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Oppenheimer Presales (T-6)

Current PS = 165,108

Current ATP = 15,369 ($11.63)

 

5QnwZVu.png

 

Movie T-6 1-day Pace 2-day Pace 3-day Pace
Oppenheimer 165,108 +12% +28% +44%
Tenet 45,000 -15% -1% +10%
Thor 4 146,000 +15% +35% +59%
Smugglers 75,110 +20% +39% +86%
GOTG 3 65,300 +20% +44% +81%
Captain Marvel 116,083 +17% +42% +86%

 

Comps at T-6 (using Avatar TWOW's OD ATP of $8.92 for dollar estimates)

  • 3.669x Tenet T-6 -> 381k T-0 
  • 1.131x Thor 4 T-6 -> 513k T-0
  • 2.198x Smugglers T-6 -> 534k T-0
  • 2.528x GOTG 3 T-6 -> 683k T-0
  • 1.422x Captain Marvel T-6 -> 629k T-0
  • Average -> 548k T-0 ($4.89m)

Since Oppy opens on a holiday Tuesday, comparing with T-0 should be better than comparing with the ODs since a few of these ended up with PSMs way below 1.00 which I cannot see Oppenheimer missing, though I could be wrong. Smugglers for example opened on Culture Day Wednesday at the start of the school holidays so had a 1.31x PSM. Another recent movie, Ransomed, opened in the heart of the school holidays and had a massive 1.54x PSM. Estimating a range of 0.9x-1.3x to be conservative this would point to an opening day of 493k - 712k ($4.40m - $6.35m).

 

Relative to the other comps it is losing a little pace, so expect these ratios to drop in the coming days unless it starts to pick up. There is a big local movie opening today which may have affected presales over the last few days, so perhaps we will see an uptick starting from tomorrow as it now gets the main spotlight. For now my estimate is still in the ~$4m range for the OD.

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The Boy and the Heron (그대들은 어떻게 살 것인가)

 

"Hayao Miyazaki is a living legend in the animation industry, drawing attention in North America and Europe beyond Asia. It's an honor to be able to introduce the master's new work to Korean market. As Hayao Miyazaki has a strong Korean fan base, we will prepare for the release with responsibility."

 

Distributor - Megabox 

 

Earlier, rights were sold to CGV but they back off - 

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2 hours ago, Issac Newton said:

The Boy and the Heron (그대들은 어떻게 살 것인가)

 

"Hayao Miyazaki is a living legend in the animation industry, drawing attention in North America and Europe beyond Asia. It's an honor to be able to introduce the master's new work to Korean market. As Hayao Miyazaki has a strong Korean fan base, we will prepare for the release with responsibility."

 

Distributor - Megabox 

 

Earlier, rights were sold to CGV but they back off - 

I hope it's a big hit. Though I wonder if the subject matter will be odd to the audience.

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23 hours ago, IronJimbo & Sheldon's Son said:

Oppenheimer Presales (T-6)

Current PS = 165,108

Current ATP = 15,369 ($11.63)

 

5QnwZVu.png

 

Movie T-6 1-day Pace 2-day Pace 3-day Pace
Oppenheimer 165,108 +12% +28% +44%
Tenet 45,000 -15% -1% +10%
Thor 4 146,000 +15% +35% +59%
Smugglers 75,110 +20% +39% +86%
GOTG 3 65,300 +20% +44% +81%
Captain Marvel 116,083 +17% +42% +86%

 

Comps at T-6 (using Avatar TWOW's OD ATP of $8.92 for dollar estimates)

  • 3.669x Tenet T-6 -> 381k T-0 
  • 1.131x Thor 4 T-6 -> 513k T-0
  • 2.198x Smugglers T-6 -> 534k T-0
  • 2.528x GOTG 3 T-6 -> 683k T-0
  • 1.422x Captain Marvel T-6 -> 629k T-0
  • Average -> 548k T-0 ($4.89m)

Since Oppy opens on a holiday Tuesday, comparing with T-0 should be better than comparing with the ODs since a few of these ended up with PSMs way below 1.00 which I cannot see Oppenheimer missing, though I could be wrong. Smugglers for example opened on Culture Day Wednesday at the start of the school holidays so had a 1.31x PSM. Another recent movie, Ransomed, opened in the heart of the school holidays and had a massive 1.54x PSM. Estimating a range of 0.9x-1.3x to be conservative this would point to an opening day of 493k - 712k ($4.40m - $6.35m).

