IMAX AND MEGARAMA TO EXPAND PARTNERSHIP WITH THREE NEW LOCATIONS IN FRANCE AND MOROCCO

Rhea-AI Summary

IMAX Corporation and French exhibition company Megarama announced a strategic agreement to install three new IMAX systems in France and Morocco, significantly expanding IMAX's presence in these markets. This deal will bring the total number of IMAX systems in France to 29, enhancing the cinematic experience for audiences. Megarama, which opened its first IMAX location in December 2022, is now IMAX's second-largest commercial client in France. The agreement is timely, as IMAX recently reported its best first quarter ever at the box office in France, achieving $9.3 million in Q1 2023. The new venues will feature IMAX with Laser technology, known for its superior image quality and sound. This expansion is part of IMAX's ongoing strategy to grow its global footprint in key markets.

Positive

• Agreement to install three new IMAX systems in France and Morocco.
• Total of 29 IMAX systems in France, with Megarama as the second largest client.
• Best first quarter ever for IMAX in France with $9.3 million at the box office.

Negative

• None.

New Multi-Territory Deal Furthers Expansion of IMAX Network in Thriving French Cinema Market

PARIS and NEW YORK, April 18, 2023 /PRNewswire/ -- French exhibition company Megarama and IMAX Corporation (NYSE: IMAX) today announced an agreement for three new IMAX® systems in France and Morocco. The new deal will more than triple IMAX's footprint with Megarama and bring the number of IMAX® systems in France to 29, including 23 currently open and another 6 set for installation. Two of the new IMAX with Laser locations will be in France – in Givors and Boulogne-Sur-Mer – and one in Rabat, the capital city of Morocco.

Megarama is among IMAX's newest international exhibition partners, with the Paris-based firm opening its first IMAX location in Bordeaux in December 2022. With this new deal, Megarama becomes IMAX's second biggest commercial client in France. 

"We are delighted to join forces with IMAX to bring our audiences an even more immersive and captivating cinematic experience" said Mr. Jean-Pierre Lemoine, founder and President of Megarama. "This strategic partnership reflects our unwavering dedication to offering our movie-goers the highest quality entertainment and pushing the boundaries of innovation in cinema industry".

"IMAX continues to grow and diversify its global footprint, and this new agreement with our excellent partners at Megarama expands our presence in two key countries — including France, one of the world's red hot box office markets," said Rich Gelfond, CEO of IMAX. "Megarama's embrace of IMAX is a clear example of how our results with 'Avatar: The Way of Water' are driving our sales business, and our overall strength at the box office in France is reigniting the market for network growth."

The new agreement comes as IMAX rides a wave of momentum in France, which is a top ten market overall for global box office for the Company. IMAX just had its best first quarter ever at the box office in France with $9.3 million (Q1 2023), coming close to its record for the highest grossing quarter of all time with $9.5 million, which was set in Q4 2022. Both France and Morocco are also one of 48 countries worldwide where "Avatar: The Way of Water" stands as the highest grossing IMAX release ever.

IMAX also continues to debut more local content in France, including the first concert ever to be released through the Filmed for IMAX camera program, "INDOCHINE'S CENTRAL TOUR", which topped the French box office in November 2022. Additionally, this month saw the release of the "The Three Musketeers: D'Artagnan".

The three new Megarama locations in France and Morocco 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, making IMAX's network among the most important and successful theatrical 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 December 31, 2022, there were 1,716 IMAX systems (1,633 commercial multiplexes, 12 commercial destinations, 71 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 MEGARAMA

Mr. Jean-Pierre LEMOINE, founder an President of MEGARAMA, with over 280 screens across Europe and North Africa, has positioned MEGARAMA as the 5^th largest cinema operator in France and the leading operator in North Africa. MEGARAMA is also involved in film distribution through its subsidiary Golden Film International, as well as screen advertising. MEGARAMA strives to offer its audience the best in technology in warm and friendly atmosphere with numerous innovative services. 

For more information visit www.megarama.com, on LinkedIn (www.linkedin.com/megarama), on Facebook (www.facebook.com/megarama).

For additional information please contact:

Investors:
Jennifer Horsley
jhorsley@imax.com 

Media:
Jane Collins
jcollins@imax.com

 

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SOURCE IMAX Corporation

FAQ

What is the new deal between IMAX and Megarama about?

IMAX and Megarama announced a deal to install three new IMAX systems in France and Morocco, increasing IMAX's presence in these countries.

How many IMAX systems will there be in France after the new deal?

After the new deal, there will be a total of 29 IMAX systems in France.

What was IMAX's box office performance in France in Q1 2023?

IMAX achieved $9.3 million at the box office in France in Q1 2023, marking its best first quarter ever.

What technology will the new IMAX locations feature?

The new IMAX locations will feature IMAX with Laser technology, known for its advanced image and audio quality.