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IMAX Collects $1.06B Globally in 2023, Nears 2019 Record
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IMAX Corporation (IMAX - Free Report) announced that it achieved a global box office collection of $1.06 billion in 2023, making it the second-highest grossing year in the company's history. This success was attributed to a diverse portfolio of experiences, including Hollywood and local language films, concerts and live events.
Including booking fees in China, the figure rises to $1.09 billion, near its highest grossing year ever, with $1.1 billion in pre-pandemic movie ticket sales worldwide in 2019.
The company experienced growth of 24.4% in the global box office compared with 2022 and programmed a record 98 new films worldwide in 2023.
Comcast (CMCSA - Free Report) -owned Universal Pictures’ Oppenheimer, directed by Christopher Nolan, was the top-grossing film, contributing $183.2 million. The company achieved remarkable success with a $20 million opening weekend for Sony's (SONY - Free Report) Spider-Man: Across the Spider-Verse at the global box office. Paramount Global’s (PARA - Free Report) Mission: Impossible-Dead Reckoning Part One from Tom Cruise's renowned Mission: Impossible series collected $25 million worldwide.
IMAX's global technology platform distinguished itself from other exhibitors, with a 2% increase in the global box office over the 2017-2019 average. This contrasted with an estimated 21% decline for exhibitors worldwide. The company has referred 2023 worldwide global box office estimate from Gower Street Analytics.
The company's strong results were driven by record-breaking performances at the North American box office and significant grosses from local language films worldwide. The domestic box office achieved a record $393 million, while the local language box office from China, India and Japan, as well as new studio partners in Indonesia and Thailand, reached a best-ever $227 million.
The strong box office performance translated into robust sales activity, with 129 signings for new and upgraded IMAX systems worldwide in 2023. The company experienced its best fourth quarter since 2015, completing 41 different sales agreements with 36 exhibition partners across 26 territories. Key growth markets, including France, Thailand, Indonesia and Malaysia, saw the highest number of signings ever, and several regions experienced the strongest sales activity in at least five years.
The company expects to program more than 100 films, experiences and events globally in 2024. Some highly anticipated releases include Dune — Part Two, Despicable Me 4, Joker: Folie à Deux, Deadpool 3 and Wicked.
Expanding Global Footprint to Boost Top-Line Growth
IMAX has been actively expanding its partnerships to expand its global presence and enhance offerings in various regions.
The company has expanded its partnership with PATHE CINEMAS with the addition of five state-of-the-art IMAX with Laser systems in Europe, four of which will be in France. This expansion strengthens one of the most successful IMAX circuits in the world. IMAX and PATHÉ LIVE have announced the upcoming global release of Queen Rock Montreal exclusively in IMAX theatres for a limited engagement beginning Jan 18, 2024.
IMAX has also extended its collaboration with Hengdian Films to install 20 IMAX systems with Laser technology in China. This marks the largest agreement for new IMAX systems in the past five years, reinforcing the growing interest from Chinese exhibitors and audiences for The IMAX Experience with Hollywood and local content.
The extended collaboration between Golden Screen Cinemas and IMAX involves significant plans for the installation of six advanced IMAX with Laser systems in Malaysia.
IMAX and NCG Cinemas have entered into a new agreement to add two new IMAX venues in Tennessee and Georgia. This expansion into new states suggests a strategic effort to broaden the company's footprint and cater to a wider audience. The agreement also includes the improvement of an existing location in Michigan.
These partnerships indicate the company's efforts to deliver premium entertainment experiences beyond traditional theaters and stay relevant in an industry that has seen a significant shift toward streaming services and at-home entertainment.
The Zacks Consensus Estimate for IMAX’s 2023 revenues is pegged at $384.5 million, indicating a year-over-year increase of 27.83%. The consensus estimate for 2023 earnings per share is pegged at 91 cents, suggesting a rise from the 6 cents reported in 2022.
