The China branch of IMAX is confident in the local market’s recovery with plans to further expand its network this year, after a record-breaking start thanks to pent-up demand for premium theater experiences, following the phasing-out of Covid-19 control measures. Daniel Manwaring, CEO of IMAX China, said the company’s China revenues are likely to approach pre-pandemic levels this year, supported by recovering demand for moviegoing, a wide cinema network and a strong pipeline packed with films from both home and abroad. “The post-pandemic film market has been a major boon to the growth of IMAX’s premium theater experience. We are very optimistic about China’s economic growth and the recovery of consumption this year. The film industry in particular has shown strong resilience and bounced back in recent months,” Manwaring said. A recent survey conducted by media platform Yicai showed that among 1,200 respondents, 90% now ranked going to the cinema as the number two consumption choice at the beginning of this year, lagging behind travel.
Estimates from Shenzhen-based East Asia Qianhai Securities Co showed that total box office revenue in 2023 is likely to reach CNY54.6 billion, around 85.18% of that in 2019. “We are also encouraged by a series of government measures that reinforce China’s achievements in opening-up, providing more opportunities for foreign enterprises. Our mission is to continue to build upon the IMAX experience for all audiences and further expand our network,” Manwaring added. Over the seven-day Chinese New Year holiday ending on January 27, IMAX China delivered over USD86 million at the box office, up 54% year-on-year and equal to more than 50% of the company’s box office for all of 2022. Total box office revenue generated from films on big screens in China reached nearly CNY6.76 billion during the period, ranking the second-highest in the country’s history. IMAX China said “The Wandering Earth 2”, shown during Spring Festival, became the highest-grossing local-language film of all time on IMAX screens. “Despite making up just 1% of cinema screens in China, IMAX took 22% of the total box office of “Avatar: The Way of Water,” and 9% for “The Wandering Earth 2”. We hope this year’s box office will reach the pre-pandemic level,” Manwaring said.
Zhi Feina, Professor at the Chinese National Academy of Arts, said there are clear signs of recovery in this year’s film market. “The approvals of film projects have been accelerated and companies are stepping up efforts in content creation and film marketing. As of the end of March, there were 40 films whose box office revenue surpassed CNY1 million. “Financial pressure on cinemas has also been greatly eased. By the end of March, total box office revenue reached nearly CNY16 billion with 335 million visits to cinemas,” Zhi said. China has become the largest market for IMAX globally with 794 installations and 204 more in the pipeline, the China Daily reports.
