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Tag: Imax

  • SRS Group to invest Rs 200 crore for 100 new screens

    SRS Group to invest Rs 200 crore for 100 new screens

    NEW DELHI: Despite the onslaught of growing movie channels on television, the craving for seeing a film on the big screen remains – but with new innovations like floor-to-ceiling screens and better sound systems. A strategic investment of Rs 200 crore is being put in by SRS Cinemas to build over 100 new screens across cities and towns in the country.

    These theatres will showcase large, wall-to-wall and floor-to-ceiling screens, with international formats such as IMAX, ATMOS and 4DX to present the most immersive experience to movie buffs.

    These 100 new screens, well equipped with technology and innovation, will offer a customised theatre geometry and powerful digital sound system to create a unique environment that allows audiences to enjoy the movies as never before. Alongside, international formats will bring projection systems which deliver crystal clear images to provide a great cinematic experience that is truly something to sit back and admire.

    These new screens will provide the best-in-class, seamless and sophisticated movie- viewing experience with a pure blend of luxury and technology, a delight to movie enthusiasts.

    SRS Group chairman and MD Anil Jindal said: “The Indian film industry is growing rapidly. It is efficiently set to reach $3 billion in 2016. This massive growth has encouraged us to expand and strengthen our presence across Tier II and III cities in the country. We plan to expand our footprint in the country by leveraging organic and inorganic expansion and acquiring screens across the nation.”

    Group president & chief strategy officer Tinku Singh said: “We are proud to announce an investment of Rs. 200 Crore to build over 100 new screens. We are glad that with our expertise, we have been able to spread the magic of movies not just in urban but in semi- urban parts of the country as well. We are prominently present in major regions including Haryana, Uttar Pradesh, Punjab, Himachal Pradesh, Rajasthan and Bihar. The current investment will help us to spread more effectively across the country including eastern and southern part of India as well”.

  • SRS Group to invest Rs 200 crore for 100 new screens

    SRS Group to invest Rs 200 crore for 100 new screens

    NEW DELHI: Despite the onslaught of growing movie channels on television, the craving for seeing a film on the big screen remains – but with new innovations like floor-to-ceiling screens and better sound systems. A strategic investment of Rs 200 crore is being put in by SRS Cinemas to build over 100 new screens across cities and towns in the country.

    These theatres will showcase large, wall-to-wall and floor-to-ceiling screens, with international formats such as IMAX, ATMOS and 4DX to present the most immersive experience to movie buffs.

    These 100 new screens, well equipped with technology and innovation, will offer a customised theatre geometry and powerful digital sound system to create a unique environment that allows audiences to enjoy the movies as never before. Alongside, international formats will bring projection systems which deliver crystal clear images to provide a great cinematic experience that is truly something to sit back and admire.

    These new screens will provide the best-in-class, seamless and sophisticated movie- viewing experience with a pure blend of luxury and technology, a delight to movie enthusiasts.

    SRS Group chairman and MD Anil Jindal said: “The Indian film industry is growing rapidly. It is efficiently set to reach $3 billion in 2016. This massive growth has encouraged us to expand and strengthen our presence across Tier II and III cities in the country. We plan to expand our footprint in the country by leveraging organic and inorganic expansion and acquiring screens across the nation.”

    Group president & chief strategy officer Tinku Singh said: “We are proud to announce an investment of Rs. 200 Crore to build over 100 new screens. We are glad that with our expertise, we have been able to spread the magic of movies not just in urban but in semi- urban parts of the country as well. We are prominently present in major regions including Haryana, Uttar Pradesh, Punjab, Himachal Pradesh, Rajasthan and Bihar. The current investment will help us to spread more effectively across the country including eastern and southern part of India as well”.