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IMAX Collects $1.06B Globally in 2023, Nears 2019 Record
IMAX Corporation (IMAX - Free Report) announced that it achieved a global box office collection of $1.06 billion in 2023, making it the second-highest grossing year in the company's history. This success was attributed to a diverse portfolio of experiences, including Hollywood and local language films, concerts and live events.
Including booking fees in China, the figure rises to $1.09 billion, near its highest grossing year ever, with $1.1 billion in pre-pandemic movie ticket sales worldwide in 2019.
The company experienced growth of 24.4% in the global box office compared with 2022 and programmed a record 98 new films worldwide in 2023.
Comcast (CMCSA - Free Report) -owned Universal Pictures’ Oppenheimer, directed by Christopher Nolan, was the top-grossing film, contributing $183.2 million. The company achieved remarkable success with a $20 million opening weekend for Sony's (SONY - Free Report) Spider-Man: Across the Spider-Verse at the global box office. Paramount Global’s (PARA - Free Report) Mission: Impossible-Dead Reckoning Part One from Tom Cruise's renowned Mission: Impossible series collected $25 million worldwide.
IMAX's global technology platform distinguished itself from other exhibitors, with a 2% increase in the global box office over the 2017-2019 average. This contrasted with an estimated 21% decline for exhibitors worldwide. The company has referred 2023 worldwide global box office estimate from Gower Street Analytics.
The company's strong results were driven by record-breaking performances at the North American box office and significant grosses from local language films worldwide. The domestic box office achieved a record $393 million, while the local language box office from China, India and Japan, as well as new studio partners in Indonesia and Thailand, reached a best-ever $227 million.
The strong box office performance translated into robust sales activity, with 129 signings for new and upgraded IMAX systems worldwide in 2023. The company experienced its best fourth quarter since 2015, completing 41 different sales agreements with 36 exhibition partners across 26 territories. Key growth markets, including France, Thailand, Indonesia and Malaysia, saw the highest number of signings ever, and several regions experienced the strongest sales activity in at least five years.
The company expects to program more than 100 films, experiences and events globally in 2024. Some highly anticipated releases include Dune — Part Two, Despicable Me 4, Joker: Folie à Deux, Deadpool 3 and Wicked.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Expanding Global Footprint to Boost Top-Line Growth
IMAX has been actively expanding its partnerships to expand its global presence and enhance offerings in various regions.
The company has expanded its partnership with PATHE CINEMAS with the addition of five state-of-the-art IMAX with Laser systems in Europe, four of which will be in France. This expansion strengthens one of the most successful IMAX circuits in the world. IMAX and PATHÉ LIVE have announced the upcoming global release of Queen Rock Montreal exclusively in IMAX theatres for a limited engagement beginning Jan 18, 2024.
IMAX has also extended its collaboration with Hengdian Films to install 20 IMAX systems with Laser technology in China. This marks the largest agreement for new IMAX systems in the past five years, reinforcing the growing interest from Chinese exhibitors and audiences for The IMAX Experience with Hollywood and local content.
The extended collaboration between Golden Screen Cinemas and IMAX involves significant plans for the installation of six advanced IMAX with Laser systems in Malaysia.
IMAX and NCG Cinemas have entered into a new agreement to add two new IMAX venues in Tennessee and Georgia. This expansion into new states suggests a strategic effort to broaden the company's footprint and cater to a wider audience. The agreement also includes the improvement of an existing location in Michigan.
Shares of this Zacks Rank #3 (Hold) company have declined 15.4% in the past six months against the Zacks Consumer Discretionary sector’s rise of 2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
These partnerships indicate the company's efforts to deliver premium entertainment experiences beyond traditional theaters and stay relevant in an industry that has seen a significant shift toward streaming services and at-home entertainment.
The Zacks Consensus Estimate for IMAX’s 2023 revenues is pegged at $384.5 million, indicating a year-over-year increase of 27.83%. The consensus estimate for 2023 earnings per share is pegged at 91 cents, suggesting a rise from the 6 cents reported in 2022.