IMAX AND CINEMA XXI TO EXPAND PARTNERSHIP WITH TEN NEW IMAX WITH LASER LOCATIONS IN INDONESIA

Rhea-AI Summary

IMAX Corporation (NYSE: IMAX) has announced a significant expansion of its partnership with Cinema XXI, Indonesia's largest cinema chain, by adding ten new IMAX with Laser systems. This deal will double the number of IMAX theatres in Indonesia from ten to twenty and is the largest agreement for new systems since 2020. Locations will include key cities such as Bandung and Jakarta, with a rollout expected through 2027. IMAX aims to strengthen its market presence in Indonesia, which showed promising growth with notable releases in local cinema. The new theatres will enhance the moviegoing experience with advanced technology.

Positive

• Expansion of partnership with Cinema XXI to add ten new IMAX systems in Indonesia.
• Doubling of IMAX locations in Indonesia, enhancing market penetration.
• Expected rollout of new theatres through 2027 supports long-term growth.

Negative

• None.

New Multi-Theatre Deal to Double IMAX Footprint with Cinema XXI in Indonesia, Marking the Biggest IMAX Agreement for New Systems Since 2020

JAKARTA, Indonesia and NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Cinema XXI and IMAX Corporation (NYSE: IMAX) today announced a significant expansion of their longstanding partnership with an agreement for ten new, state-of-the-art IMAX® with Laser systems across Indonesia. The new deal will double the size of IMAX and Cinema XXI footprint, taking the overall number of IMAX commercial systems in Indonesia from ten to twenty. Four of the new systems will be located in Summarecon Mall, Bandung, Icon Bali, Denpasar, Aeon Mall Deltamas and Thamrin Nine, Jakarta, with the rollout of the additional six theatres continuing into 2027.

"As the world's fourth most populous nation and home to a thriving moviegoing audience, Indonesia holds enormous promise for IMAX and we are excited to deepen our commitment to this market with a world-class partner such as Cinema XXI," said Rich Gelfond, CEO of IMAX. "2022 saw IMAX deliver its first ever Indonesian local language film as well as its highest grossing release of all time in Indonesia with 'Avatar: The Way of Water', and we believe we have only scratched the surface of what we can build in this emerging market."

"As a consumer-first cinema chain, Cinema XXI has consistently invested in world-class entertainment technology, and we are are committed to offering premiere state-of-the art technology and experiences for our loyal audiences, to further strengthen our market position as Indonesia's largest cinema chain," said Suryo Suherman, Executive Chairman of Cinema XXI. "Our partnership with IMAX also enables us to further grow Cinema XXI's presence and meet consumer demands across a country that is emerging to become a global content hub."

Cinema XXI is the largest exhibitor in Indonesia and currently operates nine IMAX locations with one additional location in backlog prior to the agreement announced today. The two companies have enjoyed a successful partnership since 2012.

The agreement comes as IMAX rides a wave of momentum in Indonesia and around the world. 2022 saw IMAX release its first ever Indonesian film, "Satan's Slave: Communion", which deliver a top ten all time IMAX opening weekend in the market. Indonesia is also one of 47 countries worldwide where "Avatar: The Way of Water" stands as the highest grossing IMAX release ever.

The ten new Cinema XXI locations will be equipped with IMAX with Laser, IMAX's most advanced experience. Immersive by design, IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. It is set apart by a groundbreaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology that delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX systems.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful distribution platforms for major event films around the globe.  Streaming technology company SSIMWAVE, an IMAX subsidiary, is a leader in AI-driven video quality solutions for media and entertainment companies.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2022, there were 1,703 IMAX  systems (1,622 commercial multiplexes, 12 commercial destinations, 69 institutional) operating in 87 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "1970." 

IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, Filmed For IMAX™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos®, SSIMWAVE® and Films to the Fullest®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax), YouTube (www.youtube.com/imaxmovies) and LinkedIn (www.linkedin.com/imax).

About Cinema XXI

Cinema XXI is under the auspices of PT Nusantara Sejahtera Raya, which is the largest cinema group in Indonesia founded in 1988. With more than 30 years of experience in the film exhibition industry, Cinema XXI is committed to always providing the best quality movie-viewing experience and convenience for the Indonesian public. As of the end of December 2022, Cinema XXI has presented 1,216 screens in 225 cinema locations spread across in 55 cities throughout Indonesia.

Cinema XXI is committed to continuously providing uncompromised, best quality entertainment at the affordable prices. In 2006, Cinema XXI gave birth to M-Tix to facilitate online cinema ticket ordering and in 2012 has presented a movie-viewing experience with revolutionary technology, namely IMAX theater. To better improve the services given to the customers, Cinema XXI has also equipped the theaters with the latest "Dolby Atmos" audio system, which is now available on 59 screens.

Not only a place to watch movies, Cinema XXI is also a second home to spend time with family and friends. Cinema XXI presents an unforgettable movie-viewing experience for today and tomorrow. For three consecutive years in 2017, 2018, 2019 Cinema XXI has been awarded the "World Branding Award" at Kensington, London as the Best Brand in the Entertainment Cinema Category (National Tier) and in early 2019, Cinema XXI has also been awarded the "Millennials Top Brand Awards" by one of the preferred media of Indonesia's young generation as the first choice of millennials for the category of leading cinema network in Indonesia. It doesn't stop there, regardless of the Pandemic conditions, in 2020, Cinema XXI has been named "Industry Champion of The Year" by the Asia Corporate Excellence and Sustainability (ACES) Awards www.21cineplex.com

For additional information please contact:

Investors:
Jennifer Horsley
jhorsley@imax.com
212.821.0154

Media:
Mark Jafar
mjafar@imax.com
212.821.0102

 

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SOURCE IMAX Corporation

FAQ

What is the recent partnership announcement between IMAX and Cinema XXI?

IMAX announced a partnership with Cinema XXI to add ten new IMAX with Laser systems in Indonesia, doubling their locations in the country.

How many IMAX theatres will be in Indonesia after the expansion?

After the expansion, there will be a total of twenty IMAX theatres in Indonesia.

When is the rollout of the new IMAX theatres expected to be completed?

The rollout of the new IMAX theatres is expected to continue into 2027.

How will the new IMAX theatres enhance the moviegoing experience?

The new IMAX theatres will feature IMAX with Laser technology, which offers higher image resolution and superior audio quality.

Why is Indonesia considered a promising market for IMAX?

Indonesia is the world's fourth most populous nation with a growing moviegoing audience, making it a strategic market for IMAX's expansion.