LOS ANGELES, March 10, 2011 /PRNewswire/ -- Writer Group Film Corp. (OTCQB: WRIT) a Los Angeles based concert production company, has acquired over 1800 hours of 2D/3D concert video footage from a concert library.
"By acquiring this catalogue, Front Row Networks is moving closer to its goal of providing the largest selection and variety of 2D and 3D concert footage to its viewing public," says John Diaz, CEO of Front Row Networks. The current worldwide phenomenon surrounding 3D, combined with the strong-performing live concert business, presents a unique opportunity for Front Row Networks to provide an inexpensive, state-of-the-art, live 3D concert experience to anyone, anywhere in the world.
This footage will enable Front Row to assemble and produce 12-15 theatrical releases (90 to 120 minutes in length) in 3D, which it will then put into an existing pipeline for distribution. These releases will be exhibited in North America and Overseas, resulting in direct revenues for the Company.
Following the initial theatrical run, the 3D concerts will be licensed to TV broadcasters and DVD retailers. In addition, Management intends to sell merchandising and sponsorship, specific to each artist in the concert, in theaters where the concert will be exhibited.
The Company intends to produce twelve 3D concerts in 2011, and increase this number by two concerts in each of the following years, for a total of 20 concerts by the fifth year.
The projections assume an average theater capacity of 250 seats. Based upon a 1000 theater release, in the US only, with attendance at 50% of seating capacity and an average ticket price of $25 USD, the financial model assumes theatrical revenue of approximately $1.5 million.
If the Project achieves this performance level, Management projects that the ancillary markets, including TV, DVD, merchandising, and sponsorship will add an additional $2 million in revenue per concert to the Company's revenue stream.
Based on these assumptions, the company projects gross profits (before artist split) in excess of $35 million based upon twelve performances.
Front Row Networks is a live concert production and distribution company which produces live concerts in 3-D for initial digital broadcast into movie theaters in North America. Following their theatrical run, the films are then licensed to US and international broadcasters, pay channels, PPV markets, DVD and Blu-Ray distributors, and sold on the internet as downloads.
John Diaz concluded, "This is a project we have been working on for some time and are very pleased to see it being realized. We continue to negotiate with new Artists to bring them into our production slate, and will continue to update our shareholders as these exciting events unfold."
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements and as such, speak only as of the date made. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in the Company's latest S-1 filed July 15, 2009.
SOURCE Writer Group Film Corp.