Giant-screen display Imax posted higher first-quarter revenue as the pandemic-era resurgence at its North American box office followed a resurgence in the Asian film business last year.
Imax registered global cash registers of $173.2 million in the quarter, up 57% from the same period in 2021, according to Cash Register Strength. bat Man s Spider-Man: No Way Home. This show highlighted Imax’s growing profile as a platform for Hollywood to make blockbuster releases as its giant screens drive up premium ticket prices.
“I think competing films are coming to market. You need to see a move towards premiums in general and Imax in particular,” Richard Gelfond, the company’s chief executive, told analysts during a follow-up call.
Imax, with its global presence, also released a record seven titles in local languages in the first quarter. This list included China chanjin lake battle 2From India RRRR, from Japan kaizen jujutsu And in France, directed by Jean-Jacques Anne Notre Dame BruYou guys, A film about the fire at Notre Dame Cathedral in Paris in 2019.
Imax gross income increased by 55 percent to $60 million, while the loss of grandchild to shareholders increased to $13.6 million, or 23 cents per share, from a loss of $14.8 million, or 25 cents , last year.
Imax’s latest loss in the first quarter included $6.9 million or $0.12 million in non-cash reserves for reserves, given the uncertainty of Russia’s debt buildup since President Vladimir Putin’s invasion of Ukraine. “This provision was made with caution due to the ongoing conflict in Ukraine and essentially covers the full risk of the company’s net debt in the Russian market,” Imax reported.
In the first quarter of 2021, Imax hit North American theaters with lengthy closures and capacity limitations due to the COVID-19 crisis, although it recorded strong box office grosses for local subtitles, particularly in China, Korea and Japan. The Asian market has reopened.
A year after the North American box office continued to recover as the pandemic eased, Aimax pointed to a promise of future Hollywood releases like the one from Marvel Studios. Dr. Strange in many worlds of madness Continuation Paramount Top Gun: Maverick, Jurassic World: Dominion and pixar Year of Light.
At the same time, Imax is reporting the ongoing closure of its theater network in China as the recent COVID-19 shutdown to eliminate infection spikes in Shanghai, Beijing and other cities is affecting its Chinese box office work.
“In China, cash registers were also a little weaker than expected due to the closure of some markets due to the COVID reactivation. We implemented cost reductions in the market where it was needed. “And we are very optimistic about the reopening of affected markets in China,” Gelfond told analysts.
“I don’t think this will be a long-term problem,” added the Imax CEO. Gelfond also pointed to the recent increase in the number of Hollywood films hitting the Chinese market: “While it is difficult to define the trajectory, you will see a rapid return to normal throughout the year.”
Upon his return to North America, Gelfond reaffirmed the importance of multiplex release for Hollywood studios trying to release superhero movies and other popular brands before playing them on digital platforms.
“Our studio and streamer partners have made it clear to us that the theatrical window is crucial to their future strategic plans. And content that enjoys theatrical execution performs much better on streaming platforms and gives more importance to the entire network, as evidenced by its strong performance lately. Spider-Man: No Way Home s bat Man “On digital platforms,” he told analysts.
To bolster his opinion, Gelfond added that he doesn’t see Hollywood studios returning to a bigger title tent than the film’s first release model, as it did in 2021 amid a pandemic. “They took the opportunity for an existential threat to the entire business and it didn’t work out. “This is an experiment that has ended,” he told analysts.
Gelfond said recent conversations with studio executives revealed that the tents are being pitched in theaters, and subsequently better played on streaming platforms. “This is all theatrical for the studios. I don’t think I’ll see a hybrid or streaming model for a blockbuster movie in 2022 or maybe beyond. Studies show that this is a model that didn’t really work,” she argued.
This was later announced by the CEO of Imax. hollywood reporter that takes a long time Top Gun: Maverick He was very impressed when Tom Cruise showed him a blockbuster movie last year, before Paramount pushed back its planned Thanksgiving 2021 release to 2022 due to the spread of the coronavirus.
“I thought it was one of the best films I’ve seen lately. I thought it had all the elements, not just action and photography, but drama as well.,remembers Gelfond.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
