IMAX grows in Japan, China

IMAX grows in Japan, China

A week ahead of its second quarter earnings announcement next Thursday, July 29, IMAX has had another busy week signing partnerships to build new IMAX theaters in Japan and China.

In a joint venture with United Cinemas, IMAX Corp will install up to five digital IMAX theatre systems in Japan, three of which are confirmed. The first two are scheduled to be installed in time for the launch of “Harry Potter and the Deathly Hallows” this November and the third is scheduled to be installed in either late 2010 or some time in 2011. The agreement allows the companies the option to install two more in Japan at a later date.

“Moviegoers in Japan have a growing number of options when deciding how to see a movie, and it is very clear that an increasing number are choosing IMAX as the best way to experience the biggest first-run movies,” said Mr. Masanori Miyata, CEO, UC Cinemas.

“Japan is one of the largest exhibition markets in the world and a growing market for IMAX,” said IMAX CEO Richard L. Gelfond. “Our existing IMAX theatres in Japan have performed extremely well…”

And in the People’s Republic of China, IMAX signed an agreement with private movie exhibition chain Lumiere Pavilions to install three digital IMAX theatre systems, the first of which is scheduled to open in the city of Chongqing at the end of this year. The second system is scheduled to open at the Guangzhou Cultural Centre (Tai Ko Hui) in downtown Guangzhou in August, 2011, and the third at a yet-to-be determined location in 2012.

The deal would bring the total number of IMAX theatres scheduled to be operating in China by 2012 to 57.

“IMAX theatres are changing the way people in China experience movies, and the success of IMAX’s existing theatres demonstrates that The IMAX Experience is the premium option that moviegoers are choosing when they visit the cinema,” said Jimmy Wu, Chief Executive Officer of Lumiere Pavilions Ltd.

“China is the fastest growing movie exhibition market in the world, and entering into a new relationship with one of the country’s most aggressively expanding chains will contribute to the rapid growth of the IMAX network there,” said IMAX’s Chief Executive Officer Richard L. Gelfond. He also noted that IMAX is exploring the business of releasing Chinese films in the IMAX format with the release of Aftershock this month.”

The deals in Japan and China bring the total number of IMAX systems signings announced year-to-date to 95, which compares to 35 systems in all of 2009.

— By Scott Hettrick