Sunday, May 19, 2024

Imax CEO on China box office, big screen boom, new side business – Deadline

Imax chief executive Rich Gelfond said he had never seen China allow as many US titles into the country as quickly as they did this year. After a slowdown that caused some anxiety in Hollywood, there’s been a steady stream of releases — though not necessarily an uptick in ticket sales — with The Flash, The Little Mermaid AND Indiana Jones and the Dial of Destiny all cleared and future and Mission: Impossible Reckoning of the Dead likely to be, he said at the JP Morgan media conference today.

In the past, “they would play small games” and approve movies at the last minute, “but now they are interested in getting their economy back on track and getting people back into the malls.”

The results have been mixed. Recently, X fast just had a grand opening in China. The little mermaid presales seem slow. The Chinese economy was devastated by Covid and related quarantines in several waves last year. “I don’t think it’s…back to normal because it’s not a light switch…but I think it’s heading in that direction at a pretty fast pace.”

Gelfond also talked more about Ssimwave, a Canadian technology company Imax acquired six months ago. It works with streamers and to a lesser extent broadcasters to optimize how they put content through pipelines – specifically the ideal compression ratio for different images. Compression can reduce the physical cost of transmission by 20%, he said, or hundreds of millions of dollars. It can work with Imax Enhanced, which delivers content to large-screen TVs.

One of the company’s products, the Ssimwave VOD Monitor, won the best product for monitoring and measurement tools at NAB in April. Gelfond sees the business starting to have a “meaningful” financial impact for Imax in 2024.

He reiterated Imax’s much-vaunted story to Wall Street that the company is taking a disproportionate share of ticket sales in what he called “cinema lock-in.” In part, Imax is charging more. But people “are also coming to Imax in healthy numbers… willing to pay a premium. When they go out, they choose what is special for themselves and their families.” Contracts with theater owners for new installations have increased.

Gelfond also noted the growth of local language productions that have successfully crossed borders and now account for about a third of total revenue.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

HomeReviews FilmsImax CEO on China box office, big screen boom, new side business...

Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film Chinese Film