IMAX worldwide gross box-office was up 37% to $115 million in the second quarter from the $84.2 mil. in the same period last year, the company announced today. Grosses for mainstream Hollywood movies digitally remastered for IMAX during the first six months ended June 30, which included “Avatar” and “Alice in Wonderland” are more than triple at $347.2 mil. compared to $112.2 mil. in 2009.
Meanwhile, on the heels of signing an agreement to install new theaters in Russia, IMAX today announced a deal to add five theaters in the Philippines with SM Prime Holdings, the country’s largest mall operator and exhibitor.
The five digital IMAX projection systems will be installed at SM shopping malls in the cities of Las Piñas City, Fort Bonifacio, Davao City, Angeles City and Manila.
The 52-year-old SM has two existing IMAX theatres in Manila and Quezon. The Manilla location has been the highest-grossing screen in the country since it opened. For the recent release of “Toy Story 3,” the two IMAX screens generated a per-screen average that was more than seven times the national per-screen average for the film. For “Alice in Wonderland,” the IMAX per-screen average was more than ten times the national average.
“The IMAX theatres serve as a great source of incremental revenue for our business, and we’re seeing a growing demand for the IMAX brand as more big Hollywood movies are released in the format,” said Mr. Hans Sy, President, SM Prime Holdings Inc.
The first three new IMAX theatre systems are expected to be installed in 2011 and two in 2012. SM will also open another location under a previous agreement in the city of Cebu this month in time for the highly anticipated release of “Inception.”
IMAX has announced 89 new theater deals this year so far, compared to 35 in all of 2009.
“This network expansion will have a positive impact on IMAX’s future revenues and earnings given the revenues from the sales of the systems and recurring revenues from joint revenue sharing theatres, theatre maintenance and box office royalties,” said IMAX’s Chief Executive Officer Richard L. Gelfond.