Entrepreneurial company seeks to bring big screen entertainment and employment to rural areas.
A company that aims to install over 5000 digital 3D cinemas across small town and rural India is poised to begin its roll-out.
TimePass Media, a newly launched company, has secured finance of more than $141m (Rs 6.5bn) to enable it to create partnerships with local entrepreneurs to create the TimePass Digplexes, which will then be locally owned. They have already signed up 200 local partners prior to its official launch.
Indiacurrently has 2500 digital screens, many of which are in old single screen cinemas, but fewer than 100 3D screens.
TimePass, which is based in Mumbai, has been launched by entrepreneurs and professionals from digital media and entertainment industry. It aims to bring big screen entertainment to smaller towns and rural areas, as well as offer vocational-training in multi-media arts and, potentially, employment for young people
Gopala Krishnan, the company’s managing director and chief executive, said: “India is on the cusp of a demographic dividend. By 2020, the average age of the Indian citizen will be under 30 and the majority of these young people will be in Tier III, IV cities, small towns and villages which form the real India.”