IMAX Signs Deal With Broadway Studios to Open Four New Theaters in Shanghai
Following the record-breaking box office earnings during the Spring Festival, IMAX’s Mainland China arm IMAX China and Broadway Studios have announced a new agreement. The two parties will open four new IMAX theaters located in popular commercial areas across central Shanghai.
The agreement will introduce four sets of industry-leading IMAX laser viewing systems into one of China’s largest ticket markets – Shanghai – and it also marks the further expansion of long-term cooperation between IMAX and Broadway. At present, the eight theaters with the top box office revenue in Broadway’s operations in China are equipped with IMAX systems. After the signing of this new agreement, IMAX will have amassed nearly one thousand theaters in China, including 248 that are still under construction.
“Moviegoing has come roaring back post-pandemic in China, offering the world a glimpse of the pent-up consumer demand that awaits multiplexes worldwide,” said Rich Gelfond, CEO of IMAX. “Broadway is long celebrated for providing the kind of premium experiences our fans know and love, and we’re excited to grow our partnership with them and further establish IMAX as the go-to destination for immersive blockbuster entertainment in China.”
“With the continuous upgrade of China’s film industry and content, the premium movie experience represented by IMAX has become the key driving force to attract audiences back and strongly support the box office recovery post pandemic. We are very excited to further expand our long-term successful partnership with IMAX, “Broadway Cinemas CEO Tessa Lau said. “We believe that Broadway’s high-quality cinema and the strong technology and brand of IMAX when combined with these high-profile projects, will create new landmarks for urban movie watching experience.”
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In addition to collaborating on growing a cinema network with Broadway, IMAX and Edko Film (Broadway Cinema is an affiliated company of Edko Film) have also built up a long term partnership in film content. Edko Film’s Monster Hunt 1 and 2, Cold War 2, and Soul Snatcher were all released to IMAX screens within China.
China’s cinema industry has experienced a dramatic recovery trend, while IMAX continues to lead the market with the expansion of its domestic cinema network. Since cinemas reopened in July last year, IMAX’s box office revenues in Mainland China have exceeded 1.05 billion yuan.