IMAX® and GSC Expand Partnership with Six IMAX Locations in Malaysia

Rhea-AI Summary

IMAX expands partnership with Golden Screen Cinemas in Malaysia, adding six state-of-the-art IMAX with Laser systems.

Positive

• IMAX completes deals for 13 new and upgraded systems across Malaysia, making it the number-one growth market for IMAX internationally.
• Malaysia consistently ranks among the top 25 global markets for IMAX box office.
• IMAX moves further into local films in Malaysia, debuting its first Malaysia release and achieving box office success with 'Oppenheimer' and 'Avatar: The Way of Water'.

Negative

• None.

Malaysia Surges to Become Number-One International Growth Market for IMAX in 2023, with 13 Signings for IMAX Systems Year-to-Date

KUALA LUMPUR, Malaysia and NEW YORK, Oct. 17, 2023 /PRNewswire/ -- Golden Screen Cinemas (GSC) and IMAX Corporation (NYSE: IMAX) today announced an expansion of their partnership with an agreement for six state-of-the-art IMAX® with Laser systems in Malaysia. The agreement will see five new locations, including one in the heart of Kuala Lumpur and one upgrade to the Southkey Megamall, Johor Bahru. 

Under the new agreement, IMAX has now completed deals in 2023 for 13 new and upgraded systems across Malaysia — more than any international market worldwide. IMAX and GSC, the leading cinema exhibitor in Malaysia, have enjoyed a successful partnership since 2019. This deal will bring the total number of IMAX locations with GSC to nine, all of which will now feature best-in-class IMAX with Laser systems by 2027.

"Malaysia has been an incredible success story for IMAX this year, underscoring our growth potential across international markets and the diversity of ways cinema is thriving worldwide," said Rich Gelfond, CEO of IMAX. "GSC is an excellent, world-class exhibition partner for IMAX, and we look forward to expanding our partnership and working together to serve Malaysian audiences and drive further growth in the market."

"As the first local cinema exhibitor to offer IMAX with Laser theatres to cater to the needs of action movie enthusiasts, our continued partnership with IMAX underscores our continuous commitment in bringing immersive cinematic experiences to moviegoers. With a total of nine GSC locations equipped with IMAX with Laser, this creates greater opportunities for us to showcase locally produced content in premium movie formats," said Ms. Koh Mei Lee, Chief Executive Officer, Golden Screen Cinemas.

Malaysia is a fast-growing market for IMAX, consistently ranking among the top 25 global markets for IMAX box office despite having only 11 IMAX locations currently in operation. The growth has spurred IMAX to move further into local films in Malaysia, with the company debuting its first Malaysia release, "Malbatt: Misi Bakara" in August 2023.  Recently, Christopher Nolan's "Oppenheimer" became the number two all-time release in Malaysia, with James Cameron's "Avatar: The Way of Water" holding the number one all-time box office position in the market.

The six new and upgraded locations for GSC will be equipped with IMAX with Laser, IMAX's most advanced theatre experience. IMAX with Laser is immersive by design, developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. The ground-breaking 4K laser projection system 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, 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 June 30, 2023, there were 1,718 IMAX systems (1,638 commercial multiplexes, 12 commercial destinations, 68 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 nexus®, 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 GSC

Golden Screen Cinemas Sdn. Bhd. (GSC) is a wholly-owned subsidiary of the PPB Group (a member of the Kuok Group), operating a total of over 600 screens in over 70 locations across Malaysia and Vietnam, with 530 screens in 55 locations in Malaysia, and 112 screens in 19 locations in Vietnam through a partnership with Galaxy Studio. As the leading cinema exhibitor in Malaysia, GSC delivers innovative, integrated, and enriching lifestyle experiences through state-of-the-art cinematic technologies, merchandising, F&B, events, and more. Tailored for audiences that enjoy arthouse films, GSC International Screens was launched in 1999, celebrating cultural diversity through film on the big screens. With movies from all over the world, GSC International Screens showcases best of non-mainstream and foreign language movies. GSC also owns Aurum Theatre, a boutique luxury cinema unlike any other in Malaysia, featuring opulent seats, bespoke service, and continental dining. For more information, log on to www.gsc.com.my or check out GSC's social media @gscinemas for the latest updates.

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 expansion agreement between IMAX and Golden Screen Cinemas?

The expansion agreement includes the addition of six state-of-the-art IMAX with Laser systems in Malaysia.

How many new and upgraded systems has IMAX completed deals for in Malaysia?

IMAX has completed deals for 13 new and upgraded systems across Malaysia in 2023.

What is the significance of Malaysia as a market for IMAX?

Malaysia consistently ranks among the top 25 global markets for IMAX box office.

What local films has IMAX released in Malaysia?

IMAX debuted its first Malaysia release, 'Malbatt: Misi Bakara', and achieved box office success with 'Oppenheimer' and 'Avatar: The Way of Water' in Malaysia.

What is IMAX with Laser?

IMAX with Laser is IMAX's most advanced theatre experience, delivering crystal clear, lifelike images and precision audio.

What are the features of IMAX with Laser?

IMAX with Laser features a ground-breaking 4K laser projection system, custom designed lenses, and proprietary technology that delivers brighter images with increased resolution, deeper contrast, and a wide range of colors.