Metrodome expand on recently announced strategic direction
Metrodome expand on recently announced strategic direction
On 24th March 2010 Metrodome Distribution announced that it had decided to significantly reduce its theatrical film distribution business which resulted in speculation that Metrodome would be closing its theatrical distribution operation.
Metrodome would like to clarify that, contrary to these rumours; the company remains an all Rights Distributor and will continue to provide its industry expertise to maximize revenues for producers of film and television content across all distribution platforms.
Metrodome will move towards a more commercially focused slate of theatrical releases scaled in accordance with market conditions. These will continue to be high quality titles as demonstrated in our current outstanding slate which sees the newly released and box office hit I am Love, the upcoming Venice Film Festival Golden Lion winner
CEO of METRODOME DISTRIBUTION
“Following its return to profitability, METRODOME DISTRIBUTION is now implementing a business strategy that I am confident will build on this success and help the company continue to grow. METRODOME will continue to be an all rights distributor – including theatrical releases – and part of this strategy includes re-focusing on releasing content that will generate increased revenue across all platforms. Recent staff changes have been a result of this change of focus, and we are now moving forwards as a company.”
Metrodome will increase its resources towards direct investment into co productions such as Age of Heroes and Curse of the Dragon in return for distribution rights and profit share on worldwide distribution significantly increasing potential upside. Peter Urie has been retained to help us and concentrate on ensuring quality of product. This product will also be a key driver in sell thru and digital markets. Metrodome will also look to increase distribution of TV content which represents 30% of total Home Entertainment market.
Metrodome is actively looking at a number of M&A deals to diversify into TV all rights distribution to compliment a high quality library. We have a very supportive shareholder base and the company is in a really great position to take advantage of that market.
There have been a small number of redundancies in line with these changes to the business strategy. This follows on from the news announced three weeks ago that Peter Urie was stepping down as CEO in order to focus on his production activities.