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IMAX Acquires AI-Driven Video Technology Startup SSIMWave
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Imax Corporation (IMAX - Free Report) bought Waterloo-based startup SSIMWAVE for $18.5 million in cash and $2.5 million in stock with additional earnout consideration of $4 million, subject to achieving certain objectives.
Through its two-time Emmy Award-winning technology, SSIMWAVE provides AI-driven video quality solutions for media and entertainment firms to ease distribution costs and enhance video images in real-time and delivers the highest quality video images on any device for both on-demand and live video streams.
Demand for SSIMWAVE technology has increased as consumers want 4K, 8K and new interactive experiences across gaming, VR, AR and the metaverse. Filmmakers and creators also want to ensure the fidelity and quality of their work on any screen.
The acquisition of SSIMWAVE by IMAX is intended to expand the company’s product suite and grow internationally. IMAX will have the opportunity to expand its business beyond theaters and produce the best quality video images on other screens — smartphones, TVs, laptops, tablets and desktops and to further its ambitions with live video.
SSIMWAVE improves the quality of the video and reduces the bandwidth needed for streaming. The startup has a team of 30 engineers and its current clients include Disney+ and Paramount. Per the terms of the agreement, SSIMWAVE will become an Imax company but will retain its name, office and staff.
IMAX’s post-production and technology teams will work with SSIMWAVE’s engineering team to conduct research and development on new solutions for delivering IMAX-quality video experiences across a variety of digital platforms.
To support continuous growth in international markets, IMAX sought to bolster its international film strategy, supplementing its slate of Hollywood films with a mix of local language IMAX films released in select markets, particularly in China. The company is expected to announce additional local language IMAX films to be released in its global theater network in the rest of 2022.
As of Jun 30, 2022, there were 1,694 IMAX Theater Systems in 87 countries and territories, including 1,610 commercial multiplexes, 12 commercial destinations, and 72 institutional locations in the company's global theater network.
Last month, IMAX expanded its longstanding partnership with Cineworld, under which 52 IMAX locations across Cineworld’s worldwide footprint will be upgraded or opened by 2026.
In June, ODEON Cinemas Group and IMAX announced an expansion of their longstanding partnership spanning key European cinema markets. Per the agreement, ODEON will upgrade six IMAX theaters across the UK with state-of-the-art IMAX with Laser systems.
Additionally, ODEON and IMAX have set locations for nine previously contracted new theaters across Europe, including four new theaters in Spain, two in Italy, and one each in Germany, Sweden and the UK. All new locations will be installed by 2025.
IMAX expanded its partnership with an agreement for two new, state-of-the-art IMAX with Laser systems in Japan. With more than $46 million, Japan was IMAX’s third highest grossing global market in 2021, with eight of the company’s top 15 highest grossing theaters.
IMAX expanded its partnership with Major Cineplex for three new, state-of-the-art IMAX with Laser systems in Thailand. The new agreement includes IMAX with Laser upgrades at two key locations in central Bangkok, including ICON CINECONIC at ICONSIAM.
In cooperation with Kodak, Panavision, and FotoKem, IMAX will develop and deploy at least four new, state-of-the-art film cameras over the next two years — growing its existing fleet of film cameras by 50% — with the first new camera likely to be put into use by late 2023.
Zacks Rank & Stocks to Consider
Currently, IMAX has a Zacks Rank #5 (Strong Sell).
BJ’s Wholesale Club’s shares are 12.9% up on a year-to-date basis against the sector’s decline of 35.3%. The Zacks Consensus Estimate for this Zacks Rank #1 (Strong Buy) company’s fiscal 2023 earnings have risen 11.2% to $3.60 per share over the past 30 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Delta Apparel is a manufacturer of activewear and lifestyle apparel products. DLA has a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Delta Apparel’s current financial-year sales and EPS suggests growth of 12.6% and 27.4%, respectively, from the year-ago corresponding figures. DLA has a trailing four-quarter earnings surprise of 34.2%, on average.
Caleres, a footwear dealer, has a Zacks Rank #2 at present. CAL has a trailing four-quarter earnings surprise of 34.9%, on average.
The Zacks Consensus Estimate for Caleres’ current financial-year sales and EPS suggests growth of 5.6% and 0.9%, respectively, from the year-ago corresponding figures.
