IMAX, Wanda to add more cinemas

27 July 2013 14 h 24 min Comments Off


(China Daily, 26 Jul, 2013) IMAX Corp, the world’s leading giant-screen movie theater operator, and China’s Wanda Cinema Line Corp on Thursday announced they will add 40 to 45 new IMAX theaters in China.

Under a revenue-sharing agreement reached in 2011, they agreed to build 75 IMAX cinemas.

Wanda’s lease terms for all new IMAX theaters will be extended from 10 years to 12, according to the latest agreement. It brings the total number of IMAX cinemas owned by Wanda to up to 210, making the Chinese theater chain IMAX’s largest exhibition partner internationally and biggest IMAX operator.

In addition, AMC Theaters, a United States cinema chain that was acquired by Wanda Cinema’s parent, Dalian Wanda Group Corp Ltd, last year, has signed an agreement with IMAX Corp to extend its lease terms for all new and existing theaters to 13 years from 10.

It will install a minimum of five and up to 10 new IMAX theaters in the US, lifting AMC’s total IMAX commitment to up to 152 cinemas. After the deal, AMC will be IMAX’s largest exhibition partner in North America .

“The Wanda and AMC IMAX network continues to flourish and today’s agreement underscores their ongoing confidence in IMAX to strengthen their businesses by delivering to audiences the industry’s best cinematic experience,” said Richard Gelfond, chief executive officer of IMAX Corp.

“Week after week, AMC guests are choosing to see their Hollywood blockbusters in an IMAX audito rium,” said Gerry Lopez, chief executive officer and president of AMC Entertainment Holdings Inc.

“Wanda and AMC are two of the best IMAX theater operators in the world,” said Gelfond.

“Their commitment to quality, innovation and building the IMAX brand means that we’re not just adding more theaters, we’re delivering IMAX audiences top-notch theaters with strong operations.”

As the largest theater operator in Asia, Wanda Cinema Line operates 119 theaters with 1,038 screens, of which 73 were IMAX screens as of June 30.

It generated first-half revenue of 1.96 billion yuan ($319 million), up 35.1 percent year-on-year, according to the company.

“Our IMAX theaters have been showing a strong performance, while Wanda Cinema Line is constantly developing. We’re delighted to build on our successful partnership that continues to differentiate our cineplexes by offering a premium entertainment experience,” said Jerry Ye, vice-president of Wanda Cultural Group, a subsidiary of Dalian Wanda Group.

In 2012, IMAX reported global revenue of $284 million, up 20 percent year-on-year.

China’s share of IMAX’s global revenue jumped from 4 percent in 2008 to 16 percent in 2012, making it the fastest-growing market for IMAX across the globe.

EntGroup Consulting, a Beijing -based entertainment industry consultancy, expects the growth momentum in the China market will last another two to four years.

The consultancy said China is expected to account for one-quarter of IMAX’s total revenue as of 2016, getting close to the US share.

“Over time we would expect China to represent somewhere between a quarter and one-third of our worldwide revenue,” said Gelfond.

Currently, 108 IMAX theaters are being operated by Wanda and other companies in China, but a lot more are waiting to be opened in the next few years.

“We have a backlog that includes the deal we signed today plus the deal we announced last week. The best way to say it is that we expect 300 to 400 theaters to be open in China in the next five years,” Gelfond said.

Since the initial agreement in 2011 between IMAX and Wanda, the giant-screen operator has shifted its model in China from one where it sells equipment for high upfront fees to one where it contributes equipment and gets a percentage of box office revenue.

This is IMAX’s first full revenue-sharing deal in China. “That’s increasingly how we are doing business in China and in the world,” said Gelfond, adding that he expected the trend to continue.

Source: China Daily, China Economic Net

Related posts:

Comments are closed

Other News

  • China (mainland) film Brilliant future expected for Chinese cinema: interview

    Brilliant future expected for Chinese cinema: interview

    Jiang Wen (R), a well-known Chinese director, walks down the red carpet with his wife Zhou Yun at the opening ceremony of the 70th Venice Film Festival in Venice, Italy, Aug 29, 2013. [Photo / Xinhua] (Xinhua, 04 Sep, 2013)Chinese films have achieved over the past few years very positive results in terms of both quantity and quality, and will drive their technology-led development, 70th Venice Film Festival president Alberto Barbera told Xinhua in a recent exclusive interview. This venerable [...]

