IMAX Delivers Record-Breaking $61.3 Million Chinese New Year, Headlined by Biggest Local Language Film Ever with "The Wandering Earth 2"

Rhea-AI Summary

IMAX Corporation reported record-breaking box office revenue of $61.3 million during the recent Chinese New Year holiday, a 72% increase compared to 2022. This performance marks the company's best-ever results for Chinese local language films during this peak period. The success was largely driven by 'The Wandering Earth 2', which generated $50.4 million on IMAX screens, constituting 9% of the film's total box office. IMAX has already earned $82 million in 2023 from the Chinese box office, significantly exceeding its revenue for all of 2022. CEO Rich Gelfond expressed optimism for the future as China rebounds as a leading moviegoing market.

Positive

• Record box office revenue of $61.3 million during Chinese New Year, up 72% from 2022.
• 'The Wandering Earth 2' becomes IMAX's highest-grossing local language film, earning $50.4 million.
• IMAX has generated $82 million in the Chinese box office in 2023, surpassing over half of its 2022 total.

Negative

• None.

News Market Reaction

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-1.05% News Effect

On the day this news was published, IMAX declined 1.05%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

IMAX Concludes Full 26-Day Chinese New Year Holiday Up 72% over 2022

SHANGHAI and NEW YORK, Feb. 16, 2023 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced that IMAX's Chinese New Year slate of Chinese local language films delivered $61.3 million in box office receipts over the full 26-day holiday concluding today — up 72% over 2022 and marking the Company's best-ever box office result for Chinese films during the peak moviegoing period.

The strong result was led by China Film Group's "The Wandering Earth 2", which now stands as the Company's highest-grossing local language film of all time. The Filmed For IMAX title delivered $50.4 million on IMAX China screens — good for 9% of the film's overall box office on less than 1% of screens. "The Wandering Earth 2" is also the Company's third highest grossing release ever in China.

"The Chinese box office is back. Only two months into 2023, IMAX has delivered record-breaking results with its Chinese New Year slate and a strong performance in China for 'Avatar: The Way of Water' with a strong pipeline of Hollywood films yet to come," said Rich Gelfond, CEO of IMAX. "With China reemerging as one of the world's top moviegoing markets, IMAX has taken a big step forward in returning to pre-pandemic levels of global box office performance and we are very optimistic for the year ahead."

Since fully reopening in December, the Chinese box office has made a stunning comeback — more than doubling North American box office for the month of January. Through today (February 16), IMAX has delivered $82 million at the Chinese box office in 2023 — already well over half of the $152.5 million it delivered across all of 2022. James Cameron's "Avatar: The Way of Water" has been a strong contributor to the results, earning more than $52 million in China since its release on December 16 — only the third film ever to deliver more than $50 million at the box office in China.

IMAX diverse Chinese New Year slate for the holiday also included Huanxi Media and Maoyan's "Full River Red", the period drama that marks the fifth collaboration between IMAX and director Zhang Yimou. The Chinese New Year IMAX slate was rounded out by animated film "Deep Sea" produced by Enlight Film, and espionage thriller "Hidden Blade" produced by Bona Film and Xiyue Film.

"Our excellent slate of Chinese New Year films provides a great springboard for the year ahead, and we congratulate our Chinese studio and filmmaking partners for reigniting the country's passion for moviegoing in such dramatic fashion. We look forward to much more to come in 2023," said Daniel Manwaring, CEO of IMAX China.

The coming weeks will see a number of high-profile Hollywood releases debut across the IMAX China network, including this weekend's "Ant-Man and the Wasp: Quantumania" from Disney/Marvel, as well as Warner Bros./DC's "Shazam! Fury of the Gods" and Paramount's "Dungeons and Dragons: Honor Among Thieves".

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. Streaming technology company SSIMWAVE, an IMAX subsidiary, is a leader in AI-driven video quality solutions for media and entertainment companies.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2022, there were 1,703 IMAX systems (1,622 commercial multiplexes, 12 commercial destinations, 69 institutional) operating in 87 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® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, Filmed For IMAX™, IMAX LIVE™, IMAX Enhanced™, IMAX nXos®, SSIMWAVE® and Films to the Fullest®, are trademarks and trade names of the Company 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), Twitter (www.twitter.com/imax), YouTube (www.youtube.com/imaxmovies) and LinkedIn (www.linkedin.com/imax).

For additional information please contact: 

Investors: 
IMAX Corporation, New York 
Jennifer Horsley 
212-821-0154 
jhorsley@imax.com 

Media:  
IMAX Corporation, New York 
Mark Jafar 
212-821-0102 
mjafar@imax.com 

 

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SOURCE IMAX Corporation