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IMAX, Beach House & China Review to Make The Elephant Odyssey
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Imax Corporation (IMAX - Free Report) announced that it started the production of a nature documentary, The Elephant Odyssey. The 90-minute documentary is set for global IMAX release in 2024.
The film is an international collaboration involving IMAX Corporation, Beach House Pictures and China Review Studio of China International Communications Group.
The Elephant Odyssey will chronicle the epic journey of the wandering Asian elephants that captivated viewers around the world in 2020 as they roamed across Yunnan province, China. Filmed in the region's breathtaking landscapes, the documentary promises to offer a rare glimpse into the elephants' natural habitat.
With renowned director and cinematographer Alice Gu at the helm and Clair Popkin serving as the director of photography, the film is shot with IMAX-certified cameras and will feature exclusive footage of the elephants' 18-month journey.
IMAX continues to benefit from China, which is the company’s second largest revenue generator. The company drove a record-breaking Chinese New Year box office of $61.3 million in 2023. It was led by The Wandering Earth 2, which is now Imax’s highest-grossing local language film of all time.
Imax has its largest fleet of giant screen cinemas in China. In March, it had 794 screens in operation and more than 200 in backlog. The company has a partnership in China with Wanda Film. As of Mar 31, 2023, through the company’s partnership with Wanda, there were 375 IMAX Systems operational in Greater China of which 361 are under the parties’ joint revenue sharing arrangements.
IMAX recently entered into various partnerships across the globe. In May, the company announced an expansion of its long-standing partnership with Kinepolis for eight IMAX systems across Europe and North America. It collaborated with EVO Entertainment for eight new IMAX locations across Texas and Florida and Cinemex for six new IMAX locations in Mexico.
The company signed an agreement with Galaxy Cinema for two state-of-the-art IMAX in Vietnam. This partnership will bring the Imax Laser Technology for the first time in the market.
Imax is also expanding 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.
IMAX and Cineplexx Austria are expanding its long-standing partnership. This agreement is for three new state-of-the-art IMAX with laser systems in Europe, which is its most advanced experience. Austria and South-eastern Europe's largest cinema operator, Cineplexx, will install new systems in Kosovo and Austria. Kosovo will get its first IMAX system with this deal.
With the release of big movies like The Flash, The Little Mermaid and Lost in the Stars, IMAX’s revenues are expected to rise in the rest of 2023. The company expects to record $1.1 billion in global box office for the year 2023.
The Zacks Consensus Estimate for IMAX’s second-quarter 2023 profit is pegged at 13 cents per share, indicating year-over-year growth of 85.71%. The consensus estimate for 2023 revenues is pegged at $374.44 million, indicating a year-over-year increase of 24.48%.
Zacks Rank & Other Key Picks
Currently, IMAX sports a Zacks Rank #1 (Strong Buy).
Shares of IMAX have gained 18.7% year to date compared with the Zacks Consumer Discretionary sector’s growth of 12.1% in the same time frame.
Shares of Cinemark have gained 91.4% year to date. The Zacks Consensus Estimate for CNK’s 2023 revenues is pegged at $2.92 billion, indicating a year-over-year increase of 19.08%. The consensus mark for earnings is pegged at 85 cents per share, which has remained steady over the past 30 days.
Shares of Nexstar Media Group have declined 4.5% year to date. The Zacks Consensus Estimate for NXST’s 2023 revenues is pegged at $5.11 billion, indicating a year-over-year decline of 2.02%. The consensus mark for earnings is pegged at $13.15 per share, which has increased 13.6% over the past 30 days.
Shares of Sinclair have declined 10.9% year to date. The Zacks Consensus Estimate for SBGI’s 2023 revenues is pegged at $3.14 billion, indicating a year-over-year decline of 19.93%. The consensus mark for earrings is pegged at $2.71 per share, which has remained steady over the past 30 days.
