IMAX to add 40 theaters in partnership deal

IMAX Corp is to add 40 new IMAX theaters in China in partnership with the CGV cinema chain, both sides announced in Shanghai on Tuesday.

More IMAX screens will meet the demand for cinemagoers wanting to watch films “in the most immersive way,” they said.

The new theaters will feature IMAX’s new laser projection system. Under the agreement, CGV and IMAX will open the new systems primarily in first-tier and second-tier Chinese markets in a joint venture. 

“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.

IMAX said that during Chinese New Year, there was strong demand for both Hollywood and domestic blockbusters.

By July 14, IMAX theaters had generated more than 1.6 billion yuan (US$237 million) at the box office in China, up 35 percent year on year. There are currently more than 600 IMAX theaters across China, with an additional 300 planned, according to IMAX.

CGV has 3,900 high-quality screens at 530 cinemas in seven countries and regions including China, South Korea, the United States, Indonesia and Turkey. Since CGV entered the Chinese market in 2006, it has opened 126 cinemas in 64 major cities including Shanghai, Beijing, Guangdong and Hong Kong.