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IMAX and Cinema XXI Expand Partnership in Indonesian Market
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Imax (IMAX - Free Report) recently announced a new multi-theatre deal again with Cinema XXI to double its footprint in Indonesia. This marks the biggest agreement for Imax for new systems since 2020.
Imax expands its partnership with Cinema XXI for ten new state-of-the-art IMAX with laser systems, which is their most advanced experience. This deal will double the number of IMAX commercial systems to 20 in Indonesia.
Imax and Cinema XXI has a successful partnership since 2012, With Cinema XXI being the largest exhibitor in Indonesia. Increasing demand being one of the key reasons for this new partnership.
In 2022, Imax released their first Indonesian film, Satan's Slave: Communion which got a good response and Avatar: The Way of Water being their highest-ever grossing film. This is seen as an opportunity to penetrate and capture the Indonesian market which has huge potential.
Imax has been doing some notable partnerships in the past six months. With the success of some big Hollywood films in the past year, such as Avatar: The Way of Water, Top Gun: Maverick, Doctor Strange and the Multiverse of Madness and some more, it is a good time for expansion by the management.
Imax has been partnering with big exhibitors around the globe. These include AMC in Saudi Arabia, Wanda in China and Aeon in Japan. All of them getting the latest Imax Laser technology for the best movie experience. AMC is set to open in six new Imax location in Saudi Arabia. Wanda is set to launch nine new theatres in China and Aeon promised to open seven more cinema halls in Japan by summer 2023.
With Covid staring to slow down, people and big movies have started returning to theatres. This is not only seen as a recovery phase for the entertainment industry but also as a phase of expanding and penetrating into markets.
Some big tickets to release in 2023, which will boost box office revenues for Imax, are Mission Impossible 7, Aquaman and the Lost Kingdom, Guardians of the Galaxy Vol.3, The Flash and many more.
Imax’s last-quarter revenues were $68.7 million, up 21.5% year over year. Imax total gross box office revenues were $177.1 million, up 25% year over year.
China being their second largest revenue generator is still a concern to the top line of the company. With uncertainties looming in China, it no longer is as reliable as it once was.
Shares of International Game Technology have declined 9.7% in the past year. The Zacks Consensus Estimate for earnings is pegged at $0.28 per share, which has increased 7.69% over the past 30 days.
Shares of Sony have fallen 17.6% in the past year. The Zacks Consensus Estimate for earnings is pegged at $0.69 per share, which has fallen from $0.94 over the past 30 days.
Shares of Century Casinos have declined 17.7% in the past year. Its earnings are estimated to be 2 cents per share, which has fallen from 5 cents per share over the past 30 days.
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IMAX and Cinema XXI Expand Partnership in Indonesian Market
Imax (IMAX - Free Report) recently announced a new multi-theatre deal again with Cinema XXI to double its footprint in Indonesia. This marks the biggest agreement for Imax for new systems since 2020.
Imax expands its partnership with Cinema XXI for ten new state-of-the-art IMAX with laser systems, which is their most advanced experience. This deal will double the number of IMAX commercial systems to 20 in Indonesia.
Imax and Cinema XXI has a successful partnership since 2012, With Cinema XXI being the largest exhibitor in Indonesia. Increasing demand being one of the key reasons for this new partnership.
In 2022, Imax released their first Indonesian film, Satan's Slave: Communion which got a good response and Avatar: The Way of Water being their highest-ever grossing film. This is seen as an opportunity to penetrate and capture the Indonesian market which has huge potential.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Imax to Increase Footprints With Partnerships
Imax has been doing some notable partnerships in the past six months. With the success of some big Hollywood films in the past year, such as Avatar: The Way of Water, Top Gun: Maverick, Doctor Strange and the Multiverse of Madness and some more, it is a good time for expansion by the management.
Imax has been partnering with big exhibitors around the globe. These include AMC in Saudi Arabia, Wanda in China and Aeon in Japan. All of them getting the latest Imax Laser technology for the best movie experience. AMC is set to open in six new Imax location in Saudi Arabia. Wanda is set to launch nine new theatres in China and Aeon promised to open seven more cinema halls in Japan by summer 2023.
With Covid staring to slow down, people and big movies have started returning to theatres. This is not only seen as a recovery phase for the entertainment industry but also as a phase of expanding and penetrating into markets.
Some big tickets to release in 2023, which will boost box office revenues for Imax, are Mission Impossible 7, Aquaman and the Lost Kingdom, Guardians of the Galaxy Vol.3, The Flash and many more.
Imax’s last-quarter revenues were $68.7 million, up 21.5% year over year. Imax total gross box office revenues were $177.1 million, up 25% year over year.
China being their second largest revenue generator is still a concern to the top line of the company. With uncertainties looming in China, it no longer is as reliable as it once was.
Zacks Rank & Other Stocks to Consider
Imax currently has a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the same sector are International Game Technology (IGT - Free Report) , Sony (SONY - Free Report) and Century Casinos (CNTY - 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 International Game Technology have declined 9.7% in the past year. The Zacks Consensus Estimate for earnings is pegged at $0.28 per share, which has increased 7.69% over the past 30 days.
Shares of Sony have fallen 17.6% in the past year. The Zacks Consensus Estimate for earnings is pegged at $0.69 per share, which has fallen from $0.94 over the past 30 days.
Shares of Century Casinos have declined 17.7% in the past year. Its earnings are estimated to be 2 cents per share, which has fallen from 5 cents per share over the past 30 days.