IMAX DELIVERS BEST FIRST QUARTER OF ALL TIME AT THE GLOBAL BOX OFFICE WITH $282.2 MILLION

Rhea-AI Summary

IMAX Corporation (NYSE: IMAX) announced a record-breaking first quarter box office of $282.2 million for 2023, surpassing its previous record by over $10 million. The success stemmed from a diverse range of films, making it IMAX's highest grossing quarter for local language films. Highlights include $86.3 million from local language releases, with notable performances from titles like The Wandering Earth 2 in China and Pathaan in India. CEO Rich Gelfond expressed optimism for 2023, anticipating a return to pre-pandemic box office levels. IMAX plans to release 30 to 40 local language films this year.

Positive

• Record first quarter box office of $282.2 million, surpassing 2016's record by over $10 million.
• Strong revenue from local language films, contributing 31% of total box office.
• Successful titles include Avatar: The Way of Water ($255 million) and The Wandering Earth 2, IMAX's highest grossing local film.

Negative

• None.

Record-Breaking Result Powered by IMAX's Highest Grossing Quarter Ever for Local Language Films

NEW YORK, April 4, 2023 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced it set a new Company record for first quarter box office in 2023 with $282.2 million* — beating its previous best set in 2016 by more than $10 million. The record-breaking results were powered by a potent global mix of releases; the first quarter now stands as IMAX's highest grossing quarter ever for local language releases and also saw the stunning performance of James Cameron's "Avatar: The Way of Water".

"The first quarter is an excellent indicator of the promise we see in 2023 — a year in which we expect to return to our record-breaking levels of box office from 2019," said Rich Gelfond, CEO of IMAX. "Our best-ever box office for the quarter demonstrates that IMAX is wholly unique in its ability to capitalize on both Hollywood and local language box office, and our diversifying content portfolio remains a key, successful pillar of our global growth strategy."

IMAX delivered a record $86.3 million in box office for local language films in the first quarter — 31% of the Company's overall global box office for the first three months of the year. A slew of successful releases from key film industries throughout the world contributed to the results, including:

• $61.3 million in Chinese New Year box office, a new record for local language box office in China's peak moviegoing period
• China Film Group's "The Wandering Earth 2", which now stands as IMAX's highest grossing local language film of all time
• Initially released in Japan in November, Toho's "Suzume" climbed to IMAX's second highest grossing Japanese local language film of all time
• In India, Yash Raj Films "Pathaan", which delivered IMAX's biggest global opening weekend of all time for an Indian film.

IMAX expects to program 30 to 40 local language titles in 2023.

James Cameron's "Avatar: The Way of Water" was the highest grossing IMAX release of the quarter and has now generated $255 million in IMAX — the Company's highest grossing first-run release of all time. IMAX also delivered strong performances with Hollywood blockbusters including "Creed III" — the highest grossing sports film of all time in IMAX — "Ant-Man and the Wasp: Quantumania", and "John Wick 4", among others.

The coming weeks will see a number of high-profile releases debut across the IMAX network, including Universal Pictures' "The Super Mario Bros. Movie", Disney/Marvel Studios' "Guardians of the Galaxy Vol. 3" and the highly anticipated French local language film "The Three Musketeers: D'Artagnan".

*Excluding booking fees, IMAX Q1 GBO is $273.2 million

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). 

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 were IMAX's box office results for Q1 2023?

IMAX reported a record box office of $282.2 million for Q1 2023.

Which films contributed to IMAX's record box office in Q1 2023?

Key films included Avatar: The Way of Water and several successful local language films like The Wandering Earth 2 and Pathaan.

How much revenue did IMAX generate from local language films in Q1 2023?

IMAX generated $86.3 million from local language films in the first quarter of 2023.

What is IMAX's outlook for 2023 regarding box office performance?

IMAX expects to return to record-breaking box office levels from 2019.

How many local language titles is IMAX planning to release in 2023?

IMAX plans to release 30 to 40 local language titles in 2023.