SHANGHAI and NEW YORK,
July 16, 2020 /PRNewswire/ -- In
a sign of the enduring strength of the theatrical experience in
China, Wanda Film Co., Ltd.,
(002739.SZ), IMAX (NYSE: IMAX) and IMAX China (HKSE: 1970) today
expanded their longstanding partnership with a 20-theatre
agreement. Under the deal, Wanda will upgrade to cutting-edge IMAX®
with Laser technology at ten of its top-grossing IMAX locations and
install ten IMAX systems at new locations throughout the country.
The agreement underscores the value of The IMAX Experience® to the
impending reopening and long-term future of the Chinese exhibition
industry.
"Through the past few years, Wanda Film has been continuing to
introduce and promote high-quality projection technology in the
market. We are committed to presenting the ultimate movie
experience for moviegoers," Liu
Xiaobin, Executive President of Wanda Film, said. "IMAX will
be critical in welcoming audiences back to theaters and offering
the best possible cinematic experience well into future, as we
continue to grow our long, successful partnership."
"IMAX is proud to be part of the premium offering that has made
Wanda one of the most successful and beloved cinemas across
China," said IMAX China CEO
Edwin Tan. "With this agreement,
Wanda Film is further cementing its confidence in IMAX as the
flagship offering for its top locations and a key partner as it
prepares to reopen its vast network of theatres throughout
China."
Under the agreement, ten top-grossing Wanda IMAX theatres in
1st and 2nd tier cities — including Beijing
CBD Wanda IMAX and Shanghai Wujiaochang Wanda IMAX — will be
upgraded to IMAX with Laser, IMAX's most advanced theatre
experience. These theatres will shift from a sale to recurring
revenue-sharing model, allowing for optimized financial
performance.
Wanda and IMAX's partnership dates back more than a decade with
several major, multi-theatre deals over the last several years.
With this agreement, a total of 378 IMAX screens in China will now be in Wanda theatres across all
tiered cities. In 2019, the box office of Wanda Cinemas was
RMB 9.866 billion, and the core
indicators such as box office, attendance and market share ranked
No.1 in China for 11 consecutive
years.
In 2019, IMAX broke several records in China, including Chinese New Year box office,
record local language box office and an all-time high full year box
office of $365.8 million in
Greater China. This agreement
further demonstrates the importance of The IMAX Experience and
brand to the nation's largest exhibitor and expands IMAX's
footprint to 985 screens in China
overall (including backlogs).
About Wanda Film
Wanda Film Co., Ltd. (002739.SZ) was
established in 2005, is a member of the Wanda Group. As of
December 31, 2019, Wanda Film has 656
direct-operated cinemas with 5,806 screens, including 603 domestic
cinemas with 5,343 screens. The company has 349 IMAX screens and 42
self-owned high-end PRIME cinemas. Wanda Films has always adhered
to the principle of "focusing on the audience's value and movie
experience", constantly deepening the layout of projection
technology, and striving to provide the audience with high-quality
viewing quality and diversified viewing experience.
About IMAX China
IMAX China is a subsidiary of IMAX
Corporation, and was incorporated as a limited liability company
under the laws of Cayman Islands.
IMAX China was established by IMAX Corporation specifically to
oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong
Kong Stock Exchange under the stock code "1970."
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 theatre 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).
Media
Relations:
IMAX Corporation –
New York
Mark Jafar
212-821-0102
mjafar@imax.com
IMAX China –
Beijing
Frances Fu
+86-21-2315-7162
ffu@imax.com
|
Investor
Relations:
IMAX Corporation –
New York
Brett
Harris
BHarriss@imax.com
IMAX China –
Hong Kong
Karen Chan
Kchan@imax.com
|
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SOURCE IMAX Corporation