 

Relative to the other comps it is losing a little pace, so expect these ratios to drop in the coming days unless it starts to pick up. There is a big local movie opening today which may have affected presales over the last few days, so perhaps we will see an uptick starting from tomorrow as it now gets the main spotlight. For now my estimate is still in the ~$4m range for the OD.

 

Oppenheimer Presales (T-5)

Current PS = 185,822

Current ATP = 14,974 ($11.38)

 

EKfhDLB.png

 

Movie T-5 1-day Pace 2-day Pace 3-day Pace
Oppenheimer 185,903 +13% +26% +44%
Tenet 69,000 +53% +30% +52%
Thor 4 146,000 +14% +31% +55%
Smugglers 82,194 +9% +32% +52%
GOTG 3 79,300 +21% +46% +74%
Captain Marvel 141,873 +22% +43% +73%
Concrete Utopia 57712 +6% +15% +33%

 

Comps at T-5 (using Avatar TWOW's OD ATP of $8.92 for dollar estimates)

  • 2.693x Tenet T-5 -> 279k T-0 
  • 1.113x Thor 4 T-5 -> 505k T-0
  • 2.261x Smugglers T-5 -> 549k T-0
  • 2.343x GOTG 3 T-5 -> 633k T-0
  • 1.310x Captain Marvel T-5 -> 579k T-0
  • 3.220x Concrete Utopia T-5 -> 559k T-0
  • Average -> 517k T-0 ($4.61m)

Concrete Utopia backs up the theory that Oppenheimer will have a big PSM by having an opening day 1.33x bigger than its T-0. I actually think Tenet is a terrible comp to use now because its growth rate was flattened by the pandemic and it has a fair bit of EA messing up its trajectory as you can see on the graph. Concrete Utopia is a much better "small comp" in that its ratio has stayed pretty consistent with Oppenheimer for a while now and it opened literally one week before so it is seasonally appropriate. Starting from tomorrow I'll probably remove Tenet as a comparison. Assuming a PSM of 1.0-1.3 we get an estimate of $4.61m - $6.00m for the opening day, I'd still err on the side of caution and predict the lower end or even a bit below this range since it's losing pace against several comps but we'll see how it does tomorrow. Thor 4 had 28k presales in between T-5 and T-4 and that is the comp Oppenheimer has been following closest. If it matches that or does better I will be confident it can land in the range above.

Edited by IronJimbo & Sheldon's Son
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Aug 09, 2023: WED
 
Rank Title Release Date Daily Gross
(Total)
Admissions
(Total)
Number of Screens Revenue Share
1  

Concrete Utopia

South Korea

Aug 09, 2023 $1,632,996
($1,786,540)
230,891
(248,525)
1,462 56.37%
2  

Smugglers

South Korea

Jul 26, 2023 $542,780
($28,294,344)
77,286
(3,864,584)
1,096 18.73%
3  

Elemental

U.S.

Jun 14, 2023 $221,740
($48,000,978)
31,324
(6,427,811)
650 7.65%
4  

Ransomed

South Korea

Aug 02, 2023 $172,027
($6,120,667)
24,240
(836,481)
731 5.93%
5  

The Moon

South Korea

Aug 02, 2023 $76,656
($3,285,156)
11,558
(424,359)
589 2.64%
6  

Mission: Impossible

U.S.

Jul 12, 2023 $65,903
($29,771,530)
9,061
(3,893,575)
372 2.27%
7  

Barbie

U.S.

Jul 19, 2023 $29,915
($3,974,963)
4,028
(534,858)
135 1.03%
8  

Detective Conan

Japan

Jul 20, 2023 $28,869
($5,053,444)
3,963
(696,207)
194 0.99%
9  

Monster Family 2

U.K.

