Expanded Partnership Sees Hengdian Bring IMAX
to Several New Markets in China
NEW
YORK and SHANGHAI,
Oct. 19,
2023 /PRNewswire/ -- Hengdian Films and IMAX
Corporation (NYSE: IMAX), IMAX China (HKSE:1970) today announced a
significant expansion of their partnership with an agreement for
twenty new IMAX with Laser systems across China. The agreement marks the largest deal
for new IMAX systems in four years, reinforcing the renewed demand
among Chinese exhibitors and audiences for The IMAX Experience with
Hollywood and local content
alike.
"We are delighted to further strengthen our partnership with
IMAX through this agreement, which represents a significant step
forward in our strategy of developing cinematic multiplex locations
and reflects our unwavering confidence in China's film market," said Xu Tianfu, Chairman
of Hengdian Films. "This year has been pivotal for the industry's
revival. From Chinese New Year to the summer season, moviegoers
have consistently shown strong enthusiasm and demand for
high-quality content and a premium experience. Together with IMAX,
we look forward to creating a more immersive and colorful cinematic
journey for audiences across more cities."
"We're excited to deepen our partnership and expand into new
markets with Hengdian Films, as more exhibitors worldwide grow
their commitment to IMAX and drive significant growth in our
network this year," said Rich
Gelfond, CEO of IMAX. "Thanks to its robust mix of local
language and Hollywood content,
China continues to see a rapid
recovery in moviegoing post-COVID and, as we are seeing in markets
around the world, a rebound at the box office is often followed by
network growth for IMAX."
Hengdian Films and IMAX have enjoyed a successful partnership
since 2015 and the new agreement will bring the total number of
IMAX locations with Hengdian Films to 26. The new IMAX with Laser
locations will be located in Jingdezhen, Ulanqab and Zhangjiakou,
all first-ever locations in China
for IMAX. Additionally, new locations are set to open in
Hangzhou, Guangzhou, Chengdu, Jiujiang, Hohhot and Yangzhou, with
more locations to be confirmed.
The multi-theatre deal comes after IMAX China delivered its
highest grossing summer season ever at the box office. IMAX has
earned more than $18.4 million to
date in China with Christopher Nolan's "Oppenheimer" — and garnered
30% of the film's opening weekend box office on less than 1% of
screens. The fantasy epic "Creation of The Gods" also became IMAX
China's all-time best summer title, with IMAX capturing 10% of the
film's total box office. Earlier this year, IMAX recorded the
Company's best-ever box office result for the peak moviegoing
Chinese New Year, driven by "The Wandering Earth 2", which now
stands as IMAX's highest grossing local language film of all
time.
The twenty new IMAX locations across China will be equipped with IMAX with Laser,
IMAX's most advanced theatre experience. IMAX with Laser systems
are immersive by design, developed from the ground-up to deliver
crystal clear, lifelike images and precision audio for a moviegoing
experience unlike anything else. The ground-breaking 4K laser projection system delivers brighter
images with increased resolution, deeper contrast, and the widest
range of colors exclusively to IMAX screens.
About Hengdian Films
Established in September 2008,
Hengdian Films focuses on film and television investment,
production, distribution, exhibition and other derived businesses.
Since its establishment, the company has sought to seize the
opportunities of the vigorous development of China's cultural industry by leveraging the
brand influence of Hengdian in the film and television industry.
The company's theatre business, led by a capital-centric investment
strategy, has been rapidly expanding in cities of all tiers
nationwide. On October 12, 2017,
Hengdian Films was successfully listed on the Shanghai Stock
Exchange with the stock code [SH:603103].
As of June 2023, the company's
total assets total RMB 45.28 billion.
Hengdian Films has established 503 theatres with a total of 3,154
screens, of which 421 locations with 2,686 screens are directly
operated theaters, covering 197 cities in 29 provinces across
China. The company's main
financial indicators place Hengdian Films among China's top exhibitors, solidifying its role
as an influential and reputable brand in China's film industry.
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 systems to connect with audiences in extraordinary ways,
making IMAX's network 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 June
30, 2023, there were 1,718 IMAX systems (1,638 commercial
multiplexes, 12 commercial destinations, 68 institutional)
operating in 87 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 "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®, Filmed For IMAX™, IMAX LIVE™, IMAX
Enhanced™, 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. For more information, visit www.imax.com. You may
also connect with IMAX on Instagram (www.instagram.com/imax),
Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax),
YouTube (www.youtube.com/imaxmovies) and LinkedIn
(www.linkedin.com/imax).
For additional information please contact:
Investors:
Jennifer
Horsley
jhorsley@imax.com
Media:
Jane Collins
jcollins@imax.com
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SOURCE IMAX Corporation