IMAX: moviegoers are returning to theaters
IMAX noted that moviegoers are returning to theaters, and in particular to IMAX locations, where and when theaters are open, and feel safe.
For the year ended December 31, 2022, gross box office (GBO) generated by IMAX films totaled $849.7 million, an increase of $211.5 million (33%) compared to 2021.
Although GBO’s results during 2022 were impacted by theater closures related to the Covid-19 pandemic in China, the company‘s management remains encouraged by the overall positive trend in box office results.
Despite representing approximately 1% of all screens in Canada and less than 1% of all screens globally, the IMAX network had a 5% domestic market share and a 3% global market share in 2022.
Management is further encouraged by the return of the prevalence of exclusive theatrical windows and the strong pipeline of Hollywood films scheduled for theatrical release during the remainder of 2023.
However, the impact of the pandemic on IMAX’s business and financial results will continue to depend on numerous evolving factors that cannot be accurately predicted and will vary by jurisdiction and market.
The pandemic and the measures to prevent its spread have impacted the Company’s business and the global economy.
Capacity restrictions and security protocols were lifted and then reinstated at various points beginning in the third quarter of 2020.
While normal operations have resumed in most key markets and theaters across the IMAX network, the company’s business continues to experience the impact of Covid-19.
For example, following the emergence of the Omicron variant and an increase in Covid-19 cases in China in the first quarter of 2022, the Chinese government reinstated capacity restrictions and safety protocols at large public gatherings and implemented a proactive zero Covid policy, leading to the temporary closure of several cities and the temporary closure of movie theaters in these cities.
At the end of 2022, the Chinese government relaxed its dynamic zero-Covid policies and significantly eased capacity restrictions.
As of December 31, 2022, approximately 97% of the IMAX network in Greater China was open with varying capacities.
IMAX is one of the world’s leading entertainment and event technology platforms.
Through its proprietary software, theater architecture, patented intellectual property and specialized equipment, IMAX offers a unique end-to-end solution for creating the superior immersive content experiences for which the IMAX brand is known worldwide.
Top filmmakers, studios, artists and creators use IMAX’s cutting-edge sound and visual technology to connect with audiences in innovative ways.
As a result, IMAX is among the most important and successful global distribution platforms for blockbuster domestic and international films and, increasingly, for exclusive experiences ranging from live performances to interactive events with top artists and creators.