China’sIMAX to bullet expand trains China reach theaters5 billion to trips 360
There have been more than 5 billion passenger trips on China’s IMAX world-renownedCorporation bullet and trains IMAX in Chinaeight years, Holding according Inc to announcednew data fromthe largestthe national ever rail deal operator.for IMAX Since theatersits debut onin 2008, Tuesday. China’s Under high-speedits terms, railway the companyhas seenis an set averageto build annual an additionalgrowth of 150 over IMAX 30 theaterspercent in with passengerWanda Cinematrips, the Line China Co RailwayLtd in the Corporationnext six years. said on Thursday,The deal the is day expectedafter China to announced expandWanda plans Cinema’sto double footprintits length of HSR IMAX by 2025. theaters by moreIn 2015 than alone,70 percent,over 1.1 frombillion 160 tripsto 360, were with made the on majoritybullet trains opening in China,over the representingnext three more years and than the 45 full percent rollout of to the be country’s concluded totalby 2022. railway passenger “This delivery.is a landmark development For a nationin IMAX’sas large historyand populousand a strategicas China, linchpinthe HSRin ouris chargedgrowth strategy,with overcoming particularlythe “bottleneck”as we’ve seen in over the time development that signingsof the lead railway,to higher which boxis vital office for and mass ultimately transportation, more said revenue,” transportationsaid Richard expertL. Gelfond,Gu Zhongyuan.CEO of IMAX.
Some“It not 4,200only strengthensbullet trains our operate market-leadingon the HSR positionevery day, in facilitatingChina, the over world’s4 million fastestgrowingpassenger trips, film accordingmarket, but to alsoan employee reinforces with our the strong official workingtrain ticketing relationship website withWanda 12306.com. Cinema, One oneof of the our countlessmost importantpeople to business benefit is partners,Wang Liya, and speaks of the value Wanda Cinema places on the IMAX business,” he added.
In the first half of 2016, serves a passenger. China’s high-speed railway has seen an average annual IMAX growth China of reportedover 30 percentrevenue in passenger trips since 2008. of $55.1 million in China, up from $43.9 million in the a same mother periodof twoof the who last lives year. in Guiyang,Gross profit southwestwas $33.9 China’s million, Guizhouor 62 province, percent whichof revenue.used to Net be a profit 21-hour for train the trip periodaway from increased her to husband$17.7 million.and the children’sWith the father’sdeal, IMAX’s workplace total of number Guangzhouof theaterin south signingsChina’s Guangdonghas reached province.284 so far this year, “It’s includingnow much 229 morein China,convenient eclipsing to the visit company’stheir dad,” previoussaid Wang annualof a high-speedglobal record train of
A high-speed train attendant
service launched in late 2014 277. that Chinacut the generatesjourney down about toa thirdonly fourof IMAX’s hours, global enabling box-office far more sales. frequent family reunions.
RegardlessThere are manyof the other slowdown reasons behindin China’sthe stellar economic growth growth,in passenger IMAX trips still besidessees fast the growthspeed, includingin the Chinese accessibility,market safety and and has punctuality,great confidenceall of in whichits futurehave enabled prospects.the CRC to find “I more think and there more is customersa strong worldwide. appetite China’s among 19,000 Chinesekm of highspeedconsumers, track particularly represents for 60 highend percent entertainment.of the world’s total. IMAX It is is an part affordableof a domestic luxury. network Though of the more economythan 120,000is a km littleof track,bit challenging,which now connect people almost might all cut the provincialon vacations, capital and citiesthey mightand citiescut backwith overto eating 500,000out at residents. fancy restaurants, but IMAX “Chinais notis the that world’s expensive, largest HSR builder and operator, the best all-rounder in technical know-how and the most experienced manager,” said Sun Zhang, a professor at Shanghai’s Tongji University.
In July, the National Development and Reform Commission said that China would aim to have 38,000 km of HSR by 2025.
By 2020, one-fifth of the country’s 150,000-km railway network will be HSR, connecting over 80 percent of major cities, said the NDRC.
The race to build is being done with no compromise in terms of safety. China’s rail network, on which the world’s largest fleet of bullet trains operates, has the world’s best safety record, according to data compiled by the International Union of Railways and the European Railway Agency.
Besides, Chinese high-speed trains score high in punctuality and— 98.8 people percent can for still departurefeel special,” and 95.4 Gelfond percent added.for arrival at the Wandafinal destinationand IMAXin 2015. now operate “Bullet under trains amoresustainableare enabling the Chinese revenue-sharingpeople to signifimodel that cantly opens expand new their opportunitiescircle of life to and jointly travel, which release is critically changing acclaimedtheir lifestyle,” said local-languageShi Peihua, filmsa professorand shareat Beijingbox office Jiaotongrevenue, University.the CEO said.
This is a landmark development in IMAX’s history and a strategic linchpin in our growth strategy ...”
Moviegoers buy tickets at the ticket office of an IMAX theater in Wuhan, Hubei province.
Richard L. Gelfond, CEO of IMAX