IMAX® And Miraj Cinemas Enter Partnership With Three New IMAX With Laser Locations Across India

Rhea-AI Summary

IMAX and Miraj Cinemas have announced a new partnership to install three new IMAX with Laser systems at key locations across India, marking IMAX's largest expansion in the country in five years. The deal includes the first-ever IMAX system in Jaipur and a system in Mumbai's iconic IMAX Wadala. IMAX's CEO Rich Gelfond expressed excitement over the collaboration, highlighting India's strong momentum as a top-grossing market for the company.

Insights

Market Research Analyst

The expansion of IMAX Corporation in India, particularly the installation of new IMAX with Laser systems, represents a strategic move to capitalize on a growing market. India's burgeoning middle class and its appetite for premium entertainment options provide a fertile ground for IMAX's high-end cinematic experience. The choice of cities, including Mumbai and Jaipur, aligns with areas of high consumer spending power and international tourism appeal, which could lead to increased footfall and revenue for IMAX.

From a market penetration perspective, IMAX's continued investment in India is a response to the competitive landscape where multiplexes are continuously upgrading their technology to enhance customer experience. This move could potentially increase IMAX's market share and strengthen its brand presence. It also indicates a bullish outlook on the Indian entertainment sector, which has shown resilience and growth despite global economic fluctuations.

Financial Analyst

The announcement of IMAX's largest expansion in India in five years could be seen as a positive indicator for investors, signaling growth and confidence in the Indian market. The record-breaking revenue figures from the previous year, particularly the success of Indian language films in IMAX format, suggest that there is a profitable niche for IMAX's premium offerings. This could translate into a steady stream of revenue, bolstered by the novelty of the IMAX with Laser systems and the strategic location choices.

However, investors should consider the capital expenditure involved in establishing these high-tech systems and any potential impact on short-term profitability. Long-term, the investment in technology and partnerships could pay off by setting IMAX apart from competitors and driving customer loyalty. The deal with Miraj Cinemas also diversifies IMAX's portfolio within India, mitigating risks associated with market volatility.

Entertainment Industry Analyst

The introduction of IMAX with Laser technology in India is a significant upgrade in the cinematic experience, which could redefine the standards for movie theaters in the region. IMAX's choice to revamp the iconic IMAX Wadala and to enter Jaipur, a new market for them, shows a targeted approach to both nostalgic moviegoers and untapped audiences. The technological advancements of the 4k laser projection system could set a new benchmark for competitors, potentially leading to a tech race in the cinema industry within India.

Furthermore, the partnership with Miraj Cinemas could facilitate cross-promotional opportunities and leverage Miraj's existing customer base. This symbiotic relationship might lead to increased marketability for both entities, with IMAX benefiting from Miraj's local expertise and Miraj gaining from the international prestige associated with the IMAX brand.

New Collaboration Marks IMAX's Largest Agreement for New Locations in India in Five Years

LAS VEGAS, April 10, 2024 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Miraj Cinemas today announced an exciting new partnership, agreeing to install three new state-of-the-art IMAX® with Laser systems at key locations across India. This deal marks the first-ever collaboration between the two companies and IMAX's largest expansion in India in five years. Miraj Cinemas will add three new IMAX systems to key locations across India, including one in Mumbai – set to open in 2024 – one in Jaipur, and a third location to be determined at a later date.

Under the deal, the Mumbai system will be located in the former iconic IMAX Wadala, which was the first IMAX location to open in India in 2003 until its closure in 2023. The deal also brings the first-ever IMAX system to the city of Jaipur, a historically significant and internationally popular tourist destination. The announcement was made today at the annual CinemaCon 2024 exhibition conference in Las Vegas.

"Last year, we delivered record-breaking results in India – driven by a mix of Hollywood and Indian blockbusters – and we're excited to expand our footprint in the market as the appetite for premium experiences continues to surge," said Rich Gelfond, CEO of IMAX. "We look forward to building on our remarkable momentum in India with our new partner Miraj Cinemas as they expand The IMAX Experience in key locations and iconic venues across the country."

"IMAX is the most immersive cinematic experience in the world, and we are thrilled to join forces with them to bring IMAX with Laser to our venues in India," said Amit Sharma, Managing Director, Miraj Cinemas. "At Miraj, we know our audiences want larger-than-life movie experiences, and we look forward to partnering with IMAX to bring The IMAX Experience to new locations in the country, including non-metro cities."

This new agreement comes as IMAX continues to see strong momentum in India, which ranks among the top ten highest grossing markets for the Company. 2023 was IMAX's highest-grossing year ever in the country, beating the previous record set in 2022. Last year was also the highest grossing year for Indian language films for IMAX, delivering over $15.7 million across the company's global network. Moviegoers have shown an increasing appetite for IMAX in India – "Oppenheimer" and "Avatar: The Way of Water" are the first and second-highest grossing IMAX film in the region, and three recent Indian language films – "K.G.F: Chapter 2", "Jawan" and "Pathaan" – are among the top ten highest grossing titles ever in the country.

The three new Miraj Cinemas locations 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 ground-breaking 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 screens.

About Miraj Entertainment Limited

Miraj Cinemas, India's fastest-growing and third-largest national multiplex chain, is dedicated to delivering unparalleled entertainment and culinary delights. With over 200 screens across 60 cinemas in 42 cities and 16 states, our expansion drive is set to soar beyond 300 screens by FY24. Prepare for an extraordinary cinematic adventure, blending cutting-edge technology and unwavering excellence.

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
212.821.0154

Media:
Mark Jafar
mjafar@imax.com
212.821.0102

 

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SOURCE IMAX Corporation

FAQ

What is the latest collaboration announced by IMAX ?

IMAX announced a new partnership with Miraj Cinemas to install three new IMAX with Laser systems at key locations across India.

How many new IMAX systems will Miraj Cinemas add through the partnership?

Miraj Cinemas will add three new IMAX systems in India through the partnership.

Which city will host the first-ever IMAX system in India under this collaboration?

Jaipur will host the first-ever IMAX system in India under the IMAX and Miraj Cinemas collaboration.

What is the significance of the Mumbai system in this partnership?

The Mumbai system will be located in the former iconic IMAX Wadala, the first IMAX location in India, which closed in 2023.

What is the latest expansion strategy of IMAX in India?

IMAX is expanding its footprint in India by partnering with Miraj Cinemas to install new IMAX with Laser systems in key locations.