Published on 11 Apr 2024 on Zacks via Yahoo Finance
IMAX, Bona Film Group Expand Alliance With New Deal in China
IMAX Corporation IMAX 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-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-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-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.
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Expanding Global Footprint to Boost Top-Line Growth