IMAX® And SM Cinema Expand Longstanding Partnership With 10 IMAX With Laser Systems In The Philippines

Rhea-AI Summary

IMAX (NYSE: IMAX) and SM Cinema have expanded their partnership by adding 10 state-of-the-art IMAX with Laser systems in the Philippines, more than doubling IMAX's footprint in the country. The deal includes three new locations and upgrades to seven existing systems, with three upgrades set to open in 2024 and the rest by 2026. This expansion signifies IMAX's growing presence in the global entertainment market and its business momentum. The collaboration underscores the success of the partnership between IMAX and SM Cinema, with the Philippines being one of IMAX's top performing markets in Southeast Asia.

Positive

• Expansion of partnership between IMAX and SM Cinema with the addition of 10 state-of-the-art IMAX with Laser systems in the Philippines.

• Significant increase in IMAX's footprint in the growing Filipino market, highlighting the company's business momentum globally.

• Enhanced moviegoing experience with IMAX with Laser technology, delivering crystal clear images and precision audio for an immersive experience.

Negative

• None.

Multi-Theatre Deal More than Doubles IMAX Footprint in Growing Filipino Market

NEW YORK and PASAY, Philippines, April 29, 2024 /PRNewswire/ -- SM Cinema, the largest exhibitor in the Philippines, and IMAX Corporation (NYSE: IMAX) today announced a significant expansion to their longstanding partnership, with 10 state-of-the-art IMAX® with Laser systems in the Philippines. The deal will bring The IMAX Experience to three new locations, as well as seven IMAX with Laser upgrades to existing systems across the SM Cinema network. Three of the upgraded locations are expected to open in 2024, with the remaining locations set to open before the end of 2026.

"With our biggest system agreement yet in 2024, IMAX continues to see network expansion accelerate as the film slate picks up steam — an excellent indicator of our continued business momentum globally," said Rich Gelfond, CEO of IMAX. "SM Cinema is a vital component of one of the most successful and forward-thinking retail developers in the world and we are excited to more than double our footprint in the Philippines in collaboration with such an excellent, consumer-focused partner."

"The inclusion of the Philippines in the discourse underscored its growing significance in the global entertainment landscape, affirming SM Supermalls' goal in shaping the industry's future," said SM Supermalls President Steven T. Tan.

IMAX and SM Cinema have enjoyed a successful partnership since 2006 and, excluding this deal, currently operate nine locations together across the Philippines. As IMAX continues to diversify its content offering across its global platform, the Philippines has emerged as one of the company's top performing Southeast Asian marketing in 2024 and has ranked among the top 30 highest grossing IMAX markets globally since 2022.

All IMAX locations part of this deal will be equipped with IMAX with Laser, IMAX's most advanced theatre 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. 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 March 31, 2024, there were 1,772 IMAX systems (1,697 commercial multiplexes, 12 commercial destinations, 63 institutional) operating in 89 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 LIVETM, IMAX Enhanced®, IMAX StreamSmartTM, and SSIMWAVE® 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 can also connect with IMAX on Instagram (www.instagram.com/company/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

How many state-of-the-art IMAX with Laser systems are being added in the Philippines?

10 IMAX with Laser systems are being added in the Philippines.

When are the three new IMAX with Laser locations expected to open?

Three new IMAX with Laser locations are expected to open in 2024.

What does IMAX with Laser technology offer in terms of moviegoing experience?

IMAX with Laser technology delivers crystal clear images and precision audio for an immersive moviegoing experience.