Pinewood and Indomina Announce New "Pinewood Indomina Studios" Facility in the Dominican Republic
23/02/2011Indomina Group, a U.S. and Dominican Republic based producer and distributor of film, TV and trans-media content, announced today it has entered into a partnership agreement with Pinewood Studios Group, which will operate, manage and market a new state-of-the-art film and television facility in the Dominican Republic. A groundbreaking ceremony, inaugurated by the President of the Dominican Republic, Dr. Leonel Fernández Reyna, is taking place today.
Located in the beach town of Juan Dolio on the Dominican Republic's southern coast, about 40 miles east of Santo Domingo, "Pinewood Indomina Studios" is described as being a full-service, world-class production facility for film, TV, and other related media content, servicing the growing Caribbean, Southern and Central American markets as well as Hollywood and the rest of the world.
The film and television production facilities will initially comprise 5,000 sq m of sound stage space along with 15,000 sq m of associated production support facilities. The 35 acre site will include an acre water effects facility including a 75m x 75m exterior water tank with natural ocean horizons, blue screen capabilities and a fully equipped diving and marine department. When completed it will be the only tank of its type and size in the region. Commencement of initial operations is expected by early 2012.
Growth in spending on filmed entertainment in Latin America is expected to rise at a 4.5 percent compound annual rate to $3.1 billion in 2013 from $2.5 billion in 2008. Box office spending is expected to increase from $1.3 billion in 2008 to $1.7 billion in 2013, a 5 percent compound annual growth[1]. Pinewood Indomina Studios will target production companies wanting access to the Caribbean, Central and South American markets and its population of 580 million[2] as well as the 47 million strong Hispanic and Latino market in North America[3].
In a significant show of support for not only the new studio but the film industry as a whole, the National Congress of the Dominican Republic has passed into law a new bill that will provide a tax credit of up to 25% for feature films and TV series shot in the Dominican Republic (meeting traditional predetermined criteria). The new tax incentive, a first for the Dominican Republic, is now in effect.
Indomina Group Co-Chairman and CEO Jasbinder Singh Mann said: "The ground breaking ceremony for Pinewood Indomina Studios marks a major step forward in Indomina's evolution. Building and operating a world-class production facility in the Dominican Republic has always been an integral part of our vision for the company, and we're delighted to be doing so with a partner as distinguished and experienced as Pinewood."
Commenting on the announcement Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc said: "This represents further progress in Pinewood's strategy to leverage the strength of our brand internationally and specifically to the growing Latino film and television market. The Pinewood brand stands for excellence in the global film industry and we have strategically targeted regions of the world where significant incremental growth has been forecast."
The formal groundbreaking ceremony takes place today, Wednesday the 23rd of February 2011 at 10:00am local time in Juan Dolio, Dominican Republic.
[1] Source: PricewaterhouseCoopers, Global entertainment and media outlook:2009-2013
[2] Source: US Aid, Population Reference Bureau, World Population Data Sheet, 2009
[3] Source: American Community Survey 1-Year Estimates, US Census Bureau, 2008