    Read more →
  • Breaking news China (mainland) film Cloudary extends script to movie industry

    Cloudary extends script to movie industry

    (, 26 Aug, 2013) Cloudary Corp – an online literature platform owned by interactive media giant Shanda Group – said on Friday that it reached a film script agreement with the Chinese movie firm Seven Stars Films. Seven Stars Films, a movie production and investment firm owned by Chinese media entrepreneu r Bruno Wu, will link Cloudary’s literature with the world’s movie industry. Wu, who is married to popular TV host Yang Lan, founded Seven Star Films in 2012. The [...]

    Read more →
  • Breaking news China (mainland) film China’s movie market booms with local content

    China’s movie market booms with local content

    ( Agencies, 23 Aug, 2013) In “American Dreams in China”, Cheng Dongqing is giving a lecture in an abandoned factory in Beijing . Snow falls through the damaged roof and a power cut sends students reaching for their flashlights. The movie , about how young Chinese in the 1990s tried every means to learn English so they could study overseas, is part of a boom in domestic productions that is outpacing foreign film s at the box office in China. [...]

    Read more →
  • Breaking news China (mainland) film Fast forward with film

    Fast forward with film

    (China Daily, 23 Aug, 2013) In the past year, Chinese films have galloped ahead like a dark horse, beating Hollywood imports. It is hardly surprising that most of these domestic hits are comedies. Comedy is mostly local. When Hollywood sent scouts to recover the secret formula, many of them reported that these Chinese movies were not particularly funny. Of course not. When you translate every line into English, you have lost much of the fun, leaving only a few sight [...]

    Read more →
  • Breaking news China (mainland) Digital Mobile game firms looking abroad

    Mobile game firms looking abroad

    (China Daily, 21 Aug, 2013) Intensifying domestic competition is driving Chinese mobile game developers into overseas markets, said Google Inc, owner of the world’s most used smartphone operating system. Japan and South Korea may become “sizeable” money-spinners for developers in China in the coming years, it added. “Tapping into South Korea and Japan makes sense for Chinese developers, because both countries have a large smartphone user base and high sales volume in the mobile gaming sector,” said Ben Zhang, China [...]

    Read more →
  • Breaking news China (mainland) tv PPTV denies buyout rumors

    PPTV denies buyout rumors

    (, 14 Aug, 2013) Online video provider PPTV has denied rumors it will be jointly acquired by e-commerce giant Alibaba Group Holding Ltd and Hunan Satellite TV. “We have noticed related media reports. PPTV is operating independently, well, and we have nothing to announce at present,” PPTV told China Daily on Wednesday. A report from IT industry portal said on Wednesday that the prospective deal is almost closed, with the transaction reaching $400 million. It cited venture capital sources [...]

    Read more →
  • Breaking news China (mainland) film Film industry needs long tail to grow

    Film industry needs long tail to grow

    (China Daily, 15 Aug, 2013) The domestic film market registered record half-yearly box office returns of 10.9 billion yuan ($1.77 billion) in the first six months of this year, up 35 percent year-on-year, and there have been excited voices saying that the Chinese film industry is about to boom in the international market. However, box office success is just part of the industry’s chain, and without the further development of licensed movie merchandising, the Chinese film industry is still in [...]

    Read more →
  • Breaking news China (mainland) Digital New WeChat game becoming painfully popular

    New WeChat game becoming painfully popular

    (, 15 Aug, 2013) A new mobile phone game on WeChat, a social network app in China, is proving so popular that it’s causing hand injuries for many Chinese users. The game, which was recently introduced to WeChat’s 400 million subscribers, allows users to compete online with their friends in aircraft battles. Within two hours after the release of the game on Aug 5, there were more than 180 million downloads. But Zou Cheng, an orthopedic doctor at Hangzhou First [...]

    Read more →