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IMAX, MEGARAMA Expand Partnership for 3 New Locations in France
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IMAX Corporation (IMAX - Free Report) has signed a new deal with French exhibition company, MEGARAMA, to bring three new state-of-the-art IMAX with Laser systems across France. The deal doubles the company's footprint with the Paris-based exhibitor in the country.
One of the new IMAX theaters will be located in a major northern French city and is slated to open in 2025. The other two theaters will be situated in the suburbs of the capital Paris, with a projected opening in 2026.
For IMAX, the deal underscores the strong demand for its premium movie experience among French audiences and exhibitors.
The agreement comes on the heels of a record 2023 for IMAX in France, which generated more than $23 million in box office revenues, the highest annual total ever for the company in the country. The first quarter of 2024 was its second-best ever in France, propelled by the blockbuster Dune: Part Two.
The new MEGARAMA locations will feature IMAX with Laser, the company's most advanced projection and audio system, delivering crystal-clear images and lifelike sound. Including this deal, IMAX and MEGARAMA will operate six locations in France, with one more planned in Morocco.
IMAX Inks Major Global Expansion Deals Across Multiple Markets
The company is aggressively expanding its global footprint through a series of new partnerships and theater deals across Asia. The moves underscore its efforts to enhance its premium movie offerings in key international markets.
In the Philippines, IMAX extended its long-standing partnership with SM Cinema with an agreement for 10 new IMAX with Laser systems. This includes three new locations as well as seven upgraded laser projection systems at existing IMAX venues across SM Cinema's network.
Turkey will get its first taste of IMAX's cutting-edge laser experience through a new four-theater deal with exhibitor CineNOVA. The partners will install state-of-the-art IMAX with Laser systems in major cities like Istanbul and Ankara between 2024 and 2026.
Marking the company's largest Indian expansion in five years is a three-theater agreement with Miraj Cinemas. One new laser system will land in Mumbai in the second half of 2024, with locations in Jaipur and a third city to follow.
In Thailand, IMAX is growing its foothold through an expanded partnership with Major Cineplex for three additional IMAX with Laser venues. One is slated for Bangkok's Bang Kapi district in 2024, with two more Bangkok openings in 2026 and 2027.
The flurry of international deals will allow the company to deliver its premium sight and sound technology to more global audiences and stay relevant as it faces increasing competition from streamed content.
The Zacks Consensus Estimate for IMAX’s 2024 revenues is pegged at $376.06 million, indicating a year-over-year increase of 0.32%. The consensus estimate for 2024 earnings per share is pegged at 91 cents, suggesting a year-over-year decline of 3.19%.
Image: Bigstock
IMAX, MEGARAMA Expand Partnership for 3 New Locations in France
IMAX Corporation (IMAX - Free Report) has signed a new deal with French exhibition company, MEGARAMA, to bring three new state-of-the-art IMAX with Laser systems across France. The deal doubles the company's footprint with the Paris-based exhibitor in the country.
One of the new IMAX theaters will be located in a major northern French city and is slated to open in 2025. The other two theaters will be situated in the suburbs of the capital Paris, with a projected opening in 2026.
For IMAX, the deal underscores the strong demand for its premium movie experience among French audiences and exhibitors.
The agreement comes on the heels of a record 2023 for IMAX in France, which generated more than $23 million in box office revenues, the highest annual total ever for the company in the country. The first quarter of 2024 was its second-best ever in France, propelled by the blockbuster Dune: Part Two.
The new MEGARAMA locations will feature IMAX with Laser, the company's most advanced projection and audio system, delivering crystal-clear images and lifelike sound. Including this deal, IMAX and MEGARAMA will operate six locations in France, with one more planned in Morocco.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
IMAX Inks Major Global Expansion Deals Across Multiple Markets
The company is aggressively expanding its global footprint through a series of new partnerships and theater deals across Asia. The moves underscore its efforts to enhance its premium movie offerings in key international markets.
In the Philippines, IMAX extended its long-standing partnership with SM Cinema with an agreement for 10 new IMAX with Laser systems. This includes three new locations as well as seven upgraded laser projection systems at existing IMAX venues across SM Cinema's network.
Turkey will get its first taste of IMAX's cutting-edge laser experience through a new four-theater deal with exhibitor CineNOVA. The partners will install state-of-the-art IMAX with Laser systems in major cities like Istanbul and Ankara between 2024 and 2026.
Marking the company's largest Indian expansion in five years is a three-theater agreement with Miraj Cinemas. One new laser system will land in Mumbai in the second half of 2024, with locations in Jaipur and a third city to follow.
In Thailand, IMAX is growing its foothold through an expanded partnership with Major Cineplex for three additional IMAX with Laser venues. One is slated for Bangkok's Bang Kapi district in 2024, with two more Bangkok openings in 2026 and 2027.
The flurry of international deals will allow the company to deliver its premium sight and sound technology to more global audiences and stay relevant as it faces increasing competition from streamed content.
The Zacks Consensus Estimate for IMAX’s 2024 revenues is pegged at $376.06 million, indicating a year-over-year increase of 0.32%. The consensus estimate for 2024 earnings per share is pegged at 91 cents, suggesting a year-over-year decline of 3.19%.
Zacks Rank & Stocks to Consider
Currently, IMAX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Consumer Discretionary sector are Nexstar Media Group (NXST - Free Report) , Netflix (NFLX - Free Report) and JAKKS Pacific (JAKK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Nexstar Media Group have gained 11% in the year-to-date period. The long-term earnings growth rate for NXST is 10%.
Shares of Netflix have climbed 26% in the year-to-date period. The long-term earnings growth rate for NFLX is 22.58%.
Shares of JAKKS Pacific have plunged 46.5% in the year-to-date period. The long-term earnings growth rate for JAKK is 42.61%.