IMAX: “Remarkable season ahead”
May 3, 2022
By Chris Forrester
Giant screen business IMAX has reported its Q1 2022 numbers which highlighted a promising recovery from its pandemic-affected period. Its Q1 box office was up 57 per cent to $173.2 million (€164.7m) and that the number of open theatres in China – its strongest market – were up from 52 per cent to 65 per cent as at March 31st, although the latest Covid restrictions might be affecting those numbers.
CEO Rich Gelfond said that the 2022 blockbuster releases planned (including Doctor Strange in the Multiverse of Madness, Top Gun: Maverick, Jurassic World: Dominion) opening imminently in theatres and the first Avatar sequel would help its numbers although the Ukraine/Russia conflict would also impact revenues.
“The first quarter prove that there’s strong pent up demand for immersive, cinematic spectacles. Spider Man has grossed more than $110 million in IMAX today, ranking as our eighth biggest title of all time. The Batman exceeded expectations, generating more than $54 million in the IMAX network. The Batman‘s total North American box office performance was on par with any other top grossing Q1 title of the last decade,” Gelfond told analysts.
Over the past 5 years, Russia has represented on average approximately 3 per cent of IMAX’s annual global box office.
IMAX’s revenue increased to $60 million from $38.8 million last year and Gross Margin increased to $31.8 million from $17.3 million in the year ago period.
As at March 31st there were 1,690 IMAX theatre systems (1,606 commercial multiplexes, 12 commercial destinations, 72 institutional) operating in 87 countries and territories.