  • INOX ties-up with IMAX for five theatre systems

    INOX ties-up with IMAX for five theatre systems

    MUMBAI: INOX Leisure Limited (INOX) has announced an agreement with IMAX Corporation, for five IMAX theatre systems. These systems will be installed at existing INOX multiplexes in the cities of Mumbai, Bengaluru, Delhi and Kolkata, starting with INOX at R-City, Ghatkopar, Mumbai. With this deal, INOX plans to take the cinema viewing experience of its customers to the next level. The agreement represents the largest theatre deal for IMAX in India and brings the total number of IMAX theatres in the country to 20, with nine currently open and 11 contracted to open.

    “We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy,” said INOX Leisure Ltd CEO Alok Tandon. “By associating ourselves with the IMAX brand and offering our guests a completely immersive cinema experience, we will continue to strengthen our position. We are particularly excited about shaping the future of cinema in India through such initiatives.”

    IMAX CEO Richard L. Gelfond added, “We’ve always said India is potentially a huge opportunity for us. Now is the time to grow in this strategically important market and this deal serves as an important first step. We believe that INOX adding IMAX theatres to its most successful complexes – which are situated in top-tier cities – will help us expand our network in India at a more rapid pace.”

  • INOX ties-up with IMAX for five theatre systems

    INOX ties-up with IMAX for five theatre systems

    MUMBAI: INOX Leisure Limited (INOX) has announced an agreement with IMAX Corporation, for five IMAX theatre systems. These systems will be installed at existing INOX multiplexes in the cities of Mumbai, Bengaluru, Delhi and Kolkata, starting with INOX at R-City, Ghatkopar, Mumbai. With this deal, INOX plans to take the cinema viewing experience of its customers to the next level. The agreement represents the largest theatre deal for IMAX in India and brings the total number of IMAX theatres in the country to 20, with nine currently open and 11 contracted to open.

    “We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy,” said INOX Leisure Ltd CEO Alok Tandon. “By associating ourselves with the IMAX brand and offering our guests a completely immersive cinema experience, we will continue to strengthen our position. We are particularly excited about shaping the future of cinema in India through such initiatives.”

    IMAX CEO Richard L. Gelfond added, “We’ve always said India is potentially a huge opportunity for us. Now is the time to grow in this strategically important market and this deal serves as an important first step. We believe that INOX adding IMAX theatres to its most successful complexes – which are situated in top-tier cities – will help us expand our network in India at a more rapid pace.”

  • ‘Star Wars: The Force Awakens’ pips ‘Avatar’ to become highest grossing film in N. America

    ‘Star Wars: The Force Awakens’ pips ‘Avatar’ to become highest grossing film in N. America

    MUMBAI: With early box office results in mid-wee, Star Wars: The Force Awakens became the highest grossing film of all time in the North American market, surpassing the $760.5 million lifetime gross ofAvatar in a record-shattering 20 days of release. In addition, the film crossed the $800 million mark at the international box office on 6 January.

     

    Through 5 January, the film had grossed $758.2 million in North America and $799.1 million for a global total of $1,557.3 million since its 16 December global debut.

     

    Star Wars: The Force Awakens debuted in the US and Canada on 18 December, its first two weeks pushing the North American annual industry box office to an all-time high of $11 billion. 

     

    The movie has set numerous individual records including:

     

    · Fastest film to reach $100 million (21 hours), $200 million (3 days), $300 million (5 days), $400 million (8 days), $500 million (10 days), $600 million (12 days), and $700 million (16 days)

     

    · Biggest all-time debut and biggest December debut ($247.966 million), propelling the industry to the biggest overall moviegoing weekend of all time ($313.3 million for all films, 18 – 20 December)

     

    · Biggest second weekend of all time ($149.2 million), propelling the industry to the biggest overall Christmas weekend of all time ($296.4 million for all films, 25 – 27 December)

     

    · Biggest third weekend of all time ($90.2 million)

     

    · Biggest Thursday preview gross ($57 million)

     

    · Biggest Friday, opening, and single day ($119.1 million)

     

    · Biggest Sunday ($60.55 million), Monday ($40.1 million), and Tuesday ($37.3 million)

     

    · Biggest Christmas Day ($49.3 million) and New Year’s Day ($34.39 million)

     

    · Highest per-theater average for a wide debut ($59,982)

     

    · Biggest opening week ($390.85 million)

     

    · Biggest IMAX debut ($30.1 million)

     

    Globally, the film posted the highest global opening weekend of all time of $528.967 million and surpassed $1 billion in a record 12 days. It also had the biggest global IMAX debut ($48 million) and surpassed $152 million in IMAX in a record 19 days. It was the highest international debut in December history with $281 million, and it remains #1 in many territories after posting the biggest opening weekend in at least 18 major markets.

