Omnilab and Paramount sign VPF deal
Omnilab Media [Cinema Services] and Paramount Pictures have signed a virtual print fee (VPF) deal – the first of six expected agreements between the company and the major film studios.
“The negotiation process with distributors for VPF contracts has been long and complex, however with the excellent cooperation of the major distributors we are set to sign several more agreements imminently,” said Omnilab Media managing director Christopher Mapp.“We are in the final stages of our negotiations with other major studios and we are also intending to contract with many Australian independent distributors.”
VPF is a model for financing the conversion to digital cinema, with a third party paying upfront for the equipment, and recouping the cost over time through payments from distributors and exhibitors.
Last year, OMCS partnered with the Independent Cinema Association of Australia (ICAA) to support cinema operators in their digital transition.
“Independent cinema owners will be pleased by this news and are looking forward to OMCS concluding agreements shortly with all distributors so that independent operators will finally be able to complete the expensive transition to digital cinema alongside the major exhibition circuits,” said ICAA CEO Mark Sarfaty.
