IMAX and Cineworld Expand Longstanding Partnership with Agreement for Upgraded and New IMAX Locations Worldwide

Rhea-AI Summary

IMAX Corporation and Cineworld announced an expansion of their partnership, adding five new IMAX with Laser systems to bring the total to 52 locations upgraded or opened by 2026. Notable sites include Cineworld Leicester Square in London and Regal Irvine Spectrum in California. This collaboration aims to enhance the moviegoing experience post-COVID, capitalizing on the success of blockbuster films. IMAX's advanced 4K laser projection technology will be featured in these theaters, promoting higher image quality and customer satisfaction.

Positive

• Expansion of partnership with Cineworld to upgrade or open a total of 52 IMAX systems by 2026.
• Introduction of five new IMAX with Laser systems enhances the customer experience.
• IMAX's cutting-edge 4K laser projection technology will improve image quality and customer satisfaction.

Negative

• None.

With Five New IMAX with Laser Systems, Cineworld Now Plans to Upgrade or Open a Total of 52 IMAX Systems across its Worldwide Footprint by 2026

NEW YORK, Aug. 3, 2022 /PRNewswire/ -- Cineworld and IMAX Corporation (NYSE: IMAX) today announced an expansion of their longstanding partnership, under which 52 IMAX locations across Cineworld's worldwide footprint will be upgraded or opened by 2026. Cineworld and IMAX had previously contracted for 47 new or upgraded IMAX® systems and under the new agreement will add an additional five new IMAX with Laser systems across the UK and Europe. Under the agreement, Cineworld Leicester Square in London, Regal Irvine Spectrum in California, and Regal UA Sheepshead Bay in New York City will all feature IMAX with Laser.

"Cineworld has always been visionary and unyielding in its drive to offer the best possible moviegoing experience, and this agreement signals the company's desire to serve its fans into the future and meet the growing consumer demand for IMAX around the world," said Rich Gelfond, CEO of IMAX. "Mooky, Renana and their teams continue to be excellent partners to us at IMAX and we look forward to further building on our many years of success together."

"The ongoing, outstanding success of the Blockbuster movies in IMAX proves the importance customers give to high quality, and this only got stronger after COVID," said Mooky Greidinger, CEO of Cineworld. "Our partnership with IMAX goes back many years, since the days of the 70mm, through Digital and now Laser. We believe that IMAX's commitment to being the best quality in the world for the moviegoer is second to none and we are proud to continue and offer our customer the IMAX experience in more and more locations around the world." 

Cineworld currently operates the most IMAX locations in Europe, and the two companies enjoy a longstanding partnership spanning nearly twenty-five years. Cineworld was among the first global exhibitors to launch IMAX with Laser, striking an agreement in 2018 to install 55 systems in, and a subsequent agreement in 2019 to install an additional 15 systems.

IMAX with Laser is IMAX's most advanced theatre experience, developed from the ground-up to be immersive by design and deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. It is unmatched with 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 screens.

About IMAX Corporation

IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, theater architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, immersive content experiences for which the IMAX® brand is globally renown. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films and, increasingly, exclusive experiences ranging from live performances to interactive events with leading artists and creators.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2022, there were 1,694 IMAX theater systems (1,610 commercial multiplexes, 12 commercial destinations, 72 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® 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. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Instagram (https://www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

About Cineworld:

Cineworld Group plc was founded in 1995 and listed its shares on the London Stock Exchange in May 2007. The company has grown through expansion and by acquisition to become the second largest cinema chain worldwide, holding the number one or number two position by number of screens in each of its regions. Cineworld currently operates 9,139 screens across 747 sites in 10 countries - the US, UK, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel. Cineworld currently has 132 IMAX® auditoriums globally.

For additional information please contact:

Investors:
Heather Anthony
hanthony@imax.com
212.821.0121

Media:
Mark Jafar
mjafar@imax.com
212.821.0102

 

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SOURCE IMAX Corporation

FAQ

What is the new IMAX expansion agreement with Cineworld about?

IMAX and Cineworld have expanded their partnership to upgrade or open a total of 52 IMAX systems by 2026, including five new IMAX with Laser systems.

What locations will feature the new IMAX with Laser systems?

New IMAX with Laser systems will be introduced at Cineworld Leicester Square in London, Regal Irvine Spectrum in California, and Regal UA Sheepshead Bay in New York City.

How many total IMAX locations are planned by 2026?

A total of 52 IMAX locations are planned to be upgraded or opened by 2026 under the agreement with Cineworld.

What is the technology behind IMAX with Laser?

IMAX with Laser features a 4K laser projection system designed to deliver brighter images, increased resolution, deeper contrast, and a wider range of colors.