Aug 02, 2023 $22,758
($530,896)
3,559
(78,907)
247 0.78%
10  

A Man of Reason

South Korea

Aug 15, 2023 $26,509
($29,253)
3,489
(3,890)
13 0.91%
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On 8/8/2023 at 4:06 PM, IronJimbo & Sheldon's Son said:

Yet to release

Concrete Utopia (T-0) - 173,728

  • 0.716x Smugglers T-0 -> 228k OD
  • 2.200x Ransomed T-0 -> 268k OD
  • 1.810x The Moon T-0 -> 161k OD
  • Comps Average -> 219k OD

 

1 hour ago, TalismanRing said:
Aug 09, 2023: WED
 
Rank Title Release Date Daily Gross
(Total)
Admissions
(Total)
Number of Screens Revenue Share
1  

Concrete Utopia

South Korea

Aug 09, 2023 $1,632,996
($1,786,540)
230,891
(248,525)
1,462 56.37%
               
               
               
               
               
               
               
               

Not bad since The Moon had a truly awful OD 😁

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Typhoon Khanun is affecting Korea at the moment and is expected to pass through the country by the end of the day. Fortunately, the typhoon is weaker than initially feared, but it should still deter people from leaving their homes and going to the theaters.

Edited by mr1006
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On 8/9/2023 at 4:14 PM, IronJimbo & Sheldon's Son said:

 

Oppenheimer Presales (T-5)

Current PS = 185,822

Current ATP = 14,974 ($11.38)

 

EKfhDLB.png

 

Movie T-5 1-day Pace 2-day Pace 3-day Pace
Oppenheimer 185,903 +13% +26% +44%
Tenet 69,000 +53% +30% +52%
Thor 4 146,000 +14% +31% +55%
Smugglers 82,194 +9% +32% +52%
GOTG 3 79,300 +21% +46% +74%
Captain Marvel 141,873 +22% +43% +73%
Concrete Utopia 57712 +6% +15% +33%

 

Comps at T-5 (using Avatar TWOW's OD ATP of $8.92 for dollar estimates)

  • 2.693x Tenet T-5 -> 279k T-0 
  • 1.113x Thor 4 T-5 -> 505k T-0
  • 2.261x Smugglers T-5 -> 549k T-0
  • 2.343x GOTG 3 T-5 -> 633k T-0
  • 1.310x Captain Marvel T-5 -> 579k T-0
  • 3.220x Concrete Utopia T-5 -> 559k T-0
  • Average -> 517k T-0 ($4.61m)

Concrete Utopia backs up the theory that Oppenheimer will have a big PSM by having an opening day 1.33x bigger than its T-0. I actually think Tenet is a terrible comp to use now because its growth rate was flattened by the pandemic and it has a fair bit of EA messing up its trajectory as you can see on the graph. Concrete Utopia is a much better "small comp" in that its ratio has stayed pretty consistent with Oppenheimer for a while now and it opened literally one week before so it is seasonally appropriate. Starting from tomorrow I'll probably remove Tenet as a comparison. Assuming a PSM of 1.0-1.3 we get an estimate of $4.61m - $6.00m for the opening day, I'd still err on the side of caution and predict the lower end or even a bit below this range since it's losing pace against several comps but we'll see how it does tomorrow. Thor 4 had 28k presales in between T-5 and T-4 and that is the comp Oppenheimer has been following closest. If it matches that or does better I will be confident it can land in the range above.

Oppenheimer Presales (T-4)

Current PS = 211,328 (+25,506)

Current ATP = ₩14,974 ($11.38)

Today's ATP = ₩11,066 ($8.42)

 

iWIQ3cd.png

 

Sorry for changing things up again, but I decided to switch to pace-adjusted comps over traditional ratio comps because the lack of similar paced comparisons was bugging me.

 

Pace-adjusted comps at T-4

This takes the ratio of the growth rates of Oppenheimer with each movie over the last four days and then multiplies that ratio with the growth rate of each movie over the next four days to produce a T-0 estimate. 

