New Multi-System Deal Underscores Continued Growth Opportunities for IMAX Network across Europe
VIENNA and NEW YORK, March 2, 2023 /PRNewswire/ -- Cineplexx Austria and IMAX Corporation (NYSE: IMAX) today announced an expansion of their longstanding partnership with an agreement for three new, state-of-the-art IMAX® with Laser systems in Europe. Cineplexx, Austria and Southeastern Europe's largest cinema operator, will deploy the new systems in Austria and Kosovo – the first IMAX system for the country.
"This agreement underscores that Europe remains ripe with growth potential for IMAX, as we look to expand in successful markets like Austria and into new, untapped countries such as Kosovo," said Rich Gelfond, CEO of IMAX. "We're excited to continue our long and successful partnership with Cineplexx – who understand the value of IMAX and continued to sign new deals with us even through the pandemic – to bring their audiences the full premium IMAX Experience."
"We're excited to provide the ultimate cinema experience to our young and loyal customers in Prishtina, Kosovo. This deal clearly shows that new economies are rising and that people want the best experiences in culture and entertainment. It also highlights the trust that our partners at IMAX have in us by developing in new territories, and we look forward to strengthening our successful cinema chain in our home market of Austria as well," said Christian Langhammer and Christof Papousek together, Managing Owners, Cineplexx.
Cineplexx currently operates eight IMAX locations across Austria, Serbia and Greece, with one additional location in backlog prior to the agreement announced today. The two companies have enjoyed a successful partnership since 2009. The agreement comes as IMAX rides a wave of momentum in Europe and around the world. Austria, Serbia and Greece are three of 48 countries worldwide where "Avatar: The Way of Water" stands as the highest grossing IMAX release ever. Europe is among IMAX's key markets for network growth, with countries across the continent – including France and Germany — earmarked for expansion in 2023.
The three new Cineplexx locations will be equipped with IMAX with Laser, 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 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. 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 December 31, 2022, there were 1,716 IMAX systems (1,633 commercial multiplexes, 12 commercial destinations, 71 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).
About Cineplexx and Constantin Film-Holding GmbH
With its cinema holdings Cineplexx Kinobetriebe GmbH and Lichtspieltheater Betriebs GmbH, Constantin Film-Holding GmbH stands for modern, visionary cinema and is the undisputed pioneer in terms of cinema technology and service standards - in 2018 and 2019, this was demonstrated with the latest innovations at Cineplexx Wienerberg (Onyx LED and Real D Ultimate Screen as well as Barco Flagship Laser), in the Cineplexx Graz, Split, Belgrade and Novi Sad (MX4D), the IMAX Laser in the Cineplexx Donau Zentrum and Apollo and the first Dolby Cinema in Vienna in the Village Cinema and then in the Cineplexx Millennium City, now more the fourth Dolby Cinema location after Linz and Salzburg Airport.
The company's history began in 1951 with the film distributor Constantin-Film in Austria, and since 1985 the company has been under the management and partnership or, as a consequence, completely owned by Austrian entrepreneurs. In the 1970s, there was a nationwide expansion of movie theaters under the name Constantin-Film Kinos. Cineplexx Kinobetriebe GmbH is a subsidiary of Constantin Film-Holding-GmbH, founded in 1995, with over 60 cinemas in 12 countries: Austria, Croatia, Serbia, Slovenia, Bosnia & Herzegovina, Montenegro, Northern Macedonia, Albania, Kosovo, Greece, Romania and Italy. Over 400 halls with more than 70,000 seats are operated.
The successful expansion course has continued steadily: With the purchase of UCI Kinowelt in 2019, the associated three locations in Austria also became part of Cineplexx Chain. In 2019 and 2020, the expansion in the SEE area also entered a new phase with 5 cinemas in Romania. Thanks to extensive renovation of Cineplexx Millennium City in 2020, which not only brought Vienna's first MX4D cinema but also the ICTA EMEA Award 2020 in the category "Best Cinema Modernization", the federal capital is now home to Austria's most modern cinema. The last expansion steps took place in September 2021 with the new opening of Cineplexx Weiz, now the 5th cinema location in Styria, Cineplexx ALGO in Merano, the 2nd location in South Tyrol, Italy as well as Cineplexx Ljubljana Rudnik, which opened at the end of May 2022 and sets new cinema standards in the Slovenian capital. With around 1,700 employees, the company generated sales of more than 150 million euros in 2019. In 2019 - before the COVID-19 pandemic - Cineplexx cinemas welcomed nearly 13 million visitors. The post-pandemic business develops above expectations, expected total sales in 2023 will exceed 200 million euros.
More information on Austria's leading cinema operator at www.cineplexx.at.
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SOURCE IMAX Corporation