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
