New Collaboration Marks IMAX's Largest
Agreement for New Locations in India in Five Years
LAS
VEGAS, April 10, 2024 /PRNewswire/ -- IMAX
Corporation (NYSE: IMAX) and Miraj Cinemas today announced an
exciting new partnership, agreeing to install three new
state-of-the-art IMAX® with Laser systems at key locations across
India. This deal marks the
first-ever collaboration between the two companies and IMAX's
largest expansion in India in five
years. Miraj Cinemas will add three new IMAX systems to key
locations across India, including
one in Mumbai – set to open in
2024 – one in Jaipur, and a third location to be determined at a
later date.
Under the deal, the Mumbai
system will be located in the former iconic IMAX Wadala, which was
the first IMAX location to open in India in 2003 until its closure in 2023. The
deal also brings the first-ever IMAX system to the city of Jaipur,
a historically significant and internationally popular tourist
destination. The announcement was made today at the annual
CinemaCon 2024 exhibition conference in Las Vegas.
"Last year, we delivered record-breaking results in India – driven by a mix of Hollywood and Indian blockbusters – and we're
excited to expand our footprint in the market as the appetite for
premium experiences continues to surge," said Rich Gelfond, CEO of IMAX. "We look forward to
building on our remarkable momentum in India with our new partner Miraj Cinemas
as they expand The IMAX Experience in key locations and iconic
venues across the country."
"IMAX is the most immersive cinematic experience in the world,
and we are thrilled to join forces with them to bring IMAX with
Laser to our venues in India,"
said Amit Sharma, Managing
Director, Miraj Cinemas. "At Miraj, we know our audiences want
larger-than-life movie experiences, and we look forward to
partnering with IMAX to bring The IMAX Experience to new locations
in the country, including non-metro cities."
This new agreement comes as IMAX continues to see strong
momentum in India, which ranks
among the top ten highest grossing markets for the Company. 2023
was IMAX's highest-grossing year ever in the country, beating the
previous record set in 2022. Last year was also the highest
grossing year for Indian language films for IMAX, delivering over
$15.7 million across the company's
global network. Moviegoers have shown an increasing appetite for
IMAX in India – "Oppenheimer" and
"Avatar: The Way of Water" are the first and second-highest
grossing IMAX film in the region, and three recent Indian language
films – "K.G.F: Chapter 2", "Jawan" and "Pathaan" – are among the
top ten highest grossing titles ever in the country.
The three new Miraj Cinemas locations will be equipped with IMAX
with Laser, IMAX's most advanced experience. 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. The new locations will be set apart by the
ground-breaking 4k laser projection
system that features a new optical engine, custom designed lenses,
and a suite of proprietary technology, all of which delivers
brighter images with increased resolution, deeper contrast, and the
widest range of colors exclusively to IMAX screens.
About Miraj Entertainment Limited
Miraj Cinemas, India's
fastest-growing and third-largest national multiplex chain, is
dedicated to delivering unparalleled entertainment and culinary
delights. With over 200 screens across 60 cinemas in 42 cities and
16 states, our expansion drive is set to soar beyond 300 screens by
FY24. Prepare for an extraordinary cinematic adventure, blending
cutting-edge technology and unwavering excellence.
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
212.821.0154
Media:
Mark Jafar
mjafar@imax.com
212.821.0102
View original content to download
multimedia:https://www.prnewswire.com/news-releases/imax-and-miraj-cinemas-enter-partnership-with-three-new-imax-with-laser-locations-across-india-302113430.html
SOURCE IMAX Corporation