Longstanding Partners Strike First Post-COVID
Agreement as Chinese Moviegoing Continues to Surge
LAS
VEGAS and SHANGHAI,
April 9, 2024
/PRNewswire/ -- Bona Film Group (SZ.001330) and IMAX Corporation
(NYSE: IMAX), IMAX China (HKSE:1970) today announced an expansion
of their partnership with an agreement for three new
state-of-the-art IMAX® with Laser systems in China, set to begin operation starting in
2026. The announcement was made today at the annual CinemaCon 2024
exhibition conference in Las Vegas.
IMAX and Bona Film Group have enjoyed a successful partnership
since 2012 – this deal will bring the total number of IMAX
locations with Bona Film Group to 36. The agreement marks the first
deal for the two companies post-COVID, reinforcing the surging
demand among Chinese audiences and exhibitors for The IMAX
Experience.
"Moviegoing has made a remarkable comeback in China and we're excited that Bona Film Group,
a leading force in China's
exhibition market, is growing its commitment to IMAX as we drive
strong market share with the biggest releases," said Rich Gelfond, CEO of IMAX. "As IMAX continues to
expand further into Chinese films, local language releases from
countries including Japan, and new
experiences, it's clear that our value proposition for Chinese
moviegoers and the opportunity for our business in China are strong."
"Bona Film has always been committed to providing a premium film
experience for audiences," said Yu
Dong, chairman of Bona Film Group, "As the most iconic
immersive cinematic experience, IMAX delivers unmatched
entertainment value that meets the wide-ranging demands of
moviegoers. We believe this expanded partnership with IMAX will
serve to drive the continued growth of movie-going enthusiasm and
further strengthen the market."
The multi-theatre deal comes as IMAX continues to deliver strong
box office results in China. IMAX has earned over $19 million in China with Christopher
Nolan's Academy-Award winning "Oppenheimer", garnering 30%
of the film's opening weekend box office on less than 1% of
screens. Denis Villeneuve's "Dune:
Part Two" also continues to perform exceptionally well in the
market, with over $15 million earned
to-date on less than 1% of screens. IMAX has continually delivered
strong indexing in China, taking
home 33% of the opening weekend total of "Dune: Part Two" in the
country, and following it up with a massive 35% of the second
weekend box office.
IMAX also took in $7.3 million in
box office for "Godzilla vs Kong: The New Empire", marking its
highest 3-day opening weekend in the market for a Hollywood title since "Avatar: The Way of
Water" and delivering a franchise-best opening weekend index of
16.3%. In March, IMAX China saw its best performance for that
month since the pandemic, driven by "Dune: Part Two" and "Godzilla
vs Kong: The New Empire", hitting $28
million.
The three new IMAX locations across China will be equipped with IMAX with Laser,
IMAX's most advanced 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 Bona Film Group
Bona Film Group Co., Ltd. is one of the earliest private
enterprises in China to engage in
film business. It has been deeply involved in the film and
television industry for many years, continuously extending upstream
and downstream of the industry chain, and has now become a
well-known film group company with a full industry chain layout.
The main business includes film investment, distribution, cinema
line management, and cinema screening. In 2020, 2021, and 2023,
Bona Film won the honor of "Top 30 National Cultural Enterprises".
On August 18, 2022, Bona Pictures
successfully went public on the A-share main board of the Shenzhen
Stock Exchange.
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 December 31, 2023, there were 1,772 IMAX systems
(1,693 commercial multiplexes, 12 commercial destinations, 67
institutional) operating in 90 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® 3D, Experience It In
IMAX®, The IMAX Experience®,
DMR®, Filmed For IMAX®, IMAX LIVE™, and IMAX
Enhanced® are trademarks and trade names of IMAX
Corporation 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), LinkedIn (www.linkedin.com/company/imax),
X (www.twitter.com/imax), and YouTube
(www.youtube.com/imaxmovies).
For additional information please contact:
Investors:
Jennifer
Horsley
jhorsley@imax.com
Media:
Mark Jafar
mjafar@imax.com
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SOURCE IMAX Corporation