As China’s film industry continues its strong post-pandemic rebound, Guangzhou JinYi Media Corporation (002905.SZ), IMAX (NYSE: IMAX) and IMAX China (HKSE: 1970) announced that they have expanded their longstanding partnership with a new 12-theatre agreement.
Under the deal, JinYi will upgrade to cutting-edge IMAX® with Laser technology at seven of its most popular IMAX locations — including one of their top grossing theatres in Beijing — and install five IMAX systems at new locations. After today’s agreement, IMAX will have 989 total screens in China including backlogs nationwide.
“As a leading film exhibitor in China, JinYi is committed to offering the best-in-class experience for moviegoers,” said Li Xiaodong, President of Guangzhou JinYi Media Corporation. “Throughout our years of partnership, IMAX has consistently provided audiences with an unmatched moviegoing experience. We look forward to bringing this experience to more audiences across China with this new agreement and we are confident that IMAX will continue to strengthen our brand and drive strong business results as the industry recovers and develops in the post-pandemic market.”
“This agreement continues to prove the value of IMAX in driving moviegoer interest and business growth in China, where we’ve helped lead the way in bringing people back to the theatre,” said IMAX China CEO Edwin Tan. “We are excited to expand our partnership with JinYi and look forward to continuing to play a key role in cementing their flagship locations and network expansion, driven by strong, sustained demand in the post-pandemic market.”
IMAX has been a significant driver of the industry’s rebound in China. Recently, IMAX shattered box office records during the National Day Holiday, recording RMB 128 million with a 23% increase in attendance despite a 75% capacity limit. The first Chinese film shot entirely with IMAX cameras, “The Eight Hundred”, has become the biggest global blockbuster of 2020 earning approximately $470 million globally to date. Since theaters reopened in late July, IMAX has grossed nearly $80 million in mainland China with a market share of approximately 3.5%, up from 2.6% during the same period in 2019. – BusinessNewsAsia.com