megaplex in Bordeaux, France, by satellite. The pair have also been working together on the live HD transmissions of opera and ballet from London’s Royal Opera House.