IMAX® and CineNOVA Launch Partnership With Four New IMAX Locations Across Turkey

Rhea-AI Summary

IMAX and CineNOVA have launched a partnership to bring four new state-of-the-art IMAX with Laser systems to Turkey, marking a significant milestone for the Turkish cinema market. The deal will see installations in key cities like Istanbul and Ankara, with two locations opening in 2024 and the remaining two in 2025 and 2026. The collaboration aims to provide audiences with unforgettable cinematic experiences by combining the best technology with top-notch operations management.

New Collaboration Brings State-of-the Art IMAX with Laser to Thriving Turkish Cinema Market for First Time

NEW YORK and ISTANBUL, April 24, 2024 /PRNewswire/ -- CineNOVA and IMAX Corporation (NYSE: IMAX) today announced a new partnership to install four new state-of-the-art IMAX® with Laser systems in Turkey. This agreement is the first collaboration between the two companies and will bring the first-ever premium IMAX with Laser systems to the country, marking a significant milestone for the market. The deal will bring the IMAX Experience to several key cities across Turkey, including Istanbul and Ankara, with installation for two of the locations scheduled to commence in 2024, and the remaining two set to open in 2025 and 2026.

"At CineNOVA, our mission has always been to provide our audience with the service level and quality that cinema truly deserves," said A. Hakan Askar, CEO of CineNOVA. "With the experience accumulated over the years by the CineNOVA team, we are dedicated to transforming the cinema landscape in Turkey once again. We are excited to contribute to the Turkish cinema industry with the best technology available, coupled with the best operations management possible – this partnership with IMAX exemplifies our dedication to providing our patrons with unforgettable cinematic experiences."

"Turkey is exemplary of the growth opportunities at hand for IMAX around the world; it is a market with a passionate moviegoing audience where IMAX is breaking box office records with significant room to grow our footprint," said Rich Gelfond, CEO of IMAX. "We're excited to join forces with CineNOVA, a new and ambitious player bringing fresh energy to the Turkish exhibition landscape, to offer IMAX with Laser to the country for the first time."

The strong performance of IMAX at the global box office in 2023 and 2024 to date continues to generate results and greater demand among global exhibitors. IMAX has been operating in Turkey since 2000 and currently has eight locations in the country, and this new deal with CineNOVA represents a 50% increase in IMAX's presence in the country. Three of the country's top five highest grossing titles for IMAX have been released since the end of 2022: "Oppenheimer" is the top grossing film ever, "Avatar: The Way of Water" is the second highest grossing film ever, and "Dune: Part Two" is the third highest grossing film ever. The country is also one of the Top 25 highest grossing markets for IMAX in 2024, and one of the Top 10 highest-grossing European markets for IMAX in 2024.

The four new CineNOVA locations in Turkey will be equipped with IMAX with Laser, IMAX's most advanced experience. 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. The new locations will be set apart by the groundbreaking 4K laser projection system that features a new optical engine, custom-designed lenses, and a suite of proprietary technology, all of which delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX systems.

About CineNova

CineNOVA is a leading innovator in the Turkish cinema industry, committed to providing audiences with unforgettable cinematic experiences. With a focus on service excellence and cutting-edge technology, CineNOVA aims to redefine the moviegoing experience across Turkey. By combining culture and experience, CineNOVA aims to offer more than just a place to watch movies; it strives to create an immersive and culturally rich environment that enhances the overall enjoyment of the audience.

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. 

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2023, there were 1,772 IMAX systems (1,693 commercial multiplexes, 12 commercial destinations, 67 institutional) operating in 90 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^® 3D, Experience It In IMAX^®, The IMAX Experience^®, DMR^®, Filmed For IMAX^®, IMAX LIVE™, and IMAX Enhanced^® are trademarks and trade names of IMAX Corporation 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), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies). 

For additional information please contact: 

Investors:
Jennifer Horsley
jhorsley@imax.com

Media:
Mark Jafar
mjafar@imax.com

 

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SOURCE IMAX Corporation

FAQ

When was the partnership between IMAX and CineNOVA announced?

The partnership between IMAX and CineNOVA was announced on April 24, 2024.

How many new IMAX with Laser systems will be installed in Turkey through this partnership?

Four new IMAX with Laser systems will be installed in Turkey as part of this partnership.

Which cities in Turkey will receive the IMAX Experience through this collaboration?

Key cities like Istanbul and Ankara in Turkey will receive the IMAX Experience through this collaboration.

What is the timeline for the installation of the new IMAX locations in Turkey?

Two locations are scheduled to commence installation in 2024, while the remaining two are set to open in 2025 and 2026.

What is the new technology that will be featured in the four new CineNOVA locations in Turkey?

The four new CineNOVA locations in Turkey will be equipped with IMAX with Laser, IMAX's most advanced experience.