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IMAX, Beach House & China Review to Make The Elephant Odyssey
Imax Corporation (IMAX - Free Report) announced that it started the production of a nature documentary, The Elephant Odyssey. The 90-minute documentary is set for global IMAX release in 2024.
The film is an international collaboration involving IMAX Corporation, Beach House Pictures and China Review Studio of China International Communications Group.
The Elephant Odyssey will chronicle the epic journey of the wandering Asian elephants that captivated viewers around the world in 2020 as they roamed across Yunnan province, China. Filmed in the region's breathtaking landscapes, the documentary promises to offer a rare glimpse into the elephants' natural habitat.
With renowned director and cinematographer Alice Gu at the helm and Clair Popkin serving as the director of photography, the film is shot with IMAX-certified cameras and will feature exclusive footage of the elephants' 18-month journey.
IMAX continues to benefit from China, which is the company’s second largest revenue generator. The company drove a record-breaking Chinese New Year box office of $61.3 million in 2023. It was led by The Wandering Earth 2, which is now Imax’s highest-grossing local language film of all time.
Imax has its largest fleet of giant screen cinemas in China. In March, it had 794 screens in operation and more than 200 in backlog. The company has a partnership in China with Wanda Film. As of Mar 31, 2023, through the company’s partnership with Wanda, there were 375 IMAX Systems operational in Greater China of which 361 are under the parties’ joint revenue sharing arrangements.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Imax to Boost Top-Line Growth With Partnerships
IMAX recently entered into various partnerships across the globe. In May, the company announced an expansion of its long-standing partnership with Kinepolis for eight IMAX systems across Europe and North America. It collaborated with EVO Entertainment for eight new IMAX locations across Texas and Florida and Cinemex for six new IMAX locations in Mexico.
The company signed an agreement with Galaxy Cinema for two state-of-the-art IMAX in Vietnam. This partnership will bring the Imax Laser Technology for the first time in the market.
Imax is also expanding 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.
IMAX and Cineplexx Austria are expanding its long-standing partnership. This agreement is for three new state-of-the-art IMAX with laser systems in Europe, which is its most advanced experience. Austria and South-eastern Europe's largest cinema operator, Cineplexx, will install new systems in Kosovo and Austria. Kosovo will get its first IMAX system with this deal.
With the release of big movies like The Flash, The Little Mermaid and Lost in the Stars, IMAX’s revenues are expected to rise in the rest of 2023. The company expects to record $1.1 billion in global box office for the year 2023.
The Zacks Consensus Estimate for IMAX’s second-quarter 2023 profit is pegged at 13 cents per share, indicating year-over-year growth of 85.71%. The consensus estimate for 2023 revenues is pegged at $374.44 million, indicating a year-over-year increase of 24.48%.
Zacks Rank & Other Key Picks
Currently, IMAX sports a Zacks Rank #1 (Strong Buy).
Shares of IMAX have gained 18.7% year to date compared with the Zacks Consumer Discretionary sector’s growth of 12.1% in the same time frame.
Some other top-ranked stocks from the broader sector are Cinemark (CNK - Free Report) , Nexstar Media Group (NXST - Free Report) and Sinclair, Inc. (SBGI - Free Report) , sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Cinemark have gained 91.4% year to date. The Zacks Consensus Estimate for CNK’s 2023 revenues is pegged at $2.92 billion, indicating a year-over-year increase of 19.08%. The consensus mark for earnings is pegged at 85 cents per share, which has remained steady over the past 30 days.
Shares of Nexstar Media Group have declined 4.5% year to date. The Zacks Consensus Estimate for NXST’s 2023 revenues is pegged at $5.11 billion, indicating a year-over-year decline of 2.02%. The consensus mark for earnings is pegged at $13.15 per share, which has increased 13.6% over the past 30 days.
Shares of Sinclair have declined 10.9% year to date. The Zacks Consensus Estimate for SBGI’s 2023 revenues is pegged at $3.14 billion, indicating a year-over-year decline of 19.93%. The consensus mark for earrings is pegged at $2.71 per share, which has remained steady over the past 30 days.