IMAX publishes the best quarter in its history thanks to ‘The Odyssey’
After Christopher Nolan’s «The Odyssey» significantly exceeded all big format LPs in what CEO Rich Gelfond referred to as a «awakening» for the platform, IMAX reported the strongest quarter in its history.
IMAX revealed on Thursday that its sales climbed 64% year over year to $174.6 million. Confirming that it had previously set a new worldwide revenue record during the summer.
In comparison to the previous quarterly record of $372 million, the business recorded global box office receipts of $712 million, a rise of over 90%.
According to the firm, movie theater operators signed contracts this year to install, renovate, or construct more than 100 IMAX systems worldwide. Potentially increasing the number of IMAX cinemas to around 2,000.
The impressive quarter was driven by the July debut of “The Odyssey,” which has since become the highest-grossing IMAX release of all time. With more than $550 million at the global box office, and the company said December pre-sales of “Dune: Part Three” and “Avengers: Apocalyptic” are underpinning continued success.
Post pandemic rebound
142%. This is the amount that IMAX’s stock has increased in a spectacular post-pandemic rebound over the last five years.
The first feature film to be shot entirely utilizing 70mm IMAX cameras is Christopher Nolan’s «The Odyssey.» Which was made possible by the development of new camera gear. Moviegoers were impressed by the innovative format, and other filmmakers including Ryan Coogler, Denis Villeneuve, and Brady Corbet were motivated to experiment with similar projects. Over $550 million of the over $1.8 billion in global earnings from «The Odyssey» came from IMAX screens alone, surpassing the record set by James Cameron’s 2009 film «Avatar.»
«The Odyssey» made 20% of its world premiere in IMAX theaters, despite the fact that IMAX makes up less than 1% of all theaters worldwide.