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IMAX Acquires AI-Driven Video Technology Startup SSIMWave
Imax Corporation (IMAX - Free Report) bought Waterloo-based startup SSIMWAVE for $18.5 million in cash and $2.5 million in stock with additional earnout consideration of $4 million, subject to achieving certain objectives.
Through its two-time Emmy Award-winning technology, SSIMWAVE provides AI-driven video quality solutions for media and entertainment firms to ease distribution costs and enhance video images in real-time and delivers the highest quality video images on any device for both on-demand and live video streams.
Demand for SSIMWAVE technology has increased as consumers want 4K, 8K and new interactive experiences across gaming, VR, AR and the metaverse. Filmmakers and creators also want to ensure the fidelity and quality of their work on any screen.
The acquisition of SSIMWAVE by IMAX is intended to expand the company’s product suite and grow internationally. IMAX will have the opportunity to expand its business beyond theaters and produce the best quality video images on other screens — smartphones, TVs, laptops, tablets and desktops and to further its ambitions with live video.
SSIMWAVE improves the quality of the video and reduces the bandwidth needed for streaming. The startup has a team of 30 engineers and its current clients include Disney+ and Paramount. Per the terms of the agreement, SSIMWAVE will become an Imax company but will retain its name, office and staff.
IMAX’s post-production and technology teams will work with SSIMWAVE’s engineering team to conduct research and development on new solutions for delivering IMAX-quality video experiences across a variety of digital platforms.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Global Footprint Expansion Holds Promise
To support continuous growth in international markets, IMAX sought to bolster its international film strategy, supplementing its slate of Hollywood films with a mix of local language IMAX films released in select markets, particularly in China. The company is expected to announce additional local language IMAX films to be released in its global theater network in the rest of 2022.
As of Jun 30, 2022, there were 1,694 IMAX Theater Systems in 87 countries and territories, including 1,610 commercial multiplexes, 12 commercial destinations, and 72 institutional locations in the company's global theater network.
Last month, IMAX expanded its longstanding partnership with Cineworld, under which 52 IMAX locations across Cineworld’s worldwide footprint will be upgraded or opened by 2026.
In June, ODEON Cinemas Group and IMAX announced an expansion of their longstanding partnership spanning key European cinema markets. Per the agreement, ODEON will upgrade six IMAX theaters across the UK with state-of-the-art IMAX with Laser systems.
Additionally, ODEON and IMAX have set locations for nine previously contracted new theaters across Europe, including four new theaters in Spain, two in Italy, and one each in Germany, Sweden and the UK. All new locations will be installed by 2025.
IMAX expanded its partnership with an agreement for two new, state-of-the-art IMAX with Laser systems in Japan. With more than $46 million, Japan was IMAX’s third highest grossing global market in 2021, with eight of the company’s top 15 highest grossing theaters.
IMAX expanded its partnership with Major Cineplex for three new, state-of-the-art IMAX with Laser systems in Thailand. The new agreement includes IMAX with Laser upgrades at two key locations in central Bangkok, including ICON CINECONIC at ICONSIAM.
In cooperation with Kodak, Panavision, and FotoKem, IMAX will develop and deploy at least four new, state-of-the-art film cameras over the next two years — growing its existing fleet of film cameras by 50% — with the first new camera likely to be put into use by late 2023.
Zacks Rank & Stocks to Consider
Currently, IMAX has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the broader Consumer Discretionary sector are BJ’s Wholesale Club (BJ - Free Report) , Delta Apparel (DLA - Free Report) and Caleres (CAL - Free Report) .
BJ’s Wholesale Club’s shares are 12.9% up on a year-to-date basis against the sector’s decline of 35.3%. The Zacks Consensus Estimate for this Zacks Rank #1 (Strong Buy) company’s fiscal 2023 earnings have risen 11.2% to $3.60 per share over the past 30 days. You can see the complete list of today’s Zacks #1 Rank stocks here.
Delta Apparel is a manufacturer of activewear and lifestyle apparel products. DLA has a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Delta Apparel’s current financial-year sales and EPS suggests growth of 12.6% and 27.4%, respectively, from the year-ago corresponding figures. DLA has a trailing four-quarter earnings surprise of 34.2%, on average.
Caleres, a footwear dealer, has a Zacks Rank #2 at present. CAL has a trailing four-quarter earnings surprise of 34.9%, on average.
The Zacks Consensus Estimate for Caleres’ current financial-year sales and EPS suggests growth of 5.6% and 0.9%, respectively, from the year-ago corresponding figures.