Multi-Theatre Deal More than Doubles IMAX
Footprint in Growing Filipino Market
NEW
YORK and PASAY, Philippines, April 29,
2024 /PRNewswire/ -- SM Cinema, the largest exhibitor
in the Philippines, and IMAX
Corporation (NYSE: IMAX) today announced a significant expansion to
their longstanding partnership, with 10 state-of-the-art IMAX® with
Laser systems in the Philippines.
The deal will bring The IMAX Experience to three new locations, as
well as seven IMAX with Laser upgrades to existing systems across
the SM Cinema network. Three of the upgraded locations are
expected to open in 2024, with the remaining locations set to open
before the end of 2026.
"With our biggest system agreement yet in 2024, IMAX continues
to see network expansion accelerate as the film slate picks up
steam — an excellent indicator of our continued business momentum
globally," said Rich Gelfond, CEO of
IMAX. "SM Cinema is a vital component of one of the most successful
and forward-thinking retail developers in the world and we are
excited to more than double our footprint in the Philippines in collaboration with such an
excellent, consumer-focused partner."
"The inclusion of the
Philippines in the discourse underscored its growing
significance in the global entertainment landscape, affirming SM
Supermalls' goal in shaping the industry's future," said SM
Supermalls President Steven T.
Tan.
IMAX and SM Cinema have enjoyed a successful partnership since
2006 and, excluding this deal, currently operate nine locations
together across the Philippines.
As IMAX continues to diversify its content offering across its
global platform, the Philippines
has emerged as one of the company's top performing Southeast Asian
marketing in 2024 and has ranked among the top 30 highest grossing
IMAX markets globally since 2022.
All IMAX locations part of this deal will be equipped with IMAX
with Laser, IMAX's most advanced theatre experience. Immersive by
design, IMAX with Laser has been developed from the ground-up to
deliver crystal clear, lifelike images and precision audio for a
moviegoing experience unlike anything else. The ground-breaking
4K laser projection system features a
new optical engine, custom designed lenses, and a suite of
proprietary technology that delivers brighter images with increased
resolution, deeper contrast, and the widest range of colors
exclusively to IMAX screens.
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 March
31, 2024, there were 1,772 IMAX systems (1,697 commercial
multiplexes, 12 commercial destinations, 63 institutional)
operating in 89 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 LIVETM, IMAX Enhanced®, IMAX
StreamSmartTM, and SSIMWAVE® 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 can also connect with IMAX on
Instagram (www.instagram.com/company/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
212.821.0154
Media:
Mark Jafar
mjafar@imax.com
212.821.0102
View original content to download
multimedia:https://www.prnewswire.com/news-releases/imax-and-sm-cinema-expand-longstanding-partnership-with-10-imax-with-laser-systems-in-the-philippines-302130005.html
SOURCE IMAX Corporation