IMAX Corporation (IMAX) has updated shareholders by announcing impressive box office results for the year 2007. During this year, IMAX generated revenue of $145 million from Hollywood releases, 56% higher than the $93 million that the IMAX theatre network grossed during 2006. Hollywood films that played in IMAX theatres in 2007 included eight titles from 4 different studios, all of which were converted into The IMAX Experience.
The titles in IMAX’s 2007 film slate contributing to this record-setting box office performance included 300, Spider-Man 3, Harry Potter and the Order of the Phoenix, Transformers, Beowulf, