Prima Cinema: The $35K Movie Rental Service

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Oct. 31 (Bloomberg) -- Prima Cinema Founder and CEO Jason Pang discusses home digital cinema with Adam Johnson on Bloomberg Television's "Street Smart." (Source: Bloomberg)

The home theater start up is getting a lot of buzz now that imax has made an investment.

The ceo joins us.

We love the concept.

We hate the price.

Why is this so expensive?

Thank you very much for having me on the show.

We strive for the best quality possible to maintain the digital cinema experience.

All that quality requires a lot of hands touching the film, also an incredible amount of security built-in.

With all that, the quality and security is, that is the price point we have derived.

Quite frankly, we are finding the market is very acceptable for that price point.

I can understand $35,000. for what amounts to an imax projector in your own home, and the screen that goes with it.

Ok, hardware is pensive.

Even flat screens start the -- started out a $12,000 years ago.

But why $500 a movie?

The film screening price, what we have done is we look at the market in terms of what it costs to rent at a private screening room.

We identified you have a private event, a red carpet premiere, screening a film means you have friends and family, we have to take all that into account.

Once again, we strive for the best quality.

It takes a lot of high quality technicians.

These become potentially offense.

Not like you are just popping in -- potentially events.

Not like you are just popping in a dvd.

You are turning into an event in your home.

That is a great example.

You have to change the mindset from it is one ticket, one person, you are paying for an event.

When we talk to our affluent clientele and they ask about the price, they say the wine, the catering, all that will cost a lot more than the 500 or screening for the film.

-- $500 screening for the film.

I could imagine private clubs doing that.

They have their own screening room.

What about an entrepreneurial bar owner who says, while -- wow, i will compete with the cinema down the road.

Now effectively, can you buy one of these and turn around and charge people to come and for the privilege -- in for the privilege?

Prima cinema is only designed for private, residential, non- commercial use.

We check every home theater to make sure it is in a home, a residence.

We thought through all the different ways we could make sure we secure the film and secure the distribution.

So it is not for commercial use.

Let me ask you.

What does the average person spend on a home theater system?

The, it is much higher than you would think.

The home automation market is $16 billion a year in the united states alone.

In the audio-video section, $9 billion a year is spent just on that.

That is in the north market, and it is a huge opportunity for the studios to cater to the affluent crowd.

What we're doing is enabling people who typically cannot go to the movie theaters, whether they are pro athletes, celebrities, business executives that are incredibly busy, we give them a great product and it caters to their investment.

They have spent hundreds of thousands of dollars.

We have theaters that have been up to $4 million, just on the home theater.

We want to make sure our product resents the best.

You are talking about celebs and the like.

There is banter that people except mcfarlane, arnold schwarzenegger and the like, may be buying some of the systems.

You want to comment on any of the heavy hitters that enjoy your product?

Outside of seth mcfarlane, which is public information, i cannot disclose names.

But we have nba legends, oscar- winning actors.

A lot of the people that watch bloomberg.

Executives in private equity funds, hedge funds managers, executives -- investors.

The new york tri-state area is one of our top markets.

Many of our clientele, a large percentage of our clientele, our investors -- are investors.

Speaking of investors, imax making the investment.

You have deals with universal and paramount.

Alternately do you want to be able to show all the movies that come to the theaters?

That is the goal.

With imax as an investor, we are very proud to have them onboard.

We are in discussions with every major studio, and our goal is to provide the ultimate home theater experience.

We are endeavoring.

We are trying.

You certainly are.

Tell you what.

If you want to put one in the

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