     

    Star Wars: The Force Awakens now heads into its fourth weekend of global release ahead of a debut in its final international market, China, on 9 January.

  • ‘Star Wars: The Force Awakens’ takes biggest ever opening weekend

    ‘Star Wars: The Force Awakens’ takes biggest ever opening weekend

    MUMBAI: The opening weekend for Star Wars: The Force Awakens is officially the biggest in North American box office history, ahead of its India release on 25 December.

     
    The movie’s first weekend in theaters, the seventh film of the franchise brought in $238 million. The previous record-holder was Jurassic World, which made $208.8 million during its debut weekend over the summer.

     
    Globally, Star Wars brought in $517 million, coming in just under the $525 million that Jurassic World made. However, the latter had the advantage of opening in China as well; The Force Awakens doesn’t come out there until 9 January, 2016.

     
    Star Wars: The Force Awakens posted the highest Thursday preview gross ($57 million), the highest single-day and Friday gross ($120.5 million), and it is the first film to surpass $100 million in a single day. It also posted the highest theater average for a wide release with $57,568.

     
    Marking the biggest opening weekend ever in numerous key territories, including the UK, Germany, Australia, and Russia, Star Wars: The Force Awakens posted an estimated international opening weekend of $279 million (third highest reported opening weekend in industry history, behindJurassic World at $316 million including around $97 million China and Harry Potter and the Deathly Hallows Pt 2 at $314 million) and topping the previous December record held by Avatar ($164.5 million).

     
    Star Wars: The Force Awakens storm-trooped its way across the global landscape (except for China) this weekend to post an amazing estimated $517 million global gross.

     

    Star Wars: The Force Awakens also generated a record-breaking estimated $48 million from Imax screens globally, beating the previous Jurassic World record of $44 (which included China).

     

    Star Wars: The Force Awakens was on over 30,000 screens internationally this weekend. It opened at #1 in all markets throughout the world with the exception of Korea and Vietnam, where it was the #1 western films.

     

    In the Asia-Pacific, the movie raked in $75.7 million, whereas in Latin America, it totted $36.0 million.

     
    Star Wars: The Force Awakens is directed by JJ Abrams and stars Harrison Ford, Mark Hamill, Carrie Fisher, Adam Driver, Daisy Ridley, John Boyega, Oscar Isaac, Lupita Nyong’o, Andy Serkis, Domhnall Gleeson, Anthony Daniels, Peter Mayhew, and Max von Sydow.

     

    The movie opens in India on 25 December in English, Hindi, Tamil and Telugu.

  • Imax & Omnijoi expand revenue share partnership in China with 15-theatre deal

    Imax & Omnijoi expand revenue share partnership in China with 15-theatre deal

    MUMBAI: Imax Corporation and Omnijoi Cinema Development Co., Ltd, (erstwhile Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd.) have expanded their revenue sharing arrangement with the addition of 15 new Imax theatre systems in China.

     

    This agreement brings Omnijoi Cinemas’ total Imax commitment to 31 theatres and positions the exhibitor as the third-largest Imax exhibitor partner in China and fifth-largest globally.

     

    “Today’s agreement will see Omnijoi Cinemas nearly double its Imax footprint – a significant commitment that underscores the success of the Imax business model and the continued demand for The Imax Experience among Chinese moviegoers. Omnijoi is a valued partner that shares our passion for innovation and quality and together we look forward to continuing to change the way audiences in China experience today’s biggest blockbusters,” said Imax CEO Richard L. Gelfond.

