Rafael Alvero, the former director general of Universal Pictures Spain, is launching the country’s first company dedicated to producing alternative 3D content for cinemas.

La Quinta Pared will make 3D music and dance films that will be shown on all of the country’s 120 3D screens. The films are also expected to be shown on up to 400 screens elsewhere in Europe.

Flamenco On Screen, which will have of footage of live performances from the world’s leading dancers including Antonio Canales, will be the first project. It is hoped that it will be ready in time to be screened at the San Sebastian Film Festival in September.

Alvero said: “We will be working on it this month in the hope of having it in post production by August where we will transfer it to 3D.”

The company will also be producing The Fifth Wall 3D, an assortment of ballet, dance and opera, and World Music On Screen.

Alvero, also a former vice president of the European Association of Cinemas (UNIC), predicts that alternative 3D content will generate $476.5m (€340.9m) in turnover and $140m profit by 2014, due to an increase in the number of 3D screens that will be available in the coming years.

The move comes as Warner Music Entertainment and More2Screen, the alternative content provider, announced plans to theatrically release Chess In Concert, which celebrates 25 years of musical Chess.

The film, which has been directed by Hugh Wooldrige, was recorded at a 25th anniversary concert at the Royal Albert Hall. The musical, which was writted by Tim Rice with music by Abba’s Bjorn Ulvaeus and Benny Andersson, was a success from its opening in 1984. It feature songs including “I Know Him So Well, performed by Barbara Dixon and Elaine Paige.

It will be released in cinemas for two days in September and will be launched in home entertainment formats later in the month.