Wanda Film to Upgrade 61 Top-Performing
Locations to IMAX® with Laser and Collaborate with IMAX
on New Events and Experiences
SHANGHAI, June 18,
2024 /PRNewswire/ -- Wanda Film, China's largest exhibitor, and IMAX
Corporation (NYSE: IMAX), IMAX China (HKSE: 1970) today announced
plans to expand their longstanding strategic partnership with a
sweeping agreement spanning technology and content.
The agreement will secure and fortify Wanda Film's leading IMAX
footprint — the largest IMAX circuit in China. Under the terms, Wanda Film will
upgrade 61 of its top performing locations to state-of-the-art IMAX
with Laser technology — including top-grossing IMAX locations in
Tier 1 cities Beijing,
Shanghai, Guangzhou, and Shenzhen. Additionally, Wanda Film will renew
up to 37 existing IMAX locations for another five years and,
subject to mutual understanding, add up to 25 new IMAX locations
over the next three years.
Furthermore, IMAX and Wanda Pictures will also explore
opportunities to collaborate on exclusive awe-inspiring content and
experiences across documentaries, music, gaming, and sports. IMAX
has a longstanding partnership with Wanda Pictures, the company's
production and distribution arm, on feature releases, including
2021's Filmed for IMAX hit "Detective Chinatown 3."
"For years, based on our core commitment to elevating
moviegoers' viewing experience, Wanda Film has been a pioneer in
adopting and promoting premium projection technology to create a
state-of-the-art film viewing environment," said Ms. Chen Zhixi,
Chair of Wanda Film. "We successfully ensured the long-term
collaboration with IMAX, a major partner. Alongside our joint
efforts in upgrading moviegoing experience, we will work with IMAX
to enhance projection standards for a wide range of films, to allow
even more moviegoers to discover the wonder and joy of the
immersive experience in theatres.
"With a strong, balanced slate of Chinese and Hollywood blockbusters in the pipeline over
the next several years, this landmark agreement with Wanda Film
fortifies IMAX's position in China's largest circuit at a time of immense
opportunity," said Rich Gelfond, CEO
of IMAX. "By securing a renewed commitment from China's largest
exhibitor, IMAX grows its lead as the dominant platform for
immersive, cinematic entertainment in China."
"Under the leadership of Ms. Chen, we're grateful that Wanda
Film is recommitting to IMAX across its top-performing locations,"
said Daniel Manwaring, CEO of IMAX
China. "We believe the strategic partnership between Ruyi and
Tencent can open new doors for Wanda
Film and IMAX to collaborate across blockbuster films as well as
documentaries and events in music, gaming, and sports."
The agreement comes as IMAX prepares to unveil a strong summer
slate of Chinese and Hollywood
films in China, ahead of an
anticipated robust content pipeline in 2025 and 2026.
The Chinese summer slate in 2024 features Filmed for
IMAX release "Decoded" from longtime IMAX filmmaking
partner Chen Sicheng. The 2025 global film slate will feature a
record 14 Filmed for IMAX releases, including a
yet-to-be-announced Chinese tentpole during the pivotal Chinese New
Year holiday.
Wanda Film is the largest exhibitor in China and IMAX's biggest exhibition partner in
the world, with 381 IMAX locations in operation and another 19 in
backlog. The two companies have enjoyed a successful partnership
since 2007, when Wanda opened its first IMAX® location
in Dongguan, China. Both
sides have since maintained close business cooperation and believe
to accomplish partnership in a wider business scope in the
future.
IMAX with Laser is IMAX's most advanced 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 increased resolution, deeper contrast, and the widest range of
colors exclusively to IMAX systems.
About Wanda
Wanda Film Holding Co., Ltd., a publicly listed company in
Shenzhen Stock Exchange in China,
002739.SZ (hereinafter referred to as Wanda Film), was formerly
known as Wanda Cinema Line Co., Ltd., and went public in 2015. In
2017, it was officially renamed as Wanda Film. The company's
business scope extends to a full scope of film industry all the way
from the downstream, exhibition, to the upstream, film investment,
production, and distribution, as well as adjacent and
derivative businesses, such as games distribution and
merchandise.
Wanda Film consistently focuses on providing the optimal
movie-going experience for its customers. The company continuously
introduces and promotes high-quality screening technologies, aiming
to present a state-of-the-art viewing environment for movie-goers.
Its efforts in developing screening technology are particularly
noteworthy. As of 31 December 2023,
the company operates 905 cinemas with 7,546 screens in China, including 709 self-developed cinemas
with 6,156 screens, among which are 381 IMAX screens in operation,
making it the cinema chain with the largest number of IMAX screens
in China.
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 March
31, 2024, there were 1,772 IMAX systems (1,697 commercial
multiplexes, 12 commercial destinations, 63 institutional)
operating in 89 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
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SOURCE IMAX Corporation