  • 0.907x of Thor 4's pace at T-4 -> 446k T-0
  • 1.014x of Smugglers's pace at T-4 -> 596k T-0
  • 0.784x of GOTG 3's pace at T-4 -> 471k T-0
  • 0.778x of Captain Marvel's pace at T-4 -> 421k T-0
  • 1.074x of Concrete Utopia's pace at T-4 -> 596k T-0
  • 0.928x of Dr. Strange 2's pace at T-4 -> 443k T-0
  • Comps Average -> 495k T-0
  • Opening Day Range -> 495k - 644k admissions ($4.42m - $5.75m)

USD estimates may still change since I'm still using Avatar 2's $8.92 ATP which Oppenheimer is trending fairly close to. I'm also still assuming a PSM of 1.0-1.3 to produce the final range. Right now the MCU pace comps are pointing towards a mid-400k T-0 while the local movie comps are pointing towards nearly 600k. It's hard to say which one is more likely to happen. On the one hand size-wise Oppenheimer is tracking close to several of the MCU comps (see graph above) so capacity issues may restrict its growth in the final days leading to the lower estimate. On the other hand it seems non-CBM movies get a bigger spike in sales in the final days (e.g. Smugglers, Concrete Utopia and Avatar 2), but then you have to also remember that Oppenheimer is very backloaded by PLFs so might not spike as high, but then AGAIN you have to remember its opening day is on a national holiday so it will ramp up quicker... what a headache. I'll just say it's probably gonna land somewhere in that range and be done with it lol.

 

Edited by IronJimbo & Sheldon's Son
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Aug 10, 2023: THUR
 
Rank Title Release Date Daily Gross
(Total)
Admissions
(Total)
Number of Screens Revenue Share
1  

Concrete Utopia

South Korea

Aug 09, 2023 $1,192,967
($2,981,068)
167,809
(416,464)
1,499 52.03%
2  

Smugglers

South Korea

Jul 26, 2023 $470,424
($28,775,804)
65,312
(3,929,938)
1,096 20.51%
3  

Elemental

U.S.

Jun 14, 2023 $175,595
($48,194,887)
24,950
(6,452,768)
654 7.65%
4  

Ransomed

South Korea

Aug 02, 2023 $138,152
($6,261,252)
19,527
(856,025)
717 6.02%
5  

The Moon

South Korea

Aug 02, 2023 $60,357
($3,347,103)
8,832
(433,253)
559 2.63%
6  

Detective Conan

Japan

Jul 20, 2023 $57,562
($5,112,927)
8,301
(704,508)
210 2.51%
7  

Mission: Impossible

U.S.

Jul 12, 2023 $59,696
($29,842,579)
8,122
(3,901,700)
359 2.6%
8  

Running Man : Revengers

South Korea

Aug 10, 2023 $28,341
($39,318)
5,214
(7,276)
192 1.23%
9  

Octonauts: Above and Beyond – Season 2

U.K.

Aug 10, 2023 $19,858
($104,359)
3,224
(15,810)
190 0.86%
10  

Monster Family 2

U.K.

Aug 02, 2023 $16,892
($548,005)
2,656
(81,566)
218 0.73%
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According to Jed Harmsen (Head of Cinema and Group Entertainment at Dolby), the Dolby Cinema with the highest attendance globally is at COEX Megabox, located in Seoul (interview in Korean). Also, Dolby Cinemas in Korea comprise 4 of the top 10 ranked by attendance globally, which is insane considering they just opened their 6th one this month.

 

I think this is further proof that there is a lot of interest among Korean moviegoers in watching films in premium formats (IMAX, Dolby, etc.). Unfortunately, there are only 4 IMAX theaters and 1 Dolby Cinema located in Seoul, which means that competition to get the best seats is insane.

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On 8/10/2023 at 4:21 PM, IronJimbo & Sheldon's Son said:

Oppenheimer Presales (T-4)

Current PS = 211,328 (+25,506)

Current ATP = ₩14,974 ($11.38)

Today's ATP = ₩11,066 ($8.42)

 

iWIQ3cd.png

 

Sorry for changing things up again, but I decided to switch to pace-adjusted comps over traditional ratio comps because the lack of similar paced comparisons was bugging me.

