NEW YORK, June 29, 2020 /PRNewswire/ -- IMAX
Corporation (NYSE: IMAX) and CGV today announced a broad expansion
of their longstanding partnership with an agreement to launch 17
new theatres around the world. The expansive agreement includes
nine new IMAX® theatres in South Korea — one of IMAX's fast-growing
markets and home of its highest grossing screen worldwide — as well
as theatres across CGV's global footprint, which includes
Turkey, Vietnam, and Indonesia.
The agreement is the biggest theatre deal for IMAX in 2020 to
date and marks a step forward as the global movie theatre industry
seeks to reopen. South Korea is
among the markets leading this charge, with 18 IMAX theatres
currently open across the country. CGV's flagship location, CGV
Yongsan, was the top grossing IMAX theatre in the world in both
2018 and 2019.
As a result of their 15-year partnership, CGV and IMAX now have
more than 185 open or contracted theatres worldwide. In the past
year, CGV has significantly grown its commitment to IMAX with
agreements for 58 new theatres — including an agreement for 40 new
theatres in China signed in
June 2019. CGV is the largest
multiplex cinema chain in South
Korea and also has branches in China, Indonesia, Myanmar, Turkey, Vietnam, and the
United States. It is the fifth largest multiplex theatre
company in the world.
"CGV and IMAX both understand that, as audiences around the
world return to theatres, they will want to see the remarkable
slate of blockbusters ahead in IMAX," said Richard L. Gelfond, CEO of IMAX. "South Korea and Southeast Asia continue to be strong
performers for IMAX and leaders in the global reopening of
theatres, and this agreement further accelerates our growth in this
key area of the world."
Several theatres included in the agreement will roll out with
IMAX's most advanced theatre experience yet, IMAX® with Laser. That
follows the first Laser system to be installed in South Korea (Gwanggyo) in January. The
agreement includes joint venture, revenue share models in
South Korea and hybrid models
requiring no net capital commitment from IMAX in the other markets.
Additional terms were not disclosed.
About IMAX Corporation
IMAX, an innovator in
entertainment technology, combines proprietary software,
architecture and equipment to create experiences that take you
beyond the edge of your seat to a world you've never imagined. Top
filmmakers and studios are utilizing IMAX theatres to connect with
audiences in extraordinary ways, and, as such, IMAX's network is
among the most important and successful theatrical distribution
platforms for major event films around the globe.
IMAX is headquartered in New
York, Toronto and
Los Angeles, with additional
offices in London, Dublin, Tokyo, and Shanghai. As of Mar 31,
2020, there were 1,616 IMAX theater systems (1,526
commercial multiplexes, 14 commercial destinations, 76
institutional) operating in 81 countries and territories. On
Oct. 8, 2015, shares of IMAX China, a
subsidiary of IMAX Corp., began trading on the Hong Kong Stock
Exchange under the stock code "1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D
Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX
nXos® are trademarks of IMAX Corporation. More information about
the Company can be found at www.imax.com. You may also connect with
IMAX on Facebook (www.facebook.com/imax), Twitter
(www.twitter.com/imax) and YouTube
(www.youtube.com/imaxmovies).
About CJ CGV
CJ CGV has led the new trend of
movie-watching by introducing multiplexes for the first time in
Korea with the opening of the CGV Gangbyeon in 1998. Korea's no. 1
cinema brand, CJ CGV continues to evolve into a complex cultural
space, by introducing a new concept of "Cultureplex," which
incorporates diverse lifestyles into the fundamental values of
movie. Based on its core capabilities and differentiated service
expertise accumulated in Korea, CJ CGV also endeavors to target the
overseas markets. As of June, 2020, CJ CGV has established itself
as one of top 5 multiplex operators with 169 theaters
and 1,227 screens in Korea and 413 theaters
with 2,950 screens in 7 different countries around the
globe.
CONTACT:
Mark Jafar
mjafar@imax.com
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SOURCE IMAX Corporation