Cinepolis to Open 4 More IMAX Theaters in India
IMAX box office increased 78% in the country last year
NEW DELHI, April 19, 2018 /PRNewswire/ — IMAX Corporation (IMAX) (NYSE: IMAX) and Cinépolis India, a subsidiary of Cinépolis, the world’s fourth-largest cinema exhibition company, announced an agreement for four new IMAX® theatres in India. The IMAX theatres will be located in new complexes in the cities of Bangalore, Kolkata as well as Navi Mumbai and Thiruvananthapuram, marking the first-ever IMAX theatres in these latter two markets. The agreement was announced concurrently with another five-theatre India deal today that brings IMAX’s total theatre count in the country to 40, with 15 currently open and 25 contracted to open.
“We continue to make significant progress in India where IMAX’s 2017 box office increased 78% over the previous year and we have signed 14 new theatres in the span of weeks. I am optimistic that our strong box office performance, which we believe is being driven by a greater audience appetite for Hollywood content as well as IMAX’s programming of more Indian films, coupled with the increased pace of multiplex development in the market will provide continued momentum as we look to build out the IMAX brand nationwide,” said IMAX CEO Richard L. Gelfond. “Cinépolis is a valued strategic partner that has successfully brought IMAX into new markets for over 14 years. We look forward to working with them once again to introduce new audiences in India to The IMAX Experience®.”
Cinépolis opened its first IMAX theatre in 2004 in Mexico City and today, the exhibitor has contracted for a total of 31 IMAX theatres, with 23 in operation across eight countries. In India, Cinépolis has six contracted IMAX theatres, with a theatre open in the city of Pune, which is typically among the highest-grossing IMAX sites in the country, as well as a successful theatre open in the city of Mumbai.
“We are thrilled to announce four more IMAX screens in India, a market that values and appreciates The IMAX Experience,” said Managing Director at Cinépolis Asia, Javier Sotomayor. “At Cinépolis, we’ve always placed a special emphasis on offering the best service in the industry to all our customers worldwide. Cinépolis’ decades of client-focus are a perfect match with the decades of technological research IMAX has developed to create a film-going experience that’s both unique and awe-inspiring. The Cinépolis-IMAX global strategic alliance has evolved in its scope, working together shoulder to shoulder to surpass every challenge, and has set new and exciting objectives to revolutionize the cinematic experience through our great synergy of strategies. With over 14 years of a successful bilateral partnership, we look forward to our bright future with IMAX.”