     

    “This partnership is a direct result of the success of our existing Imax theatres that have delighted our guests with the best Chinese and Hollywood films in the world’s most immersive cinematic format. As we continue to expand our network of cinemas, Imax will be a flagship attraction at our upcoming complexes – one we are confident will continue to support our business,” said Omnijoi Media Group vice president Yang Shu.

     

    Omnijoi Cinema Development was founded especially to develop and operate cinemas. It has over 15 locations of five star Cineplex as of 31 May, 2015. The company is planning to invest billions RMB to build 150 Cineplex with 1200 screens and become a leading exhibitor in China.

  • Q2-2015: Record box office boosts Imax y-o-y revenue 30%, income per share 79%

    Q2-2015: Record box office boosts Imax y-o-y revenue 30%, income per share 79%

    BENGALURU: Joint-venture revenue sharing arrangements played a leading role in the 79 per cent increase in income per share to $0.34 from $0.19 for the Toronto, Canada based, New York Stock Exchange traded entertainment, technology and distribution company Imax Corp for the quarter (Q2-2015) ended 30 June, 2015. For the six month (YTD, 6M-2015) period of the current year, joint-venture revenue arrangement sharing also played a lead in the 70 per cent increase in income per share to $0.34 from $0.20 in 6M-2014.

     

    The company’s y-o-y revenue in the current quarter increased 29.8 per cent to $107.16 million as compared to the $79.145 million in Q2-2014. YTD, Imax revenue increased 33 per cent to $169.371 million from $127.342 million in 6M-2014.

     

    Company speak

     

    Revenue from sales and sales type leases was $18.7 million in the second quarter of 2015, compared to $14.5 million in the second quarter of 2014, primarily reflecting the installation of 15 full theatre systems (14 new, one used) under sales and sales type lease arrangements in the most recent second quarter, compared to the 11 sales type theatres the company installed in the prior year period. In addition, there were no upgrades in existing locations in the second quarter of 2015, compared to 4 xenon upgrades in the second quarter of 2014.

    Revenue from joint revenue sharing arrangements was $31.6 million in the quarter, compared to $19.4 million in the prior year period. During the quarter, the company installed 20 new theatres under joint revenue sharing arrangements, compared to 19 in the same period in 2014. The company had 477 theatres operating under joint revenue sharing arrangements as of June 30, 2015, as compared to 408 joint venture theatres one year prior.

     

    Production and Imax DMR (Digital ReMastering) revenues were $36.6 million in the second quarter of 2015, compared to $24 million in the second quarter of 2014. Gross box office from DMR titles was $343 million in the second quarter of 2014, compared to $216 million in the prior year period. The average global DMR box office per screen in the second quarter of 2014 was $414,600 compared to $299,800 in the prior year period.

    ”The second quarter of 2015 was one of the strongest in Imax’s history, delivering our highest revenue ever, growing adjusted EPS by 60per cent compared to the same period last year, record box office and quarterly per screen averages that we have not seen since Avatar in 2010,” said Imax CEO Richard L. Gelfond. ”We believe the strength of this quarter clearly demonstrates the impact that a strong slate of blockbuster films can have on Imax and the operating leverage that results.”

     

    ”Momentum also continued to build on the network side of our business with higher than expected installations and strong signings activity in the quarter,” continued Gelfond, who was in Vienna for the world premiere of Mission Impossible: Rogue Nation at the historic Vienna Opera House, which has been transformed into an Imax theatre for this event. ”Tonight’s M:I5 event is the continuation of the transformation of Imax’s brand from the smaller successes onto center stage. More agreements to use Imax cameras as well as Imax premieres such asFurious 7 and Jurassic World are a powerful marketer for our brand and also signal the increasingly important role Imax plays in the entertainment ecosystem.”

