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IMAX to double footprint in China via deal with local exhibitor
MUMBAI: IMAX China Holding Inc and Sichuan Lumière Pavilions Company Ltd (Lumière), a leading exhibitor in China, announced a full revenue share agreement for ten new IMAX theatres, thus doubling IMAX’s footprint in China.
The theatres will be added to new projects located in tier-1 and tier-2 cities throughout China and are slated to be installed by the end of 2019. The deal brings Lumière’s IMAX total to 19 theatres.
“We consider IMAX a key competitive advantage for our business and today’s agreement is a direct result of the success we’ve experienced to date with IMAX, which generates incremental box office for our complexes,” Sichuan Lumière Pavilions founder chairman and CEO Jimmy Wu said.
“IMAX has become a part of the moviegoing mindset of people in China and we look forward to offering our patrons more of the best films around worldwide in the premium, state-of-the-art IMAX format,” Wu said.
IMAX Corporation CEO Richard L Gelfond said, “We are delighted to expand our relationship with Lumière – a valued partner that will bring new IMAX theatres to popular shopping malls in excellent locations across the country”.
“In the first quarter of this year, our signings growth in China was up 171% from last year. Today’s agreement, along with our recently announced 40-theatre deal in China, signals that this momentum continues. With our end-to-end technology, high brand awareness in China, and the steady rapid expansion of the cinema business, we believe there is a sizable opportunity for us to continue expanding in China well beyond our current footprint,” Gelfond said.