Imax adds China screens with Wanda, betting on blockbusters
Imax Corp.'s Chinese arm is aggressively adding screens across the country, betting on big local and US productions to boost its sales in the world's second-largest film market.
Partner Wanda Film Holding Co., China's largest movie exhibitor, is planning to replace 27 premium format screens with Imax's larger high-tech jumbo screens in cities from Beijing to Xi'an, the companies said Monday. Imax China Holding Inc., which currently runs about 800 screens in China, drew a record 22 million moviegoers from January to May, up 106% from a year earlier, largely thanks to fantasy film 'Ne Zha 2.' The overall movie attendance in China rose about 27% in the same period, the firm said.
Wanda operates more than 50% of China's Imax screens, Li Jinbo, assistant president of Wanda Film and general manager of Wanda's cinema chain, said at a corporate event in Shanghai. The cinema chain is seeking to boost the number of premium format auditoriums across the country, he said.
Shares of Wanda Film rose 3.6%, while Imax China advanced 4.6%.
China's movie industry has been facing a boom-and-bust cycle as many new titles produced during the pandemic years weren't released until 2023, raising box office sales to $7.7 billion. The following year, box office sales fell by 23%. While 'Ne Zha 2' has boosted ticket sales this year, film executives have raised concerns that other new titles may be hit by waning demand.
Imax, however, is projecting that its attendance will keep growing as consumers seek larger screens to watch big productions with friends and family.
'If people choose to go to movie theaters, they're going to have to have a clear reason why,' Daniel Manwaring, head of Imax China, said in Shanghai. 'Is this a movie that deserves my time and money? Imax is the only company that is answering that question head-on. We guarantee the experience.'
This summer, Imax is counting on Chinese and Hollywood titles such as the war epic 'Dongji Rescue,' directed by Guan Hu and Fei Zhenxiang, Universal Pictures' 'Jurassic World Rebirth' and Apple Inc.'s 'F1.' Walt Disney Co.'s 'Avatar: Fire and Ash' is expected to be released on Imax screens late this year.
Imax China is also planning to release five local films shot on Imax cameras. Out of 73 films released on Imax screens in China last year, 34 were local, including at least two movies shot for Imax, according to the company. The company is seeking to maintain the balance between local and foreign films being released on its screens, Manwaring said.
'The film business needs to make movies sensational and big,' he said. 'At least in China, I am very optimistic about the long-term moviegoing audience.'
Kim writes for Bloomberg.
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