     

    Let us look at the other numbers reported by Imax

     

    Imax net income in Q2-2015 almost doubled (up 1.92 times) to $24.35 million as compared to the $13.307 million in the corresponding year ago quarter. Similarly, 6M-2015 net income almost doubled (went up 1.94 times) to $278.65 million as compared to the $143.58 million in 6M-2014.

     

    Note: (1) The primary revenue sources for the Company can be categorized into two main groups: theatre systems and films. On the theatre systems side, the Company derives revenues from theatre exhibitors primarily through either a sale or sales-type lease arrangement or a joint revenue sharing arrangement. Theatre exhibitors also pay for associated maintenance and extended warranty services. Film revenue is derived primarily from film studios for the provision of film production and digital re-mastering services for exhibition on Imax theatre systems around the world. The Company derives other film revenues from the distribution of certain films and the provision of post-production services. The Company also derives a small portion of other revenues from the operation of its own theatres, the provision of aftermarket parts for its system components, and camera rentals

     

    (2)The Company has seven reportable segments identified by category of product sold or service provided: Imax systems; theater system maintenance; joint revenue sharing arrangements; film production and Imax DMR; film distribution; film postproduction; and other. The Imax systems segment includes the design, manufacture, sale or lease of Imax theater projection system equipment. 

     

    The theater system maintenance segment includes the maintenance of Imax theater projection system equipment in the Imax theater network. The joint revenue sharing arrangements segment includes the provision of Imax theater projection system equipment to an exhibitor in exchange for a share of the boxoffice and concession revenues. The film production and Imax DMR segment includes the production of films and the performance of film remastering services. The film distribution segment includes the distribution of films for which the Company has distribution rights.

     

    The film postproduction segment provides film postproduction and film print services. The other segment includes certain Imax theaters that the Company owns and operates, camera rentals and other miscellaneous items.

     

    Imax Theater Systems

     

    Imax Theater Systems revenue in Q2-2015 increased 37.1 per cent to $63.117 million as compared to the $46.032 million in Q2-2014. YTD, revenue increased 37.2 per cent to $99.949 million from $72.843 million in 6M-2014.

     

    Gross margin from Imax Theater System increased 46.7 per cent in Q2-2015 to $40.695 million from $27.748 million in the corresponding year ago quarter. YTD, gross margin during the current six month period also increased by 46.7 per cent to $62.778 million as compared to the 42.805 million in 6M-2014.

     

    Joint venture revenue sharing arrangement numbers

     

    The Imax Theater System growth (as well as growth in Imax overall numbers) was led by a 63.2 per cent growth in the revenue from joint revenue sharing arrangements at $31.594 million in the current quarter, as compared to the $19.363 million in the corresponding year ago quarter.

     

    Gross Margin reported by Imax joint revenue sharing arrangements increased 79.9 per cent in Q2-2015 to $24.069 million from $13.378 million in the corresponding year ago quarter. YTD, gross margin during the current six month period increased by 67.9 per cent to $34.686 million as compared to the 20.661 million in 6M-2014.

     

    Imax systems numbers

     

    Imax systems revenue in Q2-2015 increased 24.3 per cent to $22.365 million as compared to the $17.996 million in Q2-2014. YTD, revenue increased 33.9 per cent to $34.479 million from $25.8756 million in 6M-2014.

     

    Gross margin from Imax systems increased 16.8 per cent in Q2-2015 to $13.537 million from $11.589 million in the corresponding year ago quarter. YTD, gross margin during 6M-2015 increased by 32.8 per cent to $21.722 million as compared to the 16.362 million in 6M-2014.

     

    Theater system maintenance numbers

     

    Theater system maintenance revenue in Q2-2015 increased 5.6 per cent to $9.158 million as compared to the $8.673 million in Q2-2014. YTD, revenue increased 6.8 per cent to $18.008 million from $16.868 million in 6M-2014.

     

    Gross margin from Theater system maintenance increased 11.1 per cent in Q2-2015 to $3.089 million from $2.781 million in the corresponding year ago quarter. YTD, gross margin during 6M-2015 increased by 10.2 per cent to $6.370 million as compared to the 5.782 million in 6M-2014.

