Forget games – Koch Media wants to make 30m a year from the cinema.
The firm began distributing movies earlier this year, and has started well with Richard Gere flick Arbitrage generating 1.5m and Red Dawn returning 1m at the box office.
But this is just the start, says Koch's Northern Europe MD Craig McNicol, who wants to generate 30m from movies, putting the company into the Top Ten theatrical distributors in the UK.
To do this we are building a pan-European film business that can provide early strategic financing to producers and film funds in return for receiving the distribution rights,” he said.
To achieve a Top Ten position in the UK means we would need to secure three per cent of the UK box office, which is 1bn. So that means 30 million.
For us to achieve this we will need to be releasing between 15 and 25 films in the cinema each year. We have made a good start with Arbitrage delivering 1.5 million in the UK box office and Red Dawn just over 1 million. But there is much to do.
As a group we have twenty people attending Cannes Film Festival, so we are aggressively meeting and acquiring new films. To be honest, film reminds me of our industry fifteen years ago. It's a very disparate network of companies doing business to create the market. Sure you have the five major studios but underneath that no-one plays across Europe, instead focusing on one or three countries at the most.”
Upcoming cinema releases from Koch Media includes thriller The Expatriate, indie drama Stuck in Love and The Frozen Ground starring John?Cusack, Nicolas Cage and Vanessa Hudgens.