On October 30, TCL Multimedia and IMAX announced at IMAX headquarters in Santa Monica, Los Angeles that the two parties will set up a joint venture company TCL-IMAX Entertainment Co., Ltd. with each holding 50% stake. The company will engage in the R&D, design, and manufacturing of high-profile home theater systems. Such system is expected to put on market in China in 2015 and then to other markets around the world.
This 4K end-to-end system represents the state-of-the-art technology for home theater system on top of the giant screen IMAX theater technology. The new system is to be equipped with top IMAX projection and sound technology and can adapt to different household conditions. Users can enjoy latest movies in IMAX format through digital conversion technology from original negatives. The joint venture will start business in the Chinese Mainland and Hong Kong, including R&D, production, sales, and marketing. PRIMA is a contracted content provider for the joint venture. Users will experience tailor-prepared home theater content and best equipment maintenance services.
The strategic partnership represents a win-win cooperation fully utilizing the advantages of both parties. TCL Multimedia aims to become a leading one-stop solution-provider for global consumers for home theatre in hardware, software, services, and content. The company has developed strong capacity in display products manufacturing for many years, accumulated adequate marketing experience in the emerging markets, and technical advantages in smart home appliances on the global market. The joint venture will employ the state-of-the-art IMAX image and sound technology to provide a full range of high-end home theater entertainment systems to bring favorite movies into consumers' private home.
"The consumers will keep updating movie content and TCL will keep upgrading in home theater market." said TCL Group Chairman & CEO Li Dongsheng, "This partnership with IMAX marked another important milestone for TCL in its globalization drive. Now TCL has transformed from a traditional manufacturing enterprise into a technology-based international company, which is able to provide not only hardware terminals for entertainment but total solution to entertainment experience as well to global consumers. Such a combination represents great potentials. In the field of providing movie entertainment experience, no company can rival IMAX on equipment and recognition. I believe this partnership will give full play to our advantages to provide quality end-to-end solution for home theater."
IMAX CEO Richard Gelfond indicated: "As one of the fastest growing and innovative companied in entertainment technology market, TCL has strong capacity in display and consumer electronics manufacturing. TCL is an ideal partner for IMAX to update home theatre entertainment experience for global consumers." He stated that this partnership with TCL Multimedia is an important step for IMAX to expand the platform of “The IMAX Experience”. TCL Multimedia has a mature distribution network and powerful production strength. IMAX is convinced that TCL is a best business partner and the partnership will generate successful products and experience for global home theatre users.
Through this partnership, TCL Multimedia is able to successfully expand its business to the world's top home theater systems. This will bring TCL Multimedia with new opportunity in global business development and to further enhance its new brand image of “younger, fashionable, & global.” Meanwhile, TCL Multimedia will fully utilize its distribution network and marketing experience in the field of B2C consumer electronics in China and the emerging markets to introduce IMAX home theatre products and experience to China and the emerging markets. The industry insiders believe that this partnership program between TCL and IMAX has great potentials to grow to be a leading provider of home theatre products and experience to global consumers, especially in the Chinese Mainland.
(By Li Zhiqin and Chen Lei of TCL Multimedia OBC)