Advanced Television

IMAX lifts revenues, but still at net loss

November 1, 2022

By Chris Forrester

Giant screen theatre operator IMAX has seen its box office rise 25 per cent (y-o-y) during its Q3, but still reported an (adjusted) net loss, not helped by the continuing Covid problems in China – one of its key markets – and a lull in blockbuster releases.

Overall revenue at IMAX came in at to $68.8 million (€69.2m), up 21 per cent from a year-earlier $56.6 million, boosted by the likes of Thor: Love and Thunder and Top Gun: Maverick. IMAX reported a loss of $9 million, which widened a year-earlier loss of $8.4 million.

Global box office at IMAX during Q3 hit $177.1 million, up 25 per cent from $141.9 million last year. Around 30 per cent of the global box office came from IMAX’s local language film productions which helped compensate for the aforementioned softer output from Hollywood.

IMAX is targeting 30 to 40 local language releases, especially for China, during 2023.

IMAX CEO, Rich Gelfond, speaking to analysts, said: “Looking at China, we continue to take the long view while managing the business for the current environment.”

IMAX operates around 800 screens in China and has another 200 screens under backlog orders.

“Our rapid diversification to local language content gives us a strong content foundation in China regardless of the political environment,” Gelfond added.

IMAX’s Q4 will enjoy the long-awaited Avatar sequel, which will include 3D options for patrons, as well as Marvel’s Black Panther: Wakanda Forever.

Categories: Articles, Business, Results

Tags: , , , ,