Move over, Robert Pattinson — a Canadian company has had maybe the best summer of anyone in Hollywood.
Driving the news: Christopher Nolan’s The Odyssey hit theatres in mainland China over the weekend and grossed US$19.3 million across Imax showings; that accounted for 53% of the film’s gross in the country, despite the fact that Imax makes up just 1% of Chinese screens.
Zoom in: In total, the movie made $47 million globally via Imax screenings last weekend, falling just shy of its fifth-straight week of making $50 million or more just through Imax. Prior to this streak, Imax had never had more than one $50 million weekend in an entire year.
Why it matters: Cinemas are shifting toward “premium formats” to make more money per screening and tempt viewers like the sirens on the rocks; The Odyssey is supercharging this trend. In the second quarter of this year, Imax already did its most installations in a decade.
There are currently 426 commercial Imax screens in North America and 1,809 globally. The company believes it could more than double this, and that cinemagoers’ demand could support 943 screens in North America and more than 4,400 in total.
What’s next: Earlier this year, the Wall Street Journal reported that Imax was searching for a buyer to go private, looking to sell high after recent success. However, at that time, shares were flagging slightly, down roughly 7% on the year. Since that report, its stock has shot up about 55% — any potential sale prices that were discussed have surely been revised.—QH
