Largest Exhibitor in Saudi Arabia to Open Four New IMAX®
With Laser Locations, including Two in Riyadh and One in Jeddah's Mall of Arabia
NEW
YORK and RIYADH, Saudi
Arabia, July 16, 2024 /PRNewswire/ -- IMAX
Corporation (NYSE: IMAX) and muvi Cinemas, the largest
exhibitor in Saudi Arabia, today
announced their first-ever collaboration with an agreement for four
new, state-of-the-art IMAX® with Laser systems across some of the
biggest commercial centers in the country.
Under the agreement, muvi Cinemas will bring two IMAX systems to
Saudi Arabia's capital and most
populous city, Riyadh; one system
to Jeddah's Mall of Arabia; and
the first IMAX system to Dhahran. Three of the new locations are
scheduled to open by the end of 2024, with an additional location
to follow in 2025.
"IMAX is the most immersive cinematic experience in the world,
and we're grateful to join forces with them to bring IMAX with
Laser to key locations across Saudia
Arabia, including the first IMAX location ever in Dhahran,"
said Adon Quinn, CEO of muvi
Cinemas. "At muvi Cinemas, we always strive to provide the best
cinematic experiences to our guests and maintain our positioning as
the market leader. This partnership with IMAX underscores our
commitment to delivering unparalleled, world-class experiences to
our audiences."
"Saudi Arabia is a market where
the IMAX footprint has grown dramatically in recent years, and yet
so much untapped potential still lies before us," said Rich Gelfond, CEO of IMAX. "This is a country
with a passionate moviegoing audience that has embraced diverse
fare in IMAX ranging from 'Oppenheimer' to 'Bad Boys' to
international films and — by partnering with a premier, nationwide
exhibitor like muvi — we are strengthening our ability to meet that
strong demand."
Saudi Arabia has consistently
ranked among the company's top 20 countries worldwide since its
first full year of commercial operation in 2019. Recent releases
have yielded historic success for IMAX at the Saudi box office —
Filmed for IMAX release "Oppenheimer" is the highest
grossing IMAX title ever in Saudi
Arabia and last month's "Bad Boys: Ride or Die" is among the
top five — and the country continues to be a prime market not
only for IMAX Hollywood releases, but also local language content
from India and Japan. The 2025 global film slate will feature
a record 14 Filmed for IMAX releases.
IMAX currently has 10 open locations in Saudi Arabia, with another 22 slated to open
inclusive of its partnership with muvi. IMAX estimates it can open
at least 50 locations in the country. With the muvi agreement, IMAX
now is in partnership with the top four exhibitors in Saudi Arabia.
The four new IMAX locations in Saudi
Arabia will be equipped with IMAX with Laser, IMAX's most
advanced experience. 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 new
locations will be set apart by the groundbreaking 4k laser projection system that features a new
optical engine, custom designed lenses, and a suite of proprietary
technology, all of which delivers brighter images with increased
resolution, deeper contrast, and the widest range of colors
exclusively to IMAX systems.
About muvi Cinemas
muvi Cinemas is the first home-grown cinema brand and the market
leader in terms of screen count in the Kingdom of Saudi Arabia. Established in 2019
with headquarters in Riyadh, it is
owned and operated by muvi Cinemas Co. muvi continues its expansion
plan in the upcoming years across the kingdom offering
state-of-the-art technology, diverse and immersive experiences
combined with unlimited options from our delicious menu to give
moviegoers complete and exceptional cinema experience.
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 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
212.821.0154
Media:
Mark Jafar
mjafar@imax.com
212.821.0102
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SOURCE IMAX Corporation