IMAX CORPORATION New Agreement Furthers Rapid Expansion of IMAX across Southeast Asia
LAS VEGAS, April 9, 2024 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Major Cineplex today announced plans to expand their partnership with an agreement for three new state-of-the-art IMAX® with Laser locations. The deal will add systems to key locations across Thailand, including one in the bustling area of Bang Kapi, Bangkok — set to open in 2024 — and two additional locations in Bangkok set to open in 2026 and 2027.
The announcement was made today at the annual CinemaCon 2024 exhibition conference in Las Vegas.
The deal marks a significant step for IMAX in Thailand, bringing The IMAX Experience beyond city centers and into the suburbs of the country's populous capital. Major Cineplex is the largest exhibitor in Thailand with a growing regional presence, and currently operates nine IMAX locations across Thailand and Cambodia. The two companies have enjoyed a successful partnership since 1998.
"Major Cineplex is an excellent partner that continues to steadily increase its commitment to IMAX, furthering our momentum in the fast-growing Southeast Asian market," said Rich Gelfond, CEO of IMAX. "As we differentiate ourselves with more films and experiences created for IMAX, we continue to fuel strong demand for The IMAX Experience among audiences, exhibitors, and filmmakers."
"Our partnership with IMAX continues to be strong, and we're delighted to join forces with them yet again to bring Thai moviegoers the most premium moviegoing experience possible," said Vicha Poolvaraluck, Major Cineplex CEO. "We look forward to bringing IMAX with Laser to new locations in Bangkok and providing an unparalleled entertainment experience for our audiences – we are also excited to bring more Thai films to be converted to IMAX this year, further enriching the cinematic landscape in Thailand."
IMAX is seeing strong box office results in Thailand, which ranks among the top five Asian markets for the Company in 2024. 2023 was the highest grossing year ever in the country for IMAX with over $5.4 million in box office, beating the previous record set in 2022. This was driven in part by IMAX's increased focus on local language titles in the country – the first Thai language IMAX release, "Tee Yod", debuted in October 2023 and has delivered $500K in box office to-date.
The three new Major Cineplex locations in Thailand will be equipped with IMAX with Laser, IMAX's most advanced experience. IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. The new locations will be set apart by the groundbreaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology, all of which delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX systems.
About Major Cineplex
Major Cineplex Group Plc. (MAJOR) is Thailand's Best Entertainment Lifestyle Company with core business in cinema, bowling, karaoke, ice skating rink, advertising media, retails space, film distribution and movie content. MAJOR was listed on the Stock Exchange of Thailand (SET) in May 2002.
The "Cineplex" concept was first introduced to the Thais in 1995 when Mr. Vicha Poolvaraluk, the founder of MAJOR, built the first-of-its-kind Standalone "Cineplex" in Pinklao area of Bangkok. Currently MAJOR commands approximately 70% market share of the Thai cinema industry's admissions revenue. MAJOR has always been the first who invented and imported the newest world class technologies into the country. Total of 184 branches, 846 screens: Bangkok&Up-Country 175 branches 815 screens, International 9 branches, 46 screens.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX's network among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2023, there were 1,772 IMAX systems (1,693 commercial multiplexes, 12 commercial destinations, 67 institutional) operating in 90 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "1970".
IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX LIVE™, and IMAX Enhanced® are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).
For additional information please contact:
Investors:
Jennifer Horsley
jhorsley@imax.com
212.821.0154
Media:
Mark Jafar
mjafar@imax.com
212.821.0102
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SOURCE IMAX Corporation
