Friday, October 24th5.7°C
23888
23589

Imax teams with Shanghai Film to open 19 more giant-screen cinemas in China

HONG KONG - Imax and China's biggest state-owned film exhibitor are teaming up to open 19 giant screen cinemas in the world's No. 2 movie market.

Imax Corp. and Shanghai Film Corp. said Tuesday that a "significant number" of the theatres will open before the end of 2015.

No financial terms were disclosed. Shanghai Film already operates three Chinese Imax theatres.

Box office revenues in China surged 27 per cent last year to $3.6 billion, making the country a crucial market for international film companies.

Government policies aimed at encouraging growth of Imax and 3-D movies are helping boost the format's popularity in China's tightly controlled film market.

"Transformers: Age of Extinction," the latest instalment of Michael Bay's blockbuster robot film franchise, earned nearly $10 million at Chinese Imax screens on its opening weekend, more than double the previous record, the company said.

The deal comes a year after Imax partnered with another Chinese company, Wanda Cinema, to open up to 120 of the Canadian company's theatres.

At the end of 2013, Imax had 173 cinemas in China and plans for 230 more by 2021, according to its latest annual report.

That puts China on track to become Imax's No. 1 market globally, overtaking the United States, where box office revenue growth is stagnating and the company has about 380 cinemas.

____

Online:

Imax: www.imax.com

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14536.49+49.66
S&P CDNX804.69-3.91
DJIA16766.2288.32
Nasdaq4471.803+19.011
S&P 5001959.61+8.79
CDN Dollar0.8905+0.0001
Gold1231.20+2.10
Oil80.73-1.02
Lumber335.00+5.40
Natural Gas3.609-0.013

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.41+0.25
Copper Mountain Mining2.05-0.03
Colorado Resources0.135-0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.42+0.01

 





FEATURED Property
2081102#311 555 Yates Road
2 bedrooms 2 baths
$224,999
more details
image2image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22632