IMAX Sets New Record for Global Market Share with "Dune: Part Two"

Rhea-AI Summary

IMAX Corporation's global network continues to excel with 'Dune: Part Two', capturing 22% of the film's global box office in its second weekend, marking the biggest global weekend market share in IMAX history. The film amassed $27.7 million in global box office over the weekend, contributing to a total of $72.4 million in IMAX box office to date. IMAX's performance was driven by strong results worldwide, with notable performances in North America and China.

Insights

Market Research Analyst

The performance of 'Dune: Part Two' in IMAX theaters is a significant indicator of consumer preferences and market trends within the entertainment industry. The fact that IMAX captured 22% of the film's global box office from a relatively small number of locations highlights the premium that audiences are willing to pay for enhanced viewing experiences. This trend suggests a growing market segment that prioritizes quality over quantity, which could influence how movies are distributed and where investments are channeled in the future.

Moreover, the strong box office results in China, where IMAX took a 33% share from less than 1% of screens, underscore the importance of the Chinese market for global box office revenues. This performance may encourage increased collaboration with IMAX for future releases, potentially shaping the strategic decisions of film studios and distributors. The sustained success of 'Dune: Part Two' in IMAX also implies that high-quality productions can have longevity in theaters, countering the fast turnover rate driven by digital streaming platforms.

Financial Analyst

IMAX Corporation's record-breaking weekend performance with 'Dune: Part Two' is likely to have a positive impact on the company's financial health. The impressive 22% global market share and the overall contribution of 20% to the film's global box office in the first twelve days are indicators of strong revenue growth. This performance may lead to upward revisions in revenue and earnings forecasts for IMAX, potentially affecting its stock price positively.

Investors should note the strategic importance of the Chinese market, as evidenced by the disproportionate revenue generated from a minimal number of screens. This could signal IMAX's ability to capitalize on international markets, diversifying its revenue streams and reducing dependency on the North American box office. The company's strategy to partner with high-profile films and the use of IMAX digital cameras could further cement its competitive advantage, making it an attractive proposition for long-term investment.

Denis Villeneuve's Unforgettable Sci-Fi Sequel Continues to Vastly Outperform in IMAX, With 22% of Global Weekend Total from only 1,600 IMAX Locations Worldwide

NEW YORK, March 11, 2024 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) delivered a record-breaking encore performance to its dominating debut of "Dune: Part Two" as the IMAX global network notched a stunning 22% of the film's global box office in its second weekend — the biggest global weekend market share in IMAX history. IMAX recorded $27.7 million* in global box office over the weekend with "Dune: Part Two", as Legendary/Warner Bros.' epic sailed to $72.4 million in IMAX box office to date.

"It's clear that IMAX continues to anchor the incredible run of 'Dune: Part Two', as we capture a record share of the film's box office thanks to legions of fans worldwide unwilling to settle for anything less than the IMAX Experience," said Rich Gelfond, CEO of IMAX. "This milestone continues what has become one of the most dominant trends in global cinema: when filmmakers and artists deliver awe-inspiring experiences, audiences overwhelmingly want to enjoy them in IMAX."

IMAX has delivered 20% of the global box office for "Dune: Part Two" in its first twelve days of global release. The Company's strong weekend performance with the film was driven by uniformly stellar results around the world, including:

• Domestic weekend box office of $11M — 24% of the North America total
• International weekend box office of $16.7 — 21% of the overseas weekend total
• "Dune: Part Two" also opened in China this weekend, where IMAX captured 33% of the total on less than 1% of screens with $6.5 million.

Overall, "Dune: Part Two" held remarkably well in IMAX in its second weekend, down only 15% of its debut, thanks in part to strong advance sales throughout its run. The film continues in the IMAX global network next weekend when it will expand to Japan on March 15.

Filmed for IMAX, "Dune: Part Two" was shot entirely with IMAX digital cameras and features IMAX-exclusive 1:90.1 expanded aspect ratio, as well as IMAX-exclusive 1:43.1 expanded aspect ratio in select locations. In addition, "Dune: Part Two" is being presented in the IMAX 15/70mm film format in 12 select IMAX global locations.

Upcoming Warner Bros. releases filmed with IMAX digital cameras include "Godzilla x Kong: New Empire" and "Joker: Folie à Deux", and a record number of films are in production with IMAX cameras for 2025 and beyond.

*All figures include booking fees in China. IMAX weekend global box office for "Dune: Part Two" without booking fees is $27.1 million.

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

What percentage of the global box office did IMAX capture for 'Dune: Part Two' in its second weekend?

IMAX captured 22% of the film's global box office in its second weekend.

How much global box office revenue did 'Dune: Part Two' generate over the weekend?

'Dune: Part Two' generated $27.7 million in global box office over the weekend.

What was the total IMAX box office revenue for 'Dune: Part Two' to date?

IMAX recorded a total of $72.4 million in IMAX box office revenue for 'Dune: Part Two' to date.

In which country did IMAX capture 33% of the total box office on less than 1% of screens?

IMAX captured 33% of the total box office in China on less than 1% of screens.

How much did 'Dune: Part Two' earn in the domestic weekend box office?

'Dune: Part Two' earned $11 million in the domestic weekend box office.