Expanded Partnership Sees Hengdian Bring IMAX to Several New Markets in China
NEW YORK and SHANGHAI, Oct. 20, 2023 /PRNewswire/ — Hengdian Films and IMAX Corporation (NYSE: IMAX), IMAX China (HKSE:1970) today announced a significant expansion of their partnership with an agreement for twenty new IMAX with Laser systems across China. The agreement marks the largest deal for new IMAX systems in four years, reinforcing the renewed demand among Chinese exhibitors and audiences for The IMAX Experience with Hollywood and local content alike.
"We are delighted to further strengthen our partnership with IMAX through this agreement, which represents a significant step forward in our strategy of developing cinematic multiplex locations and reflects our unwavering confidence in China’s film market," said Xu Tianfu, Chairman of Hengdian Films. "This year has been pivotal for the industry’s revival. From Chinese New Year to the summer season, moviegoers have consistently shown strong enthusiasm and demand for high-quality content and a premium experience. Together with IMAX, we look forward to creating a more immersive and colorful cinematic journey for audiences across more cities."
"We’re excited to deepen our partnership and expand into new markets with Hengdian Films, as more exhibitors worldwide grow their commitment to IMAX and drive significant growth in our network this year," said Rich Gelfond, CEO of IMAX. "Thanks to its robust mix of local language and Hollywood content, China continues to see a rapid recovery in moviegoing post-COVID and, as we are seeing in markets around the world, a rebound at the box office is often followed by network growth for IMAX."
Hengdian Films and IMAX have enjoyed a successful partnership since 2015 and the new agreement will bring the total number of IMAX locations with Hengdian Films to 26. The new IMAX with Laser locations will be located in Jingdezhen, Ulanqab and Zhangjiakou, all first-ever locations in China for IMAX. Additionally, new locations are set to open in Hangzhou, Guangzhou, Chengdu, Jiujiang, Hohhot and Yangzhou, with more locations to be confirmed.
The multi-theatre deal comes after IMAX China delivered its highest grossing summer season ever at the box office. IMAX has earned more than $18.4 million to date in China with Christopher Nolan’s "Oppenheimer" — and garnered 30% of the film’s opening weekend box office on less than 1% of screens. The fantasy epic "Creation of The Gods" also became IMAX China’s all-time best summer title, with IMAX capturing 10% of the film’s total box office. Earlier this year, IMAX recorded the Company’s best-ever box office result for the peak moviegoing Chinese New Year, driven by "The Wandering Earth 2", which now stands as IMAX’s highest grossing local language film of all time.
The twenty new IMAX locations across China will be equipped with IMAX with Laser, IMAX’s most advanced theatre 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 Hengdian Films
Established in September 2008, Hengdian Films focuses on film and television investment, production, distribution, exhibition and other derived businesses. Since its establishment, the company has sought to seize the opportunities of the vigorous development of China’s cultural industry by leveraging the brand influence of Hengdian in the film and television industry. The company’s theatre business, led by a capital-centric investment strategy, has been rapidly expanding in cities of all tiers nationwide. On October 12, 2017, Hengdian Films was successfully listed on the Shanghai Stock Exchange with the stock code [SH:603103].
As of June 2023, the company’s total assets reached RMB 45.28 billion. Hengdian Films has established 503 theatres with a total of 3,154 screens, of which 421 locations with 2,686 screens are directly operated theaters, covering 197 cities in 29 provinces across China. The company’s main financial indicators place Hengdian Films among China’s top exhibitors, solidifying its role as an influential and reputable brand in China’s film industry.
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 June 30, 2023, there were 1,718 IMAX systems (1,638 commercial multiplexes, 12 commercial destinations, 68 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®, 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® and Hengdian Films Strike Biggest IMAX Deal in Four Years For Twenty New Locations in China
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