SHANGHAI and NEW YORK,
Dec. 17, 2020 /PRNewswire/
-- As China's film
industry continues its strong post-pandemic rebound, Guangzhou
JinYi Media Corporation (002905.SZ), IMAX (NYSE: IMAX) and IMAX
China (HKSE: 1970) announced that they have expanded their
longstanding partnership with a new 12-theatre agreement. Under the
deal, JinYi will upgrade to cutting-edge IMAX® with Laser
technology at seven of its most popular IMAX locations — including
one of their top grossing theatres in Beijing — and install five IMAX systems at new
locations. After today's agreement, IMAX will have 989 total
screens in China including
backlogs nationwide.
"As a leading film exhibitor in China, JinYi is committed to offering the
best-in-class experience for moviegoers," said Li Xiaodong, President of Guangzhou JinYi Media
Corporation. "Throughout our years of partnership, IMAX has
consistently provided audiences with an unmatched moviegoing
experience. We look forward to bringing this experience to more
audiences across China with this
new agreement and we are confident that IMAX will continue to
strengthen our brand and drive strong business results as the
industry recovers and develops in the post-pandemic market."
"This agreement continues to prove the value of IMAX in driving
moviegoer interest and business growth in China, where we've helped lead the way in
bringing people back to the theatre," said IMAX China CEO
Edwin Tan. "We are excited to expand
our partnership with JinYi and look forward to continuing to play a
key role in cementing their flagship locations and network
expansion, driven by strong, sustained demand in the post-pandemic
market."
IMAX has been a significant driver of the industry's rebound in
China. Recently, IMAX shattered
box office records during the National Day Holiday, recording
RMB 128 million with a 23% increase
in attendance despite a 75% capacity limit. The first Chinese film
shot entirely with IMAX cameras, "The Eight Hundred", has become
the biggest global blockbuster of 2020 earning approximately
$470 million globally to date. Since
theaters reopened in late July, IMAX has grossed nearly
$80 million in mainland China with a market share of approximately
3.5%, up from 2.6% during the same period in 2019.
The seven theatre upgrades included in the agreement span JinYi
IMAX theatres in 1st and 2nd tier cities, including the
top-performing Beijing Joy City JinYi IMAX. The announcement brings
the total number of JinYi and its affiliated IMAX theatres to
105 since they signed their first agreement in 2009, including 39
directly operated Jinyi IMAX theaters opened as of December 31, 2019.
JinYi is currently China's
second-largest film exhibitor in partnership with IMAX. In 2019,
JinYi's box office brought in approximately RMB 2.88 billion with 2,667 screens across 424
cinemas, including franchised cinemas.
IMAX with Laser is IMAX's most advanced theatre experience.
Immersive by design, IMAX with Laser has been developed from the
ground-up to deliver crystal clear, lifelike images and precision
audio for a moviegoing experience unlike anything else. It is set
apart by a groundbreaking 4k laser
projection system that features a new optical engine, custom
designed lenses, and a suite of proprietary technology that
delivers brighter images with increase resolution, deeper contrast,
and the widest range of colors exclusively to IMAX screens.
About Guangzhou JinYi Media Corporation
Established in 2004, Guangzhou JinYi Media Corporation
('JinYi'), is one of the most famous enterprises dedicated to
cinema distribution and film exhibition in China. The company's main products include
film screenings, film distribution, merchandising and film
production investments. Its subsidiary JinYi Cinema is one of the
top cinema franchises in China. As
of 2020 June, JinYi manages at least 2,583 screens across 414
subsidiary and affiliated cinemas in
25 provinces and four
municipalities and 71 cities. The box office performance of
JinYi has been at the forefront of all cinema chains. Meanwhile,
JinYi is well recognized within the industry by receiving various
awards and honors. In February 2016,
JinYi's Guangzhou Haizhu IMAX Theatre formally opened, and won a
series of awards for its "Meteor Shower" design concept, including
the 2016 Germany Iconic Award - Interior Design Category and the
2016 Germany Red Dot Design Award - Architecture and Interior
Design Category. In May 2016, JinYi
was awarded the title of "Famous Brand of Guangzhou." In August
2016, JinYi was named as "Guangzhou 100 Innovation Company." In
November 2016, the JinYi Cinema Sky
Club was launched as the first art cinema in Guangdong Province. In December of the same
year, the Committee of Guangzhou International Documentary Film
Festival, China, awarded JinYi one
of "10 China Documentary Drivers."
The large membership base is an important asset of JinYi, and
cinemas are complexes where the members conduct their consumption
behavior. JinYi will constantly upgrade products and innovative
experiences based on customers' needs, and build a diversified,
entertaining and service-oriented film and life service platform
for audiences. On October 16, 2017,
JinYi went public on Shenzhen Stock Exchange (SZSE: 002905),
making it one of the few listed film exhibitors in China.
About IMAX China
IMAX China is a subsidiary of IMAX
Corporation, and is incorporated 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 "HK.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 theaters 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
September 30, 2020, there were 1,632
IMAX theater systems (1,542 commercial multiplexes, 13 commercial
destinations, 77 institutional) operating in 82 countries and
territories. Shares of IMAX China Holding, Inc., a subsidiary
of IMAX Corporation, trade on the Hong Kong Stock
Exchange under the stock code "HK.1970."
IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In
IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D
Experience®, IMAX DMR®, DMR®, IMAX nXos® and Films to the Fullest®,
are trademarks and trade names of the Company or its subsidiaries
that are registered or otherwise protected under laws of various
jurisdictions. More information about the Company can be found
at www.imax.com. You may also connect with IMAX on Instagram
(https://www.instagram.com/imax), 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