     

    Films

     

    Films revenue increased 34 per cent in the current quarter to $36.369 million as compared to the $29.383 million in Q2-2014. For 6M-2015, revenue improved 24.5 per cent to $61.323 million as compared to the $49.257 million in the corresponding year ago six month period.

     

    Gross margin from Films improved 46.2 per cent in Q2-2015 to $28.454 million from $19.592 million in Q2-2014. For the six month period ended 30 June, 2015, Films gross margin increased 35.1 per cent to $42.392 million as compared to the $31.381 million in 6M-2014.

     

    Production and Imax DMR numbers

     

    Production and Imax DMR was the only segment in ‘Films’ to attain revenue and gross margin q-o-q  and YTD growth. Revenue in Q2-2015 grew 52.2 per cent to $36.603 million as compared to the $24.050 million in the corresponding year ago quarter. During 6M-2015, revenue grew 38.3 per cent to $54.279 million from $39.235 million in 6M-2014.

     

    Production and Imax DMR gross margin in the current quarter grew 52.9 per cent in Q2-2015 to $28.488 million as compared to the $18.634 million in Q2-2014. YTD, gross margin grew 40.4 per cent to $41.713 million from $29.708 million in 6M-2014.

     

    Distribution numbers

     

    Distribution revenue in Q2-2015 declined 60.6 per cent to $1.158 million as compared to the $2,942 million in Q2-2014. For 6M-2015, distribution revenue declined 42.2 per cent to $2.546 million in 6M-2015 as compared to the $4.405 million in 6M-2014.

     

    Distribution reported negative gross margin Q2-2015 at $0.351 million as compared to the $0.594 million in Q2-2014. For the six month period ended 30 June, 2015, Distribution gross margin was negative $0.216 million (loss) as compared to the $0.784 million in 6M-2014.

     

    Post Production numbers

     

    Post Production revenue in Q2-2015 declined 32.7 per cent to $1.608 million as compared to the $2.391 million in Q2-2014. For 6M-2015, revenue declined 19.9 per cent to $4.498 million as compared to the $5.617 million in 6M-2014.

     

    Post Production gross margin in the current quarter declined 12.9 per cent in Q2-2015 to $3.17 million as compared to the $364 million in Q2-2014. YTD, gross margin grew 0.7 per cent to $0.895 million from $0.889 million in 6M-2014.

     

    ‘Other’ numbers

     

    Revenue from ‘Other’ in Q2-2015 grew 25.3 per cent to $4.674 million as compared to the $3.73 million in Q2-2014. 6M-2015 revenue grew 54.5 per cent to $8.099 million as compared to the $5.242 million in 6M-2014.

     

    The ‘Other’ segment reported a negative gross margin in Q2-2015 of $0.114. For 6M-2015, gross margin was negative $0.154 million as compared to the $0.016 million in 6M-2014.

  • Tom Holland is next Spiderman, Jon Watts to direct the next adventure

    Tom Holland is next Spiderman, Jon Watts to direct the next adventure

    NEW DELHI: Tom Holland will play Peter Parker/Spider-Man in the next Spider-Man film, Sony Pictures and Marvel Studios announced today after a full worldwide casting search.

     

    The $4 billion film will be in theatres in IMAX and 3D on 28 July 2017. The film will be directed by Jon Watts, director of Cop Car, the upcoming thriller that made its debut earlier this year at the Sundance Film Festival.

     

    The film will be co-produced by Kevin Feige and his expert team at Marvel and Amy Pascal, who oversaw the franchise launch for the studio 13 years ago. Together, they will collaborate on a new creative direction for the Web-Slinger.

