Some people are suited to early retirement. Peter Urie, CEO of independent film distributor Metrodome, is not one of them.
Some people are suited to early retirement. Peter Urie, CEO of independent film distributor Metrodome, is not one of them.
After a successful career in TV devising programmes like The Clothes Show and Art Attack, Urie settled down for a quiet life at 47. Just as he was beginning to get bored, he was headhunted by loss-making German company TV Loonland to become MD of its AIM-quoted subsidiary Metrodome.
The rest, as they say, is history. Following TV Loonland’s decision to sell Metrodome three years on, Urie brokered a deal with MediaPro, one of the largest media
groups in Eastern Europe, resulting in its purchase of a 50.1 per cent stake in the company for £1.6 million.
‘We wanted to add value to the business in terms of cash resources and operations – something TV Loonland didn’t have at the time, being a specialist children’s [TV] company and being in financial difficulties,’ Urie explains. ‘MediaPro was a perfect fit because it complemented our operations without competing in our markets.’
Whatever strategic direction Metrodome now takes, Urie remains confident in its market. ‘The impact of the credit crunch means people are turning more and more to DVD entertainment,’ he argues. ‘We are also seeing an increasing market demand for independent films, particularly among a young, intelligent audience who want something more challenging out of their viewing experience.’
Picking winners
If this is true, Urie is the man to deliver. Metrodome was among the top 20 independent distributors last year thanks to successes like The Counterfeiters, which won an Oscar for best foreign language film and Away from Her, for which Julie Christie was nominated as best actress. He says four out of the five films they made bids on this year were nominated for Oscars.
Urie’s keen to maintain a commitment to quality as Metrodome grows, which is why he does not see it releasing more than 12 films a year. Instead, the company may expand on other fronts: launching its own chain by buying up existing cinemas, investing in films or even producing them in its own right. It all sounds like a lot of work for someone who was recently contemplating hanging up his clapperboard for good. ‘I wouldn’t recommend early retirement,’ says Urie. ‘But then I’ve been lucky enough to have a career doing something I love.’
