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.
Read more Business News
- Banished from community?Poll
- Weed oil fire burns twoKelowna
- Rose vows to end wasteMunicipal Elections 2014
- Judge: Banishment OKKamloops
|QHR Technologies Inc||1.11||+0.06|
|Anavex Life Sciences||0.19||-0.0015|
|Copper Mountain Mining||1.94||+0.09|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.45||+0.06|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...