     

    Marvel and Sony Pictures, and producers Kevin Feige and Amy Pascal conducted an extensive search for both the actor and director. The studios and producers were impressed by Holland’s performances in The Impossible, Wolf Hall, and the upcoming In the Heart of the Sea, and by a series of complex screen tests. Following Marvel’s tradition of working with the brightest next wave of directors, Watts also went through multiple meetings with Feige, Pascal, and the studio, before winning the job. 

     

    Sony Pictures Motion Pictures group chairman Tom Rothman said, “It’s a big day here at Sony. Kevin, Amy and their teams have done an incredible job.  The Marvel process is very thorough, and that’s why their results are so outstanding.  I’m confident Spider-Man will be no exception. I’ve worked with a number of up-and-coming directors who have gone on to be superstars and believe that Jon is just such an outstanding talent. For Spidey himself, we saw many terrific young actors, but Tom’s screen tests were special. All in all, we are off to a roaring start.”

     

    Feige commented, “As with James Gunn, Joss Whedon, and the Russo brothers, we love finding new and exciting voices to bring these characters to life.  We spent a lot of time with Jon and find his take and work inspiring.”

     

    Pascal added, “Sony, Marvel, Kevin and I all knew that for Peter Parker, we had to find a vibrant, talented young actor capable of embodying one of the most well-known characters in the world.  With Tom, we’ve found the perfect actor to bring Spider-Man’s story into the Marvel Cinematic Universe.”

      

    Spider Man, embraced all over the world, is the most successful franchise in the history of Sony Pictures, with the five films having taken in more than $4 billion worldwide.

  • Imax forms 10 film fund with China Media Capital

    Imax forms 10 film fund with China Media Capital

    MUMBAI: Continuing to expand its footprint in the Chinese market, Imax Corporation has created the Imax China Film Fund with its subsidiary Imax China and China Media Capital, to help fund a minimum of 10 tentpole films in Mandarin.

     

    The China Film Fund, which will be capitalized at up to $50 million initially, will target productions that can leverage the Imax brand, relationships, technology and release windows, with the flexibility to produce Imax and non-Imax content, and develop original films or co-finance studio productions.

     

    Led by CMC founding chairman Ruigang Li, China’s prominent media and entertainment focused investment fund, acquired a 10 per cent interest in Imax’s China subsidiary in 2014.

     

    The intent of the China Film Fund is to leverage favorable current trends in the Chinese market, strengthening the Imax brand and capitalizing on relationships across studio, exhibitor and local distribution partners, as well as content creators. The Fund also is meant to support an existing slate of successful Chinese Imax DMR product including such past titles as The Monkey King and Dragon Blade, and leverage CMC’s experience within China’s content-creation industry.

     

    “For more than a decade, Imax has strived to be and continues to work toward being a part of the Chinese entertainment ecosystem,” said Imax CEO Richard L. Gelfond from Shanghai, where he delivered a keynote address at the Shanghai International Film Festival.

     

    “This fund is the next step in that evolution as it allows us to join with our good partner CMC and work closely with the country’s top filmmakers to bring to Chinese audiences and to export to international audiences top-quality Mandarin content,” Gelfond added.

     

    “CMC has witnessed, and been part of, the exciting development of China’s film industry through this most dynamic time with a series of strategic investments. We are determined to continue this effort, and we believe that by teaming up with our partners such as Imax, which has world-class industry leading technology and an extensive global network, we will be able to create a technology-driven force that is unique and immensely helpful to China films’ realizing their full potential in the global market,” added CMC chairman Li.

     

    “Imax is committed to continuing our growth in China and meeting the rising demand of Chinese audiences for premium content. Coupled with the significant expansion of the Imax theatre network in China, totaling more than 205 Imax screens to date, the establishment of this Imax China Film Fund points directly to our pledge to help grow the Chinese film market,” said Imax China CEO Jiande Chen.

     

    Through the Fund, Imax China and CMC will be able to provide new digital content to theatres throughout China, as well as to select theatres in Imax’s global network. The Fund will target contributions of between $3 million and $7 million per film, and will operate under an Imax-CMC greenlight committee. The Fund is also in discussions with additional investors.