Megascreen theater company IMAX Corp said yesterday it would expand in Japan — the latest in a series of international deals inked recently amid growing demand for 3D movies following the success of science fiction blockbuster Avatar.
The Canada-based company, along with local partner Tokyu Recreation, will add five of its giant 3D-equipped screens in the Japan over the next two years. Since Tokyu opened four IMAX theaters last year, box office receipts have exceeded expectations and convinced the Japanese company to build more.
“Performance has been really strong,” IMAX chief executive Richard Gelfond said of the Japanese theaters. “It’s probably the strongest start that we’ve had in any territory in our history.”
The deal is part of the IMAX’s aggressive expansion, particularly in Asia. Those plans had already been in place last year as the company sought growth and a rebound from losses in 2008.
But then Avatar — and its phenomenal success — came along in December. The film fueled revenues, piqued interest in 3D worldwide and added momentum to IMAX’s expansion.
Avatar, the highest grossing film of all time, also broke global IMAX box office records, bringing in US$237 million on 256 screens.
The company’s biggest hit before the 3D science fiction epic was The Dark Knight, which made US$62 million.
Financial returns for movie theaters were already good, Gelfond said in Tokyo.
“But Avatar really put them in another strata,” he said.
The agreement in Japan follows a 15-theater deal it signed last month in South Korea, a four-theater deal in France, a single-theater deal in Singapore and an expanded partnership in Russia.
IMAX is even looking to build IMAX screens where there are no theaters. In development is a portable IMAX theater, similar to an inflatable dome, that could be erected in days and seat 450.
The idea holds promise for rural areas, such as in China, or live action sports events in parks, Gelfond said.
A prototype should be out by next month, with possible launch in September.
The emergence of 3D TVs also has the company considering how to parlay its success into living rooms.
It may introduce a “very, very high-end” 3D home entertainment system in future, Gelfond said. It is also working on a project with Sony Corp and Discovery Communications to launch the first 3D TV channel next year.
“IMAX has been in the 3D business for 25 years, so we have a fair amount of content in our library,” Gelfond said.
The company’s revenue jumped 67 percent last year and it rebounded to a net profit of US$20.5 million. Its stock is up more than 200 percent over the past year.
Alice in Wonderland is also proving a 3D hit in Japan, its opening weekend earning about US$336,000 on the four existing IMAX screens, surpassing Avatar’s first two days in the country. IMAX is in talks with other companies to build more screens besides the five already planned and hopes to eventually reformat Japanese films for its theaters.
Last year, it ventured outside Hollywood productions for the first time when it announced plans to start reformatting mainstream Chinese films for its theaters beginning in July this year.
As part of a deal with one of China’s largest film studios, Huayi Brothers (華誼兄弟), the film Aftershock will be the first of three releases at theaters in China.
Worldwide, there are 430 IMAX theaters in 48 countries, with at least 50 more on the way this year. Its 3D film lineup this year includes Shrek Forever After, Toy Story 3 and Tron: Legacy.
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