Imax kept up its pandemic-era box office recovery in the third quarter, despite a lull in the Hollywood movie pipeline
Global box office at Imax during the latest quarter hit $177.1 million, up 25 percent from $141.9 million last year. Around 30 percent of the global box office came from Imax’s local language film slate, which offset a softer Hollywood slate during the third quarter. Imax is targeting 30 to 40 local language releases worldwide in 2023.
The giant screen exhibitor faces continuing uncertainty in China, its biggest international growth market, which Imax CEO Richard Gelfond during an analyst call chose to look beyond as he offered commentary on that Asian market. “Looking at China, we continue to take the long view while managing the business for the current environment,” Gelfond argued. Imax currently has around 800 screens in China and another 200 screens under backlog orders. “Our rapid diversification to local language content gives us a strong content foundation in China regardless of the political environment,” he added.
On the exhibition market in China, Gelfond said he couldn’t predict the timing on any recovery in that Asian market as it continues to loosen COVID restrictions, where and when possible. “I don’t know exactly, but we’ve been there for over 20 years and we built a unique platform that I have no doubt will endure for a long time and be very profitable. But I can’t narrow it down to a specific part of the quarter,” he told analysts as his company continues to be deeply invested in China.
Imax had a 4.6 percent domestic box office share through the latest quarter, and said it was on track for its highest share of the domestic and global box office ever in full-year 2022. Gelfond also touted Hollywood’s 2023 slate, where Imax will super-size a host of Marvel and DC films as it targets a core tentpole fanboy audience.Thor: Love and Thunder
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