The media and entertainment space is currently one of the more intriguing ones for many investors. Among the many companies in the space, Seven Arts Entertainment Inc. (OTCMKTS:SAPX) is among the more interesting ones. The company is involved in the music and film production niches.
On August 1, the company was in focus after it came up with an update for its shareholders. The company noted that in the previous fiscal year, the entertainment and media content industries had gone through a rough time. While the turbulence had been caused primarily by the aftereffects of the COVID-19 pandemic, the outlook for the company overall remained strong, the Seven Arts noted.
It announced that it had continued to develop its facility for Dolby Atmos in incremental stages. The company observed that it took longer than expected to launch the facility since there had been microchip shortages. However, it was noted by Seven Arts that it continued to procure the key equipment as and when it became available.
The company went on to add that it was on track to have the only Dolby Atmos studio meant for film production in the Atlanta area. The film assets of the company also remained under development, which was in line with the general duration of two to three years that it usually takes to bring films to consumers.
In the update, Seven Arts Entertainment also alluded to the present strikes in the film industry and noted that such strikes had an effect on film production in all markets, from Atlanta to Los Angeles. However, the company noted that it would continue to remain a viable business despite its refusal to be supportive of the initiatives related to the strikes. It remains to be seen if the latest updates bring Seven Arts Entertainment stock into focus or not.