Chennai, July 8 (UNI) Seventymm, a movie rental service provider, has drawn up an ambitious plan to move to 40 cities across the country by next year and offer many more film-based entertainment options, involving an investment of about ten million US Dollar in the next three years.
Talking to newspersons here, Mr Subhanker Sarker, Chief Operating Officer, said the company was present in six cities and would set foot in another four cities by the end of this year.By next year, Seventymm would be present in 40 cities in the country and launch "Hangout with movies," India's 'first interactive platform' for movies with a host of exciting features, interactive games and informative nuggets.
Three years down the line, the company proposed to invest a similar sum for launching digital downloading facility and other technologies.
It had so far raised ten million USD from leading venture capital firms, including Matrix Partners India, Draper Fisher Jurvetson and ePlanet Ventures.
In the last two and a half years, Seventymm had achieved 70,000 members across the country and Chennai emerged as the top city to achieve 15,000 members in just 12 months. Film Star Trisha became the 15,000th member in the city.
On the maket size, he said DVD penetration in households would reach 47 million by the end of this year and expected to cross 104 million mark by 2012. With this, the market potential would be three billion USD.
Seventymm aims to enroll four million consumers by 2010 and achieve a turnover of Rs 1,500 crore, Mr Sarker said.
The company presently offered more than 18,000 titles, covering Hindi, English, Kannada, Tamil, Telugu and seven other regional languages. The members had flexible subscription options.
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