By BENJAMIN NJOKU
The management of Filmhouse Cinemas has announced its readiness to open 15 new cinema outlets from December 2014, in additional to the existing four.
The company which began operations in December 2012, is fast becoming ubiquitous, beating old player, Silverbird Cinemas on the number of outlets across the country. Co-founder and Managing Director of the company, Kene Mkparu, told newsmen in Calabar, Cross River State, during the just-concluded Africa International Film Festival (AFRIFF), about a new deal with African Capital Alliance (ACA).
The deal, according to him, is to establish five new cinemas before the end of December and additional10 outlets by 2015, and then about 4 yearly from 2016. Mkparu’s words confirmed ACA’s earlier announcement of its investments into Filmhouse Cinemas and Film One, its associated film production and distribution company, which described the latter as the fastest growing cinema chain in Nigeria with a great team.
ACA is currently investing out of its third fund (CAPE III), a $400 million private equity fund.
Speaking on Filmhouse and Film One’s growth prospects, ACA Partner Paul Kokoricha said, “Despite Nigeria having one of the largest film industries in the world the cinema space is largely untapped.
The world over, cinema exhibition and film distribution are key segments of the film industry and the main drivers of economic value in the sector.
We are looking forward to partnering with the team to deliver on the promise of the sector.” Kokoricha praised the initiative of Mkparu and his team for diversifying its operations by launching Film One which has released the two highest grossing Nigerian blockbusters this year, Half of a Yellow Sun and October 1.