TORONTO – Looking to accelerate revenues in the fast-growing market for online distribution of film and TV programming, Canadian producer Devine Entertainment has created a new digital unit to focus on that by monetizing its library within the space.
Its new online content distribution unit, it’s hoped, will accelerate revenue growth for digital download of film and television content. The new group will spearhead initiatives to maximize revenue opportunities in the double-digit industry growth of video-on-demand (VOD), Internet, wireless and mobile communications, and other new electronic distribution channels.
“The initiative comes as the entertainment industry continues to experience a technology convergence revolution that is unifying traditional entertainment channels in film and home entertainment with mobile communications technology and broadband computer technologies,” says the press release.
"Video-on-demand, IP-based channels and other novel digital solutions will be the most important growth areas for the global entertainment industry in the coming years, and we intend to fully monetize our proprietary library to meet this projected demand for content," said David Devine, president and CEO. "Our Digital Content Group will work across every level of the company to maximize synergies to best profit from the enormous potential of these digital distribution channels."
Double-digit growth is anticipated for digital and mobile spending in each territory during the next five years, rising to $153 billion by 2011, according to industry analyst PricewaterhouseCoopers Global Entertainment and Media Outlook, adds the release. Spending related to the distribution of entertainment and media on convergent platforms (convergence of the home computer, wireless handset and television) is also growing at double-digit rates and will exceed 50% of global spending by 2011, according to PricewaterhouseCoopers.
Devine has commenced negotiations with the world’s leading digital and VOD distribution companies. Devine’s primetime mystery series "Across the River to Motor City" will premier on November 22, 2007, on one of Canada’s major television networks. The series marks Devine’s expansion into primetime and adult age demographics, building upon its award-winning success as a producer of family and children’s film and television.
