Warner Bros. Pictures' "Tenet" off To Strong Start In IMAX With $5 Million International Debut on Less than 250 screens

Rhea-AI Summary

IMAX Corporation (NYSE: IMAX) reported a strong international debut for Warner Bros. Pictures' 'Tenet,' generating approximately $5 million from just 248 theaters globally. With a per screen average of around $20K, IMAX captured 9.4% of the overall box office despite representing under 1% of total screens. Key markets such as the UK and South Korea saw significant sales, with the UK earning $900K. 'Tenet' continues to roll out in more IMAX theaters, reinforcing the demand for immersive cinema experiences.

Positive

• Generated approximately $5 million from 248 theaters internationally.
• Achieved a per screen average of about $20K, significantly higher than overall averages.
• Captured 9.4% of the overall box office with less than 1% of total screens.
• Top grossing markets include the UK ($900K) and South Korea, indicating strong audience interest.
• Hundreds of sold-out shows globally, showcasing demand for theatrical releases.

Negative

• None.

NEW YORK, Aug. 30, 2020 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced that Warner Bros. Pictures and Christopher Nolan's "Tenet" surged to a better-than-expected start in IMAX, with an estimated $5 million in international box office from only 248 theaters worldwide.

IMAX theatres generated a per screen average of approximately $20K — about 7.5 times the estimated overall per screen average — even with an average 50% seating capacity limitation throughout the world. IMAX also delivered 9.4% of overall box office despite accounting for less than 1% of total screens. "Tenet" opened in IMAX across all 38 available markets worldwide and continues its global rollout this week with at least 900 additional IMAX theatres across the United States, China and Russia.

"The strong international debut of Christopher Nolan's 'Tenet' is an emphatic statement that audiences around the world are ready to return to theatres where it is safe," said Rich Gelfond, CEO of IMAX. "It is clear that people want to experience immersive entertainment like 'Tenet' in a communal, celebratory way beyond their living rooms, and this film is a jumpstart for the theatrical business with an exciting film slate ahead."

Sellouts and Per Screen Averages

IMAX reported hundreds of sold-out shows across all markets and many of the company's flagship locations were sold out all weekend, including the BFI in London, Krung Sri Paragon in Bangkok, CGV's Yongsan in Seoul, Filmstaden Mall of Scandinavia in Stockholm, Cinemaxx in Copenhagen, VOX Red Sea Mall in Jeddah, Miramar in Taipei, and Toronto's Cinesphere at Ontario Place.

Per screen averages reached pre-COVID blockbuster levels in many key markets, including Denmark ($73K), Norway ($64K), Saudi Arabia ($55K), Finland ($42K) and Sweden ($38K, despite a 50-person capacity limitation per show). 

IMAX Share of Box Office

Filmed using IMAX cameras, "Tenet" continues the successful collaboration between filmmaker Christopher Nolan and IMAX. IMAX's 9.4% share of box office was comparable to international opening weekend's for Nolan's most recent films, "Dunkirk" (12.6%) and "Interstellar" (9.6%).

In fact, "Tenet" had a bigger opening than "Dunkirk" in 11 markets worldwide, and bigger than both "Dunkirk" and "Interstellar" in in key markets including France, Germany, Switzerland, Austria, Turkey, Taiwan and Malaysia. 'Tenet' will play for an extended run of at least three weeks in IMAX in most markets.

UK and Canada

The UK was the top grossing IMAX market this weekend for "Tenet," earning $900K — the second highest August opening weekend ever for IMAX in the UK behind 2016's "Suicide Squad."  Even with a 50% capacity limitation, the IMAX gross trailed the UK opening weekend of "Interstellar" by only 25%. Even Canada — which limited seating capacity to just 50 people per show — delivered an impressive $10K per screen average.

"'Tenet' is a reminder of the enduring power of the theatrical experience, and audiences worldwide turned out for the film in a big way," continued Gelfond. "The performance of 'Tenet' in the UK and Canada despite significant capacity limitations is a positive sign for the film's performance in the U.S., given the way these markets often align at the box office."

Top Markets and Screens

IMAX's top five international markets and screens for the weekend debut of "Tenet" include:

Top 5 IMAX Markets (not including Canada):

1. UK
2. South Korea
3. France
4. Taiwan
5. Netherlands

Top 5 IMAX Screens:

1. BFI, London
2. CGV Yongsan, Seoul
3. Cinemaxx, Copenhagen
4. VOX Red Sea Mall, Jeddah
5. Miramar Da-Zhi, Taipei

John David Washington is the new Protagonist in Christopher Nolan's original sci-fi action spectacle "Tenet." Armed with only one word—Tenet—and fighting for the survival of the entire world, the Protagonist journeys through a twilight world of international espionage on a mission that will unfold in something beyond real time. Not time travel. Inversion.

"Tenet" is the latest of Nolan's trailblazing films also shot with IMAX cameras including "Dunkirk," "Interstellar," "The Dark Knight" and "The Dark Knight Rises."

Nolan designed "Tenet" with IMAX in mind – capturing the film with IMAX cameras, among the highest-resolution cameras in the world, and also refining the film throughout post-production in an IMAX theatre to further optimize how audiences will experience the film in IMAX. Exclusively in IMAX theatres, sequences shot with IMAX cameras will visually expand to fill the entire screen, allowing moviegoers to experience more of the image with unprecedented crispness and clarity. That combined with next generation IMAX precision sound, creates a truly immersive experience.

Select IMAX theatres will be offering The IMAX Experience® featuring 15 perf/70mm film projection which combines the brightest, clearest images at almost 10 times the resolution of standard film projection, with powerful, laser-aligned digital sound and customized theatre geometry to create the world's most immersive movie experience. 

About IMAX Corporation
IMAX Corporation, 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 theatres 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.

IMAX Corporation is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of March 31, 2020, there were 1,616 IMAX theatre systems (1,526 commercial multiplexes, 14 commercial destinations, 76 institutional) operating in 81 countries and territories. On October 8, 2015, shares of IMAX China, a subsidiary of IMAX Corporation, began trading on the Hong Kong Stock Exchange under the stock code "1970."

IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about IMAX Corporation can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

For more information, please contact:

Media: 
IMAX Corporation, New York
Mark Jafar
mjafar@imax.com

Investors:
IMAX Corporation, New York
Brett Harriss
bharriss@imax.com

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SOURCE IMAX Corporation

FAQ

What were IMAX's earnings from 'Tenet' at its opening?

IMAX reported approximately $5 million in international box office earnings from 'Tenet'.

How many theaters showed 'Tenet' during its IMAX debut?

'Tenet' debuted in IMAX across 248 theaters worldwide.

What percentage of the box office did IMAX capture for 'Tenet'?

IMAX captured 9.4% of the overall box office for 'Tenet'.

Which market had the highest IMAX earnings for 'Tenet'?

The UK was the top grossing IMAX market for 'Tenet,' earning $900K.

What was the per screen average for IMAX during 'Tenet's' opening?

The per screen average for IMAX during 'Tenet's' opening was approximately $20K.