IMAX and CGV Holdings to Open 40 New Theatres in China
CGV Holdings Limited, IMAX Corporation and IMAX China Holding, Inc. have announced plans to expand their partnership with an agreement to open 40 new IMAX theatres across China. With the new agreement, CGV now has more than 170 IMAX theatres in operation or contracted to open across China, Vietnam and South Korea. IMAX and CGV continue to grow their global partnership of nearly 15 years, most recently with a 15-theater deal in 2010, 30-theater deal in 2011, 30-theater deal in 2013 and 25-theater deal in 2015.
The new IMAX theatres will predominantly feature the IMAX with Laser projection system. Under the agreement, CGV and IMAX will open the new systems primarily in Tier 1 and Tier 2 Chinese markets under a joint venture/revenue share model, and in additional Tier 3 to 5 markets under a hybrid model requiring no net capital commitment from IMAX. Additional terms were not disclosed.
“In recent years Chinese audiences have increasingly shown their desire to watch films in the most immersive way possible, driving a stronger demand for The IMAX Experience,” said Kyungsoon Jang, President of CGV China. “In step with this, IMAX has developed new technology with IMAX with Laser and embraced a more diversified film slate, enriched not just by Hollywood blockbusters but also local language titles. We are looking forward to further partnering with IMAX in future projects globally.”
“We are excited to grow our strong partnership with CGV and make the revolutionary IMAX with Laser experience available to even more of China’s passionate moviegoing audience,” said IMAX CEO Richard L. Gelfond. “Building on the momentum we saw during Chinese New Year and strong demand for Hollywood and local language blockbusters alike, IMAX China continues to generate solid growth at the box office and across our theater network in 2019.”
With the country’s robust slate of local language and Hollywood blockbusters, the Chinese market continues to demonstrate strong demand for The IMAX Experience. Through to July 2019, IMAX theaters have generated more than $237 million at the box office in China in 2019, up 26% percent versus the same time period in 2018. There are currently more than 600 IMAX theatres in operation across China, with an additional 300 theatres are planned under existing agreements.
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