$US 60 MLN earmarked for Russian movie market

Russia's top film distributor Central Partnership plans to invest up to $US 60 MLN into the domestic movie industry. It was announced at a press conference in Moscow on Tuesday.

Central Partnership's market share has grown to 14% and it has $US 80 MLN in sales.

At the conference the company revealed its 2006 results and outlined its 2007 strategy.

Company officials say international TV serials are currently not that popular in Russia and they intend to promote domestic production, to head off foreign distributors, who are also moving into the Russian market.

“Now foreign companies – 20th Century Fox, Universal, Disney, Sony – they all have their offices here in Russia, they see the Russian market's potential,” said Armen Dishdishian from Central Partnership.

The company says it is now turning to regional Russia where film sales have increased dramatically.