Giant movie screen distributor IMAX has cancelled its movie releases in China for the Chinese New Year because of health considerations.
IMAX, in a press statement, said: “The safety of Chinese audiences is our top priority. IMAX supports the decision to postpone the release of the Chinese New Year film slate and believes it to be the best course of action in an unfortunate situation.”
The statement stressed that IMAX remained excited about its planned releases, given the strong box office projections and pre-sale figures heading into this weekend.
“We have every expectation that these films will be released in 2020 and that audience demand for these releases will remain high. Our thoughts are with the Chinese people, for whom we wish a swift resolution to this issue and a safe and healthy Chinese New Year.”
Analysts from B Riley estimate that the Wuhan crisis could mean a revenue impact of $20 million this quarter for IMAX.