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IMAX, Bona Film Group Expand Alliance With New Deal in China
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IMAX Corporation (IMAX - Free Report) and IMAX China, along with Bona Film Group, have announced an expansion of their partnership with an agreement for three new state-of-the-art IMAX with Laser systems in China.
These new locations will begin operation starting in 2026, reinforcing the surging demand among Chinese audiences and exhibitors for the IMAX Experience.
The deal, announced at CinemaCon 2024 in Las Vegas, will bring the total number of IMAX locations with Bona Film Group to 36. It marks the first post-COVID agreement between the two companies as moviegoing surges in China.
The new locations will feature IMAX with Laser, offering 4K laser projection for brighter and higher-resolution images with increased contrast and color range exclusively on IMAX screens. This premium and immersive system delivers a best-in-class moviegoing experience.
The multi-theater deal follows the company's strong performance in 2023, including Comcast (CMCSA - Free Report) -owned Universal Pictures’ Oppenheimer, which earned more than $19 million to date, garnering 30% of the film's opening weekend box office on less than 1% of screens.
IMAX has continually delivered strong indexing in China, taking home 33% of the opening weekend total of Disney (DIS - Free Report) -owned 20th Century Studios’ Dune: Part Two in the country and following it up with a massive 35% of the second-weekend box office for that film. Dune: Part Two continues to perform exceptionally well in the market, with more than $15 million earned to date on less than 1% of screens.
The company also took in $7.3 million in box office for Warner Bros. Discovery (WBD - Free Report) -owned Warner Bros. Pictures’ Godzilla vs Kong: The New Empire, marking its highest three-day opening weekend in the market for a hollywood title since Avatar: The Way of Water and delivering a franchise-best opening weekend index of 16.3%.
March 2024 was IMAX China's best month since COVID-19, hitting $28 million, driven by Dune: Part Two and Godzilla vs Kong: The New Empire.
Expanding Global Footprint to Boost Top-Line Growth
IMAX has been actively expanding its partnerships to enhance its global presence and offerings in various regions.
The company recently expanded its partnership with Major Cineplex in an agreement for three new state-of-the-art IMAX with Laser locations. The deal will add systems to key locations across Thailand, including one in the bustling area of Bang Kapi, Bangkok, which is set to open in the current year. The other two additional locations in Bangkok are set to open in 2026 and 2027.
A24 and IMAX are teaming up to bring A24 titles to fans in the IMAX Experience for the first-time ever with an all-new monthly screening series. The partnership, which kicked off last month with the debut of Alex Garland’s seminal sci-fi masterpiece Ex Machina, will be followed by an exclusive sneak peek of Garland’s upcoming Civil War in theaters and IMAX on Apr 12 and The Safdie Brothers’ Uncut Gems releasing on May 22. The screening series will continue every month for the next year, with IMAX digitally remastering classics from A24’s premium library of more than 140 feature films.
The NBC television network will extend its live coverage of the 2024 Paris Olympics Opening Ceremony to IMAX locations nationwide on Jul 26. It is the first time ever that the global event will be presented live on the big screen.
The company has also teamed up with Crazy Boat Pictures for the release of Deep Sky, an IMAX Original documentary about NASA's Webb Telescope, exclusively in more than 300 IMAX theatres across North America for a special one-week limited run timed to Earth Day, starting Apr 19, 2024.
IMAX and Hyperobject Industries have commenced production on Stormbound, a new feature documentary project chronicling the life of storm chaser Jeff Gammons. Captured with stunning IMAX film and its certified digital cameras and slated for release across the company’s global network in 2025, the feature length film is currently in production across the United States.
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 2024 revenues is pegged at $372.51 million, indicating a year-over-year decrease of 0.62%. The consensus estimate for 2024 earnings per share is pegged at 92 cents, suggesting a decline of 2 cents from 2023.
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IMAX, Bona Film Group Expand Alliance With New Deal in China
IMAX Corporation (IMAX - Free Report) and IMAX China, along with Bona Film Group, have announced an expansion of their partnership with an agreement for three new state-of-the-art IMAX with Laser systems in China.
These new locations will begin operation starting in 2026, reinforcing the surging demand among Chinese audiences and exhibitors for the IMAX Experience.
The deal, announced at CinemaCon 2024 in Las Vegas, will bring the total number of IMAX locations with Bona Film Group to 36. It marks the first post-COVID agreement between the two companies as moviegoing surges in China.
The new locations will feature IMAX with Laser, offering 4K laser projection for brighter and higher-resolution images with increased contrast and color range exclusively on IMAX screens. This premium and immersive system delivers a best-in-class moviegoing experience.
The multi-theater deal follows the company's strong performance in 2023, including Comcast (CMCSA - Free Report) -owned Universal Pictures’ Oppenheimer, which earned more than $19 million to date, garnering 30% of the film's opening weekend box office on less than 1% of screens.
IMAX has continually delivered strong indexing in China, taking home 33% of the opening weekend total of Disney (DIS - Free Report) -owned 20th Century Studios’ Dune: Part Two in the country and following it up with a massive 35% of the second-weekend box office for that film. Dune: Part Two continues to perform exceptionally well in the market, with more than $15 million earned to date on less than 1% of screens.
The company also took in $7.3 million in box office for Warner Bros. Discovery (WBD - Free Report) -owned Warner Bros. Pictures’ Godzilla vs Kong: The New Empire, marking its highest three-day opening weekend in the market for a hollywood title since Avatar: The Way of Water and delivering a franchise-best opening weekend index of 16.3%.
March 2024 was IMAX China's best month since COVID-19, hitting $28 million, driven by Dune: Part Two and Godzilla vs Kong: The New Empire.
Expanding Global Footprint to Boost Top-Line Growth
IMAX has been actively expanding its partnerships to enhance its global presence and offerings in various regions.
The company recently expanded its partnership with Major Cineplex in an agreement for three new state-of-the-art IMAX with Laser locations. The deal will add systems to key locations across Thailand, including one in the bustling area of Bang Kapi, Bangkok, which is set to open in the current year. The other two additional locations in Bangkok are set to open in 2026 and 2027.
A24 and IMAX are teaming up to bring A24 titles to fans in the IMAX Experience for the first-time ever with an all-new monthly screening series. The partnership, which kicked off last month with the debut of Alex Garland’s seminal sci-fi masterpiece Ex Machina, will be followed by an exclusive sneak peek of Garland’s upcoming Civil War in theaters and IMAX on Apr 12 and The Safdie Brothers’ Uncut Gems releasing on May 22. The screening series will continue every month for the next year, with IMAX digitally remastering classics from A24’s premium library of more than 140 feature films.
The NBC television network will extend its live coverage of the 2024 Paris Olympics Opening Ceremony to IMAX locations nationwide on Jul 26. It is the first time ever that the global event will be presented live on the big screen.
The company has also teamed up with Crazy Boat Pictures for the release of Deep Sky, an IMAX Original documentary about NASA's Webb Telescope, exclusively in more than 300 IMAX theatres across North America for a special one-week limited run timed to Earth Day, starting Apr 19, 2024.
IMAX and Hyperobject Industries have commenced production on Stormbound, a new feature documentary project chronicling the life of storm chaser Jeff Gammons. Captured with stunning IMAX film and its certified digital cameras and slated for release across the company’s global network in 2025, the feature length film is currently in production across the United States.
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 2024 revenues is pegged at $372.51 million, indicating a year-over-year decrease of 0.62%. The consensus estimate for 2024 earnings per share is pegged at 92 cents, suggesting a decline of 2 cents from 2023.