IMAX Q2 helped by Top Gun: Maverick
August 1, 2022
By Chris Forrester
Giant screen operator IMAX, despite a challenging trading period in China because of Covid, turned in a very respectable revenue improvement of 3.1 per cent in its Q2 results with total box office up 128 per cent and its revenues jumping 45 per cent (y-o-y) to $74 million.
It still ended up with a trading loss, but that had shrunk to $2.9 million [€2.84m] (from $9.2 million a year ago).
This second quarter saw an impact from a $3.2 million charge IMAX has taken due to “COVID-related lockdowns and depressed box office levels in China”.
“IMAX is playing a leading role in the global resurgence in moviegoing, as demonstrated by our strong financial results, global box office growth, and market share gains we delivered in the second quarter,” says CEO Richard Gelfond. “In fact, our Q2 results in North America were on par with our record-breaking 2019, as consumers continue to seek out IMAX as a destination for fandom,” he added. “IMAX is playing a leading role in the global resurgence in moviegoing, as demonstrated by our strong financial results, global box office growth, and market share gains we delivered in the second quarter,” says Gelfond. “The environment in China remains challenging, but we are beginning to see some early encouraging signs.”
IMAX has enjoyed the recent benefits from Top Gun: Maverick, but also Jurassic World: Dominion grossing over $145 million in China, and Chinese authorities giving approval for The Batman, Fantastic Beasts and Ambulance. There’s also Avatar 2 to look forward to.
The current Q3 should be the proof, and especially in China. Gelfond told analysts that as at July 28th, 91 per cent of the IMAX theatres in China were open for business (and 92 per cent in Beijing) although he admitted that there were limitations on seating in most Chinese theatres.