Sunday, September 19, 2021
No menu items!
HomeHollywood NewsImax Swings to Loss, But Points to Box Office Recovery in China...

Imax Swings to Loss, But Points to Box Office Recovery in China and Japan

Advertisement




Advertisement

Exhibitors’ screens in Japan ranged from ‘Monster Slayer’ for $ 26.8 million and jumped more than 25 percent in China in October National Holiday Gross 2019.
Imax posted lower revenue during its fourth-quarter than in pre-pandemic 2019, but an Asian box office resurgence helped the giant screen performer to consistently hit its North American cinemas with the COVID-19 crisis.

On Thursday, Imax reported a loss to shareholders at $ 21.2 million compared to a year-ago gain of $ 18.2 million, and an adjusted loss per share of 21 cents, compared to a 35-cents-per-share gain in 2019.

Overall quarterly revenue was $ 56 million, compared to $ 124.3 million a year earlier. During the most recent quarter, Imax, while operating in North American movie theaters at tenpole release delays and low capacity, saw major gains from the resurgence of the Asian film industry. Imax raked in $ 26.8 million from its on-screen Monster Slayer

Advertisement

in Japan and was a strong national day Golden Week holiday period in China.

“As the world’s only global blockbuster entertainment platform, we are encouraged to see that viewers are eager to return to films where the virus is under control and they feel safe, and this promising trend is consistent with our consistent financials. Reform reflects epidemic right from the start, ”Imax CEO Richard Gelfond said in a statement.

The latest Imax results will be weighed by North American exhibitors as they witness a box office rebound in their own movie theater circuit post-pandemic, either later this year or in 2022, from pent-up consumer demand.

Gelfond told analysts during a conference call after the market closed that the vaccine rollout and slate exhibition of Hollywood temporals to reach the multiplex later this year is well into the industry for 2022.

“We believe the world will look very different in a few months. In light of this progress, we see a lot of promise in the second half of the year,” he argued.

Gelfond was asked if the COVID-19 crisis could have a lasting impact on film-pandemic viewing. “Consumer behavior is not going to change in a physical way,” he told analysts as a rebound from the Asian box office of how people returned to multiplexes when they felt it was safe to do so.

“When they can go out, they will go out,” the Impex owner said of the filmmakers and other consumers when the epidemic locks off. Gelfond stated that the concept of the demand for film-making was genuine.

“When you look at other areas that open up like China and Japan, it wasn’t a switch, it was a tap, and you need to prime the pump along the way,” he told analysts.

As the epidemic spread and Americans no longer felt the need for shelter in their homes, Gelfond predicted a resurgent box office in North America as well.

He said, “America is feeling increasingly secure and even going to accelerate. We all have to be patient and ready and put our strategy into the market for that change and make sure We will have to sequence the right films. ” Saw the reopening of a continuing domestic industry.

To shore up its balance sheet amid the epidemic, Imax said it sold its strategic stake in Maoyan, a major Chinese ticketing platform, for $ 17 million. Emax partnered with Maoyan two years ago and learned about marketing, promotion, distribution, and digital remasting of its film slate.

Also Check:

Advertisement




Advertisement

Disney to Sell Its Stake in German Kids Channel Super RTL

BBC Bringing BBC Three Back as Broadcast Channel

Advertisement



Advertisement



Most Popular

Recent Comments

Advertisement