With Their Second Deal in Less Than a Year, IMAX and AEON Continue to Rapidly Grow Collaboration to Capitalize on Thriving Japanese Cinema Market
TOKYO and NEW YORK, Jan. 19, 2023 /PRNewswire/ -- AEON Entertainment and IMAX Corporation (NYSE: IMAX) today announced an agreement for seven new, state-of-the-art IMAX® with Laser systems across Japan this year. Under the deal, all seven systems are scheduled to be installed in existing multiplexes by summer 2023 in areas largely untapped by IMAX — advancing the Company's commitment to offer The IMAX Experience® throughout this thriving market. The new expansion follows on the heels of an agreement AEON and IMAX announced at CinemaCon in April 2022 for two new locations outside Tokyo and Osaka.
The agreement comes at a time when IMAX is driving remarkable growth across its Japanese network, box office, and local filmmaking partnerships. IMAX has nearly tripled its network in Japan over the last decade, from just 16 locations in 2012 to 41 today. Japan was IMAX's third highest grossing global market in 2022 with more than $73 million in box office and home to six of the Company's top 15 highest grossing locations. Furthermore, 31 IMAX locations generated box office of more than $1 million in 2022 — a figure second only to the United States.
"We look forward to expanding our partnership with IMAX, a provider of innovative entertainment technology, to provide strong support for our mission of enhancing the value of the theater-going experience," commented Yasuhiro Asada, President and Representative Director of Aeon Entertainment. "We will continue to actively introduce the latest equipment and services that will add value to our theaters."
"Japan continues to be an incredible market for IMAX, and we're very pleased that AEON is taking the opportunity to rapidly expand our partnership and bring The IMAX Experience to even more of its customers," said Rich Gelfond, CEO of IMAX. "From expansion in Japan to our record-breaking results with 'Avatar: The Way of Water' to the strong, diversified global slate ahead, 2023 is already beginning to deliver on the great promise it holds for IMAX and our business."
The new locations will be equipped with IMAX with Laser technology, 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 increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX systems.
IMAX's momentum in Japan has been driven by a potent combination of Hollywood blockbusters and its successful local language strategy. Most recently, IMAX has generated 20% of total Japanese box office with "Avatar: The Way of Water" on only a fraction of total screens. "Top Gun: Maverick" generated box office of $18 million on IMAX screens in Japan and is the second highest grossing IMAX title ever in Japan.
IMAX earned a record $40.2 million in global box office with Japanese language releases in 2022 — up 26% over 2021. Japanese anime has emerged as a particularly strong growth area for IMAX, from the recent "Dragon Ball Super: Super Hero" and "One Piece Film: Red" to 2020's "Demon Slayer", the highest grossing IMAX film of all time in Japan. Upcoming Japanese titles releasing in IMAX includes next month's "Demon Slayer: Kimetsu no Yaiba — To the Swordsmith Village".
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. Streaming technology company SSIMWAVE, an IMAX subsidiary, is a leader in AI-driven video quality solutions for media and entertainment companies.
IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2022, there were 1,703 IMAX theater systems (1,622 commercial multiplexes, 12 commercial destinations, 69 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®, SSIMWAVE® 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).
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SOURCE IMAX Corporation