Giant cinema screen specialist IMAX is increasing the number of theatres it operates in India which is proving to be an appealing market for large-screen entertainment.
IMAX currently has 14 screens in action and will add another five “located in major metropolitan markets at new and existing flagship PVR Multiplex cinemas” says the company.
“We are very encouraged by our recent success and growth in India – where our IMAX theatres are performing extremely well at the box office and where we have doubled our network in the last two years,” noted IMAX CEO Richard Gelfond.
“India is the fourth-largest market by box office and one we view as a long-term growth opportunity. We also continue to re-master more and more Indian movies, and had record-breaking success with Padmaavat earlier this year. We believe these factors, combined with expanding our partnership with India’s top exhibitor PVR, will help set the stage for continued expansion in this important emerging market,” added Gelfond.
“Our agreement is a direct result of the success of our IMAX box office which, since 2016, has increased by 50 per cent as the demand for IMAX among moviegoers in India continues to build,” says PVR exec Ajay Bijli.
Since the parties’ last theatre deal in April 2017, PVR Cinemas has tripled its IMAX commitment from five to a total of 15 theatres – strengthening the exhibitor’s position as IMAX’s largest partner in India. Today’s agreement brings IMAX’s theatre footprint in India to 31, with 14 currently open and 17 contracted to open.
In January, IMAX released Viacom18 Motion Pictures’ film Padmaavat, which marked the fourth local-language IMAX Indian film release and the first to be presented in the IMAX 3D format. Padmaavat is now the Company’s highest-grossing local Indian release and third highest-grossing IMAX film overall in the country. IMAX says it expects to announce more Indian IMAX movies for this year.
PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in India. PVR currently operates a cinema circuit comprising of 625 screens at 134 properties in 51 cities (19 states & UTs), serving 85 million patrons annually.