IMAX's big vision for 75 more theaters
By Tini Tran |
March 25, 2011, Friday
|
Print Edition
Print Edition
IMAX Corp announced plans yesterday to open 75 more theaters in China within four years in partnership with Wanda Cinemas, the country's largest theater operator, underscoring the Chinese movie industry's rapid expansion.
IMAX, known for its large format film technology, has 45 theaters in China. Based on the industry's fast growth, it expects to have 300 theaters operating in the country by 2016, which could involve partnerships with operators other than Wanda.
There was no disclosure of the monetary value of the expansion plans and profit-sharing deal signed in Beijing.
CEO Richard Gelfond said China is the company's fastest growing market, and the deal means Wanda will be the single largest operator of IMAX theaters outside the United States.
"Last year, we experienced record growth at IMAX ... Nowhere was our growth more evident than in China," said Gelfond, who added the company's 2010 box office revenues in China were 286 million yuan (US$44 million), a 10-fold jump from the previous year.
Wang Jianlin, chairman of the Wanda Group, said the tie-up "will prove to be significant for China's general movie industry. With Wanda providing the facilities and IMAX the technology ... more Chinese will get the opportunity to experience this."
IMAX, known for its large format film technology, has 45 theaters in China. Based on the industry's fast growth, it expects to have 300 theaters operating in the country by 2016, which could involve partnerships with operators other than Wanda.
There was no disclosure of the monetary value of the expansion plans and profit-sharing deal signed in Beijing.
CEO Richard Gelfond said China is the company's fastest growing market, and the deal means Wanda will be the single largest operator of IMAX theaters outside the United States.
"Last year, we experienced record growth at IMAX ... Nowhere was our growth more evident than in China," said Gelfond, who added the company's 2010 box office revenues in China were 286 million yuan (US$44 million), a 10-fold jump from the previous year.
Wang Jianlin, chairman of the Wanda Group, said the tie-up "will prove to be significant for China's general movie industry. With Wanda providing the facilities and IMAX the technology ... more Chinese will get the opportunity to experience this."
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