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IMAX and Megarama Expand Partnership for Three New Locations
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IMAX (IMAX - Free Report) expands its partnership with Megarama for installing three new IMAX systems in Morocco and France. With this deal, its footprint with Megarama will be more than triple and the number of IMAX systems in France will reach 29. The three new IMAX locations will be in Givors, Boulogne-Sur-Mer and Rabat.
Megarama is one of the newest international exhibition partners of IMAX. Its first IMAX location was opened on December 2022 in Bordeaux. After this new deal, it will become IMAX’s second-biggest commercial client in France.
IMAX just recorded the best first quarter ever in France. Its box office collection was $9.3 million in first-quarter 2023, just behind its highest-ever quarterly collection of $9.5 million that was set in fourth-quarter 2022.
The company will continue to invest in more local content in France. It will also release the first-ever concert ‘INDOCHINE’S CENTRAL TOUR’ filmed for IMAX camera program, which topped the French box office collections in November 2022.
The three new location in France and Morocco will be equipped with the latest IMAX with Laser technology. It is differentiated by 4k laser projection systems, new optical engine, deeper contrast, widest range of IMAX colours, custom designed lenses, and a suite of proprietary technology that delivers brighter images.
Due to strong slate of movies released, the stock has gained 21.6% in the past year against the Zacks Consumer Discretionary sector’s decline of 16.2%.
The theatre industry suffered in the last 2-3 years mainly due to macroeconomic headwinds like COVID-19 and interest-rate hikes. IMAX had a great last year with releases like Avatar- The Way of Water and Thor- Love and Thunder.
The company is looking to expand its footprint in China, Indonesia, Saudi Arabia, France and Morocco but witnesses strong challenges from AMC Entertainment (AMC - Free Report) , Dolby Laboratories (DLB - Free Report) and Cinemark (CNK - Free Report) .
AMC offers a premium theatre experience with AMC Prime. The company has unique recliners with subwoofers in it. It also offers the best projectors with the Dolby Atmos sound system.
Dolby Cinemas offers the highest quality and most consistent movie experience. Dolby Cinema 3D is considered to be the most accurate. But there are only 250 Dolby Cinemas worldwide compared with 1500 IMAX screens.
Cinemark XD is a premium movie theatre. The company has only THX-certified screens, with 11.1 channel sound. It also has recliners and standard theatre seats.
IMAX was once considered the gold-standard movie theater experience. It still has loyal customers. But with growing competition, it is difficult to stay ahead of its peers. With blockbusters like Fast X, The Little Mermaid and Guardians of the Galaxy Vol.3 slated to release in the coming quarter, the box office collections are expected to boost the company’s revenues.
The Zacks Consensus Estimate for IMAX’s first-quarter 2023 profit is pegged at 13 cents per share, indicating year-over-year growth of 192.86%. The consensus estimate for revenues is pegged at $363.23 million, indicating a year-over-year increase of 20.75%.
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IMAX and Megarama Expand Partnership for Three New Locations
IMAX (IMAX - Free Report) expands its partnership with Megarama for installing three new IMAX systems in Morocco and France. With this deal, its footprint with Megarama will be more than triple and the number of IMAX systems in France will reach 29. The three new IMAX locations will be in Givors, Boulogne-Sur-Mer and Rabat.
Megarama is one of the newest international exhibition partners of IMAX. Its first IMAX location was opened on December 2022 in Bordeaux. After this new deal, it will become IMAX’s second-biggest commercial client in France.
IMAX just recorded the best first quarter ever in France. Its box office collection was $9.3 million in first-quarter 2023, just behind its highest-ever quarterly collection of $9.5 million that was set in fourth-quarter 2022.
The company will continue to invest in more local content in France. It will also release the first-ever concert ‘INDOCHINE’S CENTRAL TOUR’ filmed for IMAX camera program, which topped the French box office collections in November 2022.
The three new location in France and Morocco will be equipped with the latest IMAX with Laser technology. It is differentiated by 4k laser projection systems, new optical engine, deeper contrast, widest range of IMAX colours, custom designed lenses, and a suite of proprietary technology that delivers brighter images.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
IMAX to Focus on Expansion, Faces Stiff Competition
This Zacks Rank #3 (Hold) company is looking to capitalise on a great 2022 for collections but faces stiff competition.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Due to strong slate of movies released, the stock has gained 21.6% in the past year against the Zacks Consumer Discretionary sector’s decline of 16.2%.
The theatre industry suffered in the last 2-3 years mainly due to macroeconomic headwinds like COVID-19 and interest-rate hikes. IMAX had a great last year with releases like Avatar- The Way of Water and Thor- Love and Thunder.
The company is looking to expand its footprint in China, Indonesia, Saudi Arabia, France and Morocco but witnesses strong challenges from AMC Entertainment (AMC - Free Report) , Dolby Laboratories (DLB - Free Report) and Cinemark (CNK - Free Report) .
AMC offers a premium theatre experience with AMC Prime. The company has unique recliners with subwoofers in it. It also offers the best projectors with the Dolby Atmos sound system.
Dolby Cinemas offers the highest quality and most consistent movie experience. Dolby Cinema 3D is considered to be the most accurate. But there are only 250 Dolby Cinemas worldwide compared with 1500 IMAX screens.
Cinemark XD is a premium movie theatre. The company has only THX-certified screens, with 11.1 channel sound. It also has recliners and standard theatre seats.
IMAX was once considered the gold-standard movie theater experience. It still has loyal customers. But with growing competition, it is difficult to stay ahead of its peers. With blockbusters like Fast X, The Little Mermaid and Guardians of the Galaxy Vol.3 slated to release in the coming quarter, the box office collections are expected to boost the company’s revenues.
The Zacks Consensus Estimate for IMAX’s first-quarter 2023 profit is pegged at 13 cents per share, indicating year-over-year growth of 192.86%. The consensus estimate for revenues is pegged at $363.23 million, indicating a year-over-year increase of 20.75%.