IMAX Soars to Banner Year in 2023 with $1.06 Billion in Global Box Office

Rhea-AI Summary

IMAX Corporation (IMAX) achieved a historic milestone with its highest grossing year ever at the domestic box office, generating $393 million in 2023. The company's global box office reached $1.06 billion, marking the second highest grossing year in its history. IMAX experienced a 24.4% growth in global box office over 2022 and programmed a record 98 new films worldwide in the year. Christopher Nolan's 'Oppenheimer' was the top grosser with $183.2 million, and the company's global technology platform outperformed exhibitors with a 2% increase over its 2017-2019 average. IMAX CEO Rich Gelfond expressed the company's commitment to pushing the envelope with technology and driving future growth. IMAX also saw record-breaking performances at the North American box office and grosses from local language films worldwide, with $227 million in local language box office from films across China, India, and Japan. The company expects to program more than 100 films, experiences, and events globally in 2024, including highly anticipated blockbusters and exclusive experiences.

Insights

Market Research Analyst

The recent financial performance of IMAX Corporation, with a global box office of $1.06 billion in 2023, marks a significant milestone for the company and the entertainment industry at large. This substantial year-over-year growth of 24.4% signifies not only a recovery from any potential downturns but also a thriving demand for IMAX's differentiated cinematic experience. The company's strategic expansion into local language films and diversification beyond Hollywood content have contributed to this success, tapping into new markets and demographic segments.

IMAX's record-breaking domestic box office revenue and the strategic partnerships in emerging markets like Indonesia and Thailand underscore the brand's global appeal and its ability to leverage local content to drive growth. The robust sales activity, with 129 signings for new and upgraded IMAX systems, indicates an optimistic outlook from exhibitors on the future of premium large-format screens. The expansion in priority growth markets and regions with the strongest sales activity in years reflects a strategic push to capitalize on global market trends and audience preferences for immersive experiences.

Financial Analyst

IMAX Corporation's financial results have a direct correlation with investor sentiment and the company's stock performance. The second highest grossing year in the company's history, with a significant increase in box office revenue, suggests a strong operational performance that is likely to be viewed positively by investors. The 2% increase over the 2017-2019 average for IMAX's global box office, compared to the industry's estimated 21% decline, is particularly noteworthy as it indicates a competitive advantage and resilience in the face of broader industry challenges.

The company's forward-looking statements about programming more than 100 films and events in 2024, including highly anticipated blockbusters, suggest a robust content pipeline that could drive future revenue growth. These projections, along with the record number of signings for new and upgraded systems, may influence analysts' forecasts and investor expectations for continued growth and profitability, potentially affecting the company's market valuation and investment attractiveness.

Entertainment Industry Analyst

The performance of IMAX Corporation is indicative of broader trends within the entertainment sector. The emphasis on a diverse portfolio of experiences including concerts, live events and local language films, reflects a shift in consumer preferences towards unique and high-quality entertainment options. The success of 'Oppenheimer', a film specifically tailored for the IMAX experience, demonstrates the value of content that leverages the technological capabilities of the format.

IMAX's strategic growth in non-traditional markets and its success in regions like China, India and Japan, where local language content has performed exceptionally well, highlight the importance of cultural specificity and localization in content strategy. The company's adaptability in programming content that resonates with regional audiences is a key factor in its financial success and could serve as a model for other players in the industry seeking to globalize their offerings without sacrificing local relevance.

Historic Results Led by Company's Highest Grossing Year Ever at the Domestic Box Office with $393 Million

NEW YORK, Jan. 9, 2024 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) soared to $1.06 billion in global box office in 2023 — the second highest grossing year in the Company's history — powered by a diverse portfolio of awe-inspiring experiences across Hollywood and local language films, concerts, and live events*.

IMAX drove 24.4% growth in global box office over 2022 and programmed a record 98 new films worldwide in the year. Christopher Nolan's "Oppenheimer" — the Filmed for IMAX epic that took home five awards during Sunday's Golden Globes — was the top grosser with $183.2 million. The IMAX global technology platform further distinguished itself from exhibitors in 2023, as IMAX global box office increased 2% over its 2017-2019 average compared to an estimated -21% decline for exhibitors worldwide**.

"From 'Oppenheimer' to Taylor Swift to releases from across China, India, and Japan, IMAX delivered more awe-inspiring experiences from more creative partners in 2023, resulting in one of our best years ever," said Rich Gelfond, CEO of IMAX. "We will continue to push the envelope with our technology to make the impossible feel real for audiences around the world, and drive future growth for our company."

IMAX's strong results in 2023 were driven by record-breaking performances at the North American box office and grosses from local language films worldwide. With $393 million in box office receipts, 2023 was IMAX's highest grossing year ever at the domestic box office. IMAX also recorded a best-ever $227 million in local language box office from films across China, India, and Japan as well as new studio partners in Indonesia and Thailand.

For the first time ever, IMAX expects to program more than 100 films, experiences, and events globally in 2024, including highly anticipated blockbusters "Dune — Part Two", "Despicable Me 4", "Joker: Folie à Deux," "Deadpool 3", and "Wicked", as well as experiences including this month's IMAX exclusive "Queen Rock Montreal".

Global Network Growth

The Company's strong box office performance led to robust sales activity for IMAX, as it recorded 129 signings for new and upgraded IMAX systems worldwide — including its best Q4 since 2015 with 35 signings. IMAX completed 41 different sales agreements with 36 exhibition partners across 26 territories worldwide in 2023. The Company delivered the highest number of signings ever in priority growth markets including France, Thailand, Indonesia, and Malaysia. Several key regions saw the strongest sales activity in at least five years, including North America (2018), Europe (2017), and Latin America (2014).

*All global box office figures exclude booking fees in China; including booking fees IMAX 2023 GBO is $1.09B
**2023 Worldwide Global Box Office Estimate from Gower Street Analytics

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 September 30, 2023, there were 1,731 IMAX systems (1,651 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^® 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

How much did IMAX Corporation (IMAX) generate at the domestic box office in 2023?

IMAX Corporation (IMAX) generated $393 million at the domestic box office in 2023.

What was the global box office revenue for IMAX Corporation (IMAX) in 2023?

IMAX Corporation (IMAX) achieved $1.06 billion in global box office revenue in 2023, the second highest grossing year in its history.

Which film was the top grosser for IMAX Corporation (IMAX) in 2023?

Christopher Nolan's 'Oppenheimer' was the top grosser for IMAX Corporation (IMAX) in 2023, generating $183.2 million.

How many new films did IMAX Corporation (IMAX) program worldwide in 2023?

IMAX Corporation (IMAX) programmed a record 98 new films worldwide in 2023.

What are some highly anticipated blockbusters and experiences that IMAX Corporation (IMAX) plans to program globally in 2024?

IMAX Corporation (IMAX) plans to program highly anticipated blockbusters such as 'Dune — Part Two', 'Despicable Me 4', 'Joker: Folie à Deux', 'Deadpool 3', and 'Wicked', as well as exclusive experiences including 'Queen Rock Montreal' in 2024.