Imax Expands in China with 20 New Theater Locations

The multi-theater deal marks the largest deal for new Imax systems in China in four years, “and reinforces renewed demand among Chinese exhibitors and audiences for the Imax experience with both Hollywood and local content,” Imax said.

Ondanks een wankel economisch klimaat heeft de Chinese bioscoopkassa in 2023 een gezond herstel gekend. Total annual movie ticket revenues in China are approaching the $7 billion mark, with sales only 10 percent behind the same point in the pre-pandemic year of 2019. Imax, meanwhile, has increased its presence in the market. Het bedrijf heeft zojuist zijn meest winstgevende zomerseizoen ooit afgeleverd aan de plaatselijke kassa, met lokaal fantasy-epos Creation of the gods became the top-grossing summer title of all time at Imax, accounting for 10 percent of the film’s box office total of $390 million.

“We are excited to deepen our partnership and expand into new markets with Hengdian Films as more exhibitors worldwide increase their commitment to Imax and drive significant growth across our network this year,” said Rich Gelfond, CEO of Imax, in a statement. “Thanks to its robust mix of local language and Hollywood content, China continues to see a rapid recovery in cinema post-COVID and, as we see in markets around the world, a box office recovery is often followed by network growth for Imax.”

Hengdian Films is de eigenaar en exploitant van de beroemde Chinese filmstudio Hengdian. The company is also a major film and TV producer, distributor and exhibitor, with a network of 503 cineplexes with 3,154 screens across China. Het wordt verhandeld op de beurs van Shanghai. Het bedrijf doet sinds 2017 zaken met Imax en heeft al 7 Imax-theaters in gebruik. The new Imax with Laser locations will be located in Jingdezhen, Ulanqab and Zhangjiakou, all the very first locations in China for Imax. New locations will also open in Hangzhou, Guangzhou, Chengdu, Jiujiang, Hohhot and Yangzhou, with others yet to be confirmed.

“Dit jaar was cruciaal voor de heropleving van de industrie. From Chinese New Year to summer, moviegoers have consistently shown great enthusiasm and demand for high-quality content and a premium experience,” said Xu Tianfu, chairman of Hengdian Films. “Together with Imax, we look forward to creating a more immersive and colorful cinematic journey for audiences in more cities.”

While Imax’s core theater business is booming in China, the company recently suffered a strategic setback at the corporate level. Earlier this month, Imax’s proposed $124 million deal to acquire the 28.5 percent stake in its Shanghai-based Imax China unit, which the company does not already own, was voted down by shareholders. De dochteronderneming Imax China Holding handelt op de Hong Kong Stock Exchange, waar de aandelenkoers dit jaar met 8,5 procent is gedaald.