Iervolino Entertainment will maintain 100% of the copyright and production rights
WWPS acquires the distribution and exploitation rights of all the films
Revenues of approximately USD 22 million expected for Iervolino Entertainment
Iervolino Entertainment (“IE”, “the Company”), a company engaged in the production of cinematographic and television content for the international market and listed on the AIM Italia stock exchange, announced that it has signed an agreement with the international distribution company WWPS.TV Corp (“WWPS”) for the production and distribution of four films of Italian origin destined for the global market.
This agreement provides for revenues for Iervolino Entertainment estimated at approximately USD 22 million, divided more or less equally between 2021 and 2022. Production of the first film is expected to begin in spring 2021.
According to the agreement, for any foreign filming needed for each film Iervolino Entertainment will use a service company specified by WWPS. For its part, WWPS will acquire the global distribution rights and exploitation rights of the individual works. Iervolino Entertainment will retain 100% of the copyright of the individual films.
Every detail related to the individual films will be the subject of specially drafted contracts, which will be signed by the parties from time to time. All films covered by the agreement will be qualified as being of Italian origin.
Andrea Iervolino, president and founder of Iervolino Entertainment, noted: “This new agreement is yet another example of how Iervolino Entertainment is able to partner with international players to promote and distribute high-level Italian films worldwide. The production of films Made in Italy destined for the international market has always distinguished our business model and has proven to be a winning strategy that we will continue to invest in”.
David Tickle, WWPS co-founder and head of Music and Production, added: “I’m excited to announce the signing of a contract between WWPS and Iervolino Entertainment for four films. At WWPS we have the privilege of working closely with many of the most important actors, directors, producers, writers and artists in the film industry, helping them and their representatives to fully realise their creative vision during development and production. Our company and our creative team intend to offer a new and innovative approach to international film production”.