 

Pace-adjusted comps at T-4

This takes the ratio of the growth rates of Oppenheimer with each movie over the last four days and then multiplies that ratio with the growth rate of each movie over the next four days to produce a T-0 estimate. 

  • 0.907x of Thor 4's pace at T-4 -> 446k T-0
  • 1.014x of Smugglers's pace at T-4 -> 596k T-0
  • 0.784x of GOTG 3's pace at T-4 -> 471k T-0
  • 0.778x of Captain Marvel's pace at T-4 -> 421k T-0
  • 1.074x of Concrete Utopia's pace at T-4 -> 596k T-0
  • 0.928x of Dr. Strange 2's pace at T-4 -> 443k T-0
  • Comps Average -> 495k T-0
  • Opening Day Range -> 495k - 644k admissions ($4.42m - $5.75m)

USD estimates may still change since I'm still using Avatar 2's $8.92 ATP which Oppenheimer is trending fairly close to. I'm also still assuming a PSM of 1.0-1.3 to produce the final range. Right now the MCU pace comps are pointing towards a mid-400k T-0 while the local movie comps are pointing towards nearly 600k. It's hard to say which one is more likely to happen. On the one hand size-wise Oppenheimer is tracking close to several of the MCU comps (see graph above) so capacity issues may restrict its growth in the final days leading to the lower estimate. On the other hand it seems non-CBM movies get a bigger spike in sales in the final days (e.g. Smugglers, Concrete Utopia and Avatar 2), but then you have to also remember that Oppenheimer is very backloaded by PLFs so might not spike as high, but then AGAIN you have to remember its opening day is on a national holiday so it will ramp up quicker... what a headache. I'll just say it's probably gonna land somewhere in that range and be done with it lol.

 

Oppenheimer Presales (T-3)

Current PS = 261,310 (+49,982)

Current ATP = ₩13,874 ($10.44)

Today's ATP = ₩9,223 ($6.94)

 

Rt97wuU.png

 

Traditional comps

  • 1.182x of Thor 4 at T-3 -> 536k T-0
  • 2.741x of Smugglers at T-3 -> 665k T-0
  • 2.312x of GOTGat T-3 -> 624k T-0
  • 1.297x of Captain Marvel at T-3-> 573k T-0
  • 3.735x of Concrete Utopia at T-3 -> 649k T-0
  • 0.497x of Dr. Strange 2 at T-3 -> 513k T-0
  • Comps Average -> 594k T-0
  • Opening Day Range -> 594k - 772k admissions ($5.30m - $6.89m)

 

U5eabZf.png

 

Pace-adjusted comps (last 3 days)

  • 1.046x of Thor 4's pace at T-3 -> 560k T-0
  • 1.247x of Smugglers's pace at T-3 -> 830k T-0
  • 0.915x of GOTG 3's pace at T-3 -> 571k T-0
  • 0.912x of Captain Marvel's pace at T-3 -> 523k T-0
  • 1.226x of Concrete Utopia's pace at T-3 -> 795k T-0
  • 1.018x of Dr. Strange 2's pace at T-3 -> 523k T-0
  • Comps Average -> 634k T-0
  • Opening Day Range -> 634k - 824k admissions ($5.65m - $7.35m)

Crazy day, Oppenheimer outpaced every comp significantly, resulting in a big jump in the estimates. If this is because of EA then this would significantly deflate the OD as we saw with MI7 earlier this summer. If this is genuine natural growth then we're gonna be seeing fireworks on August 15! Lastly the ATP is coming down very quickly now. The KRW cratering vs. the USD is not helping things. I think it's probably gonna fall a little bit short of Avatar 2's $8.92 ATP by OD, somewhere around $8.50 perhaps, so you can maybe adjust the USD estimates slightly down.

 

00:25 Update - no sign of Oppenheimer on Saturday's CGV start, this looks promising...

Edited by IronJimbo & Sheldon's Son
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8 minutes ago, keysersoze123 said:

it must all be regular digital shows. All PLF's have to be sold out by now. This is similar to how domestic presales worked as well. 

 

BTW how big its 1st weekend would be. OD would be highly boosted due to holiday but is 2m+ admits in play by Sunday or more?

Yep, the ATP for todays presales was only $7 which is about the right price for a standard ticket, so I think you're right.

 

Regarding OW/OD ratios I'm not sure, if I get time late I'll dig up KoBiz and see how movies that opened on Aug 15 in previous years fared in their opening weekends to get an idea.

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THUR to FRIDAY
Concrete Utopia  +49.4%
Smugglers  +43.27%
Elemental   +60.49%
Ransomed   +42.89%
Mission: Impossible  +63.87%
 
Aug 11, 2023: FRIDAY
 
Rank Title Release Date Daily Gross
(Total)
Admissions
(Total)
Number of Screens Revenue Share
1  

Concrete Utopia

South Korea

Aug 09, 2023 $1,797,247
($4,747,281)
250,893
(667,435)
1,621 53.76%
2  

Smugglers

South Korea

Jul 26, 2023 $667,723
($29,140,820)
93,705
(4,023,726)
1,147 19.97%
3  

Elemental

U.S.

Jun 14, 2023 $286,078
($47,973,151)
40,043
(6,492,788)
709 8.55%
4  

Ransomed

South Korea

Aug 02, 2023 $196,898
($6,392,324)
27,932
(883,977)
732 5.89%
5  

Mission: Impossible

U.S.

Jul 12, 2023 $95,319
($29,623,495)
13,316
(3,915,015)
380 2.85%
6  

The Moon

South Korea

Aug 02, 2023 $81,149
($3,393,022)
12,071
(445,330)
599 2.42%
7  

Detective Conan

Japan

Jul 20, 2023 $50,613
($5,109,680)
7,281
(711,789)
209 1.51%
8  

Barbie

U.S.

Jul 19, 2023 $35,162
($3,987,595)
4,683
(541,926)
144 1.05%
9  

Monster Family 2

U.K.

Aug 02, 2023 $25,099
($567,331)
4,298
(85,864)
242 0.75%
10  

Running Man : Revengers

South Korea

Aug 10, 2023 $22,610
($61,559)
3,720
(11,005)
199 0.67%
Edited by TalismanRing
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6 hours ago, IronJimbo & Sheldon's Son said:

Yep, the ATP for todays presales was only $7 which is about the right price for a standard ticket, so I think you're right.

 

Regarding OW/OD ratios I'm not sure, if I get time late I'll dig up KoBiz and see how movies that opened on Aug 15 in previous years fared in their opening weekends to get an idea.

@keysersoze123

Movie

Total Recall

R2B War for the
Planet of the Apes
The Witness The Meg
Year 2012 2012 2017 2018 2018
Day of Release Wednesday Wednesday Tuesday Wednesday Wednesday
CGV Golden Egg N/A N/A 89 88 81
OD 250,229 206,793 568,308 368,981 157,303
FSS 432,154 394,740 683,488 810,587 200,353
OWeek 871,898 769,214 1,605,663 1,579,114 456,179
Total 1,219,637 1,201,948 2,051,315 2,524,720 527,332
FSS/OD 1.727 1.909 1.203 2.197 1.274
Oweek/OD 3.484 3.720 2.825 4.280 2.900

 

I could only find 5 movies over the last 15 years that opened on August 15 on a Tuesday or Wednesday. In the years when Liberation Day landed on a Monday, movies would simply open in the prior week/end and treat it as a 4-day OW. Any year where Liberation Day landed on a Thursday I deemed too close to the OW to make comparison useful. Of these five movies, none of them had amazing WOM, I expect Oppenheimer to be received better given the worldwide reception, which should lead to better holds. With that said it seems 3-4x the OD is typical for the opening week, and around 2x for the FSS OW. WFTPOTA had a tremendous amount of competition, it opened next to two other local holdovers that also did 400k+ admissions on Aug 15 and then ran into another big opener the week after so it lost screens quickly, explaining the poor multiplier. Oppy should have a clear path to dominate the upcoming weeks so its multiplier probably isn't applicable.

 

 

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