Imax doubles down on buzzy China with newtheater deal
Imax Corp. sees the potential to add at least 400 theaters in China by 2023, as the cinema chain operator looks to expand its footprint in a country that’s emerged as the world’s largest movie market this year.
The Ontario, Canadabased firm known for massive screens in its movie halls, has signed a deal with its Chinese partner Guangzhou Jinyi Media Corp. for five new locations and upgrades at seven existing ones, it said in an email. Imax, which has about 700 theaters in
China, sees the possibility of expanding its network by more than 50 percent over the next three years, it added.
The theater chain is stepping up its commitment in China as the Asian country rebounds strongly from the coronavirus pandemic-induced slowdown while the outbreaks continue to ravage the U.S. and Europe. While both U.S. and China contributed about a third of IMAX’s global box office in 2019, the latter has surpassed the U.S. as theworld’s top film market this year underscoring its importance for movie hall operators.
“One big vote of confidence
“One big vote of confidence in the Chinese market is that a number of our Chinese leading exhibitors are adding more theaters to their Imax footprint.”
Imax CEO Rich Gelfond
in the Chinese market is that a number of our Chinese leading exhibitors are adding more theaters to their Imax footprint,” Imax Chief Executive Officer Rich Gelfond said in an interview. The company has also “been on a trajectory to release more local language Chinese films,” he said.
China’s box-office gross revenues touched $2.5 billion this year, compared with about $2 billion ticket sales in the U.S., according to data from ticketing platform Maoyan Entertainment and market tracker Box Office Mojo.
Box office revenues in China are now at 75 percent of the levels seen last year, Gelfond said. The pandemic has also accelerated the company’s commitment to releasing more Chinese-language films, he said.