New Agreement Doubles IMAX's Footprint with Paris-Based Exhibitor in Thriving French Cinema Market
PARIS and NEW YORK, May 15, 2024 /PRNewswire/ -- French exhibition company MEGARAMA and IMAX Corporation (NYSE: IMAX) today announced an agreement for three new state-of-the-art IMAX® with Laser systems across France. The deal will bring The IMAX Experience to key locations across the country, including one system in a large city in the north of France – set to open in 2025 – and two locations in the suburbs of the country's populous capital, scheduled to open in 2026.
The new agreement doubles IMAX's footprint with the Paris-based exhibitor in France and marks the second deal in just over a year for the two companies. Inclusive of this agreement, IMAX and MEGARAMA currently operate two locations in France – with four more in backlog in the country – and one additional location in backlog in Morocco.
"This new agreement with IMAX allows us to offer our audience an enriched and distinctive cinematic experience, catering to those seeking new emotions and premium technologies," said Jean-Pierre LEMOINE, founder and President of MEGARAMA.
"MEGARAMA is an excellent partner that continues to steadily increase its commitment to IMAX, making it clear that IMAX delivers a strategic advantage and the best experience for audiences," said Rich Gelfond, CEO of IMAX. "As we continue to grow our global footprint, this new deal – our second with MEGARAMA in a year – underscores the strong demand for The IMAX Experience among audiences and exhibitors in France and worldwide."
The new agreement comes as IMAX continues to ride a consistent wave of momentum in France, which is a top ten global market for the Company. 2023 was the highest grossing year ever for IMAX in the country, delivering over $23 million in box office. In 2024, the Company delivered its second-best Q1 ever in France, driven by the record run of "Dune: Part Two", which now stands as the second-highest grossing film ever in the country for IMAX with over $4.8 million in box office to date.
The three new MEGARAMA locations in France 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 MEGARAMA
MEGARAMA is a leading cinema operator in France, Spain, and Morocco, with a total of 38 multiplexes and 308 screens. Founded in 1996 by Jean-Pierre Lemoine, MEGARAMA is committed to offering its guests the best cinema experience, with state-of-the-art technology, comfortable seating, and a wide range of films and events. MEGARAMA is also a pioneer in the development of cinema in Africa, with a presence in Morocco since 2006 and plans to expand to other countries in the continent. For more information, visit www.MEGARAMA.com.
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:
For IMAX:
Investors:
Jennifer Horsley
jhorsley@imax.com
212.821.0154
Media:
Mark Jafar
mjafar@imax.com
212.821.0102
For Megarama:
Olivier Labarthe
ol@MEGARAMA.com
33 616 907 055
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SOURCE IMAX Corporation
