IMAX profits helped by blockbusters
July 28, 2023
By Chris Forrester
Giant cinema specialist IMAX reported Q2 revenues of $98 million (€89.4m), up 38 per cent from the same period last year and $87 million from its Q1 numbers.
Profits were $8.4 million (compared to a $2.9 million loss a year ago) and up on the $2.5 million profit registered in Q1.
The IMAX numbers were helped by the quarter-year’s blockbuster movies including The Super Mario Bros. Movie and Spider Man: Across the Spider-Verse, which were released during the quarter and quickly became the number one and two most-watched animated movies of all time on IMAX screens.
“Imax continues to be a winner in a dynamic global marketplace for entertainment, as demonstrated by our strong results in Q2,” said Imax CEO Richard Gelfond. “We again proved that Imax can drive results in virtually any business environment thanks to our global scale, asset-lite model, and diversified revenue mix across technology licensing and Hollywood and local language global box office.”
This current quarter will also likely do well for IMAX helped by the likes of Barbie and Oppenheimer. Oppenheimer, in particular, was filmed on IMAX cameras. The Tom Cruise extravaganza, Mission Impossible: Dead Reckoning will also be released during IMAX’s Q3.
Gelfond added that Oppenheimer and Barbie lifted IMAX to one of its best weekends of all time at the global box office. He also noted upcoming releases such as Dune 2 and the upcoming Aquaman sequel, which were both filmed for Imax, as well as Apple’s Napoleon from Ridley Scott and Killers of the Flower Moon from Martin Scorsese.