IMAX ROCKETS TO SECOND BEST OPENING DAY EVER FOR CHINESE NEW YEAR

Rhea-AI Summary

IMAX Corporation (NYSE: IMAX) reported impressive box office results with $6 million from the opening day of The Wandering Earth 2, nearly doubling its predecessor's performance. This represented 8.5% of the film's total gross on just 1% of screens. The overall opening day in IMAX China reached $7 million, marking IMAX's second-best performance during the Chinese New Year. Strong audience reactions on major platforms fueled optimism, evidenced by high scores of 9.4 on Maoyan and 9.7 on Taopiaopiao. The company anticipates continued success with upcoming releases, positioning itself well in China's robust film market.

Positive

• Opening day gross of $6 million for 'The Wandering Earth 2', nearly double the predecessor's result.
• IMAX contributed 8.5% of the film's first-day gross with only 1% of screens.
• Overall IMAX box office for opening day reached $7 million, second-best in Chinese New Year history.
• Strong audience reception with scores of 9.4 on Maoyan and 9.7 on Taopiaopiao.
• Continued slate of potential blockbusters including 'Avatar: The Way of Water'.

Negative

• None.

China Film Group's "The Wandering Earth 2" Scores $6 Million Opening Day in IMAX — Nearly Double its Predecessor and Good for 8.5% of the Film's Total

SHANGHAI AND NEW YORK, Jan. 23, 2023 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) rocketed to its second-best opening day ever for the Chinese New Year holiday — the perennial peak moviegoing period in China — with $7 million in box office across the IMAX China network on Sunday.

China Film Group's "The Wandering Earth 2" — the prequel to the 2019 smash-hit "The Wandering Earth" — led the way with $6 million. IMAX opening day box office for "The Wandering Earth 2" was nearly double the opening day haul for its predecessor, and IMAX locations delivered 8.5% of the film's first day gross on only 1% of screens. Filmmaker Guo Fan's latest effort earned strong early reaction from Chinese moviegoers on China's top ticketing platforms, including a 9.4 score on Maoyan and 9.7 on Taopiaopiao.

"Moviegoing in China continues to make a strong comeback in 2023, and our results for the opening day of Chinese New Year — which stand among our best ever — offer further proof of the pent-up demand among Chinese audiences for great blockbuster entertainment," said Rich Gelfond, CEO of IMAX. "With a strong Chinese New Year slate, the continued success of 'Avatar: The Way of Water', and several high-profile releases from Hollywood in the coming weeks, it's clear that China is once again one of the most robust and diversified film markets in the world."

IMAX's results were further amplified with the success of a trio of films, including "Full River Red", the period drama that marks the fifth collaboration between IMAX and director Zhang Yimou. The Chinese New Year IMAX slate was rounded out by children's animated film "Deep Sea" produced by Enlight Film, and WWII espionage thriller "Hidden Blade" produced by Bona Film and Xiyue Film. Both films mark first-time partnerships between IMAX and directors Tianxiaopeng and Cheng Er, highlighting the expanding range of partnerships between local language content filmmakers and IMAX.

"This is one of the strongest and most diversified Chinese New Year slates in years, and a credit to the studios and filmmakers who continue to push Chinese filmmaking to new heights," said Daniel Manwaring, CEO of IMAX China. "We are particularly excited to welcome Chinese moviegoers back to the visionary world of Guo Fan's "Wandering Earth", as audiences continue to see IMAX as the premier destination to experience this groundbreaking franchise."

IMAX China will continue to program its Chinese New Year film slate throughout the holiday leading into February. Disney/Lightstorm's "Avatar: The Way of Water" — which is already the second highest grossing IMAX film in China with more than $50 million — will continue its successful run in China as well. Disney/Marvel's "Black Panther: Wakanda Forever" and "Ant-Man and The Wasp: Quantumania" will also debut in China next month.

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 theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is 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 September 30, 2022, there were 1,703 IMAX theater systems (1,622 commercial multiplexes, 12 commercial destinations, 69 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). 

About IMAX China

IMAX China is a subsidiary of IMAX Corporation, and was incorporated as a limited liability company under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. Shares of IMAX China trade on the Hong Kong Stock Exchange under the stock code "1970".

For additional information please contact:

Investors:
IMAX Corporation, New York
Jennifer Horsley
212-821-0154
jhorsley@imax.com 

Media:
IMAX Corporation, New York
Mark Jafar
212-821-0102
mjafar@imax.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/imax-rockets-to-second-best-opening-day-ever-for-chinese-new-year-301728028.html

SOURCE IMAX Corporation

FAQ

What were IMAX's box office results for 'The Wandering Earth 2'?

IMAX reported $6 million from 'The Wandering Earth 2' on opening day, equating to 8.5% of the film's total gross.

How does 'The Wandering Earth 2' compare to its predecessor in IMAX?

'The Wandering Earth 2' nearly doubled the opening day gross of its predecessor in IMAX.

What is the significance of the $7 million opening day for IMAX?

The $7 million opening day marks IMAX's second-best performance ever during the Chinese New Year.

What audience reactions did 'The Wandering Earth 2' receive?

The film received high scores of 9.4 on Maoyan and 9.7 on Taopiaopiao, indicating strong audience approval.

What upcoming films are expected to contribute to IMAX's success?

IMAX anticipates continued success with releases like 'Avatar: The Way of Water' and other Hollywood films.