Now That’s Entertainment
Regal retools its theaters with the latest digital technology.
The cinematic empire is striking back against the rise of premium in-home viewing and sound innovations, says David Ownby, EVP and CFO of Regal Entertainment Group (NYSE: RGC), citing new digital capabilities that are reinventing the way films are produced, distributed and viewed. “This is the biggest shift in our industry since the advent of sound and color,” he says — and it’s the reason why Regal and its Hollywood studio partners have made a significant investment to upgrade 6,600 of Regal’s U.S. screens over the last two years.
20%: The approximate amount of total North American ticket sales generated by Regal Theaters, per the company
Consider The Hobbit: An Unexpected Journey. Produced in a digital format that allows it to be projected at 48 frames per second (the industry standard is 24 frames per second with 35mm film), Ownby says the picture is packed with more visual data than traditional high definition, offering a richer experience. On top of that, about half of Regal’s new digital screens are 3-D compatible, he adds, meaning audiences can choose from a broader variety of enhanced viewing experiences as the industry moves away from film. The new formats are expected to pull patrons back to the theater, says Ownby, noting that people simply can’t get the same effects while sitting on their couch.