IMAX has the movie look to the live event

Mr. Gelfond is referring to the tremendous growth of streaming services and the decline of the traditional way of watching movies. Both of these trends have been widespread for years, but they increased during the pandemic, when many theaters had to close. Studios are currently redirecting most modest-budget dramas, musicals, comedies and action movies to affiliated streaming services. The fantasy series and the Leviathan sequel will continue to hit theaters. But how will theater operators fill the gaps in their schedules?

Megan Colligan, president of IMAX Entertainment, notes that live events “often attract audiences who have never been to an IMAX theater and, in many cases, haven’t been to a movie theater in a very long time, sometimes. when never. ”

Ms. Colligan emphasized that IMAX events are not just about bringing content to a really big screen, but will especially use the company’s advanced format technology. Mr. West and his team, for example, used 16 ultra-high-resolution IMAX cameras to record profit performance in December (out of 20 cameras in total).

“There was a lot of smoke and fog, and making sure we captured that was really important to them,” Ms. Colligan said. She added that Oscar-nominated cinematographer Larry Sher is the project’s director of photography.

The IMAX theater network has 1,700 locations in 85 countries. About 70 venues have been upgraded with instant simulation technology, equivalent to about 25,000 seats, roughly the capacity of Madison Square Garden. “Our goal for next year is to connect our theaters globally,” said Ms. Colligan.

Given its power over young consumers, known as fanboys, and a focus on movies like “Spider-Man: No Way Home,” IMAX has a healthier core business than many companies. cinema. Steven Cahall, a media analyst at Wells Fargo, recently named IMAX his favorite mid-cap growth stock for 2022, saying in a research note that the company “is the best way to experience premium theater + the studios’ renewed focus on the cinema column. ”

On Wednesday, IMAX reported its strongest quarterly results since 2019. For the three months ended December 31, total revenue came in at $108.6 million, up 94 percent from a year ago. there. The company also reported net income of $10.1 million, compared with a loss of $21.2 million a year earlier. For the full year, IMAX accounted for about 3% of the worldwide box office, which is the company’s highest share ever.

https://www.nytimes.com/2022/02/23/business/media/imax-movies-live-events.html IMAX has the movie look to the live event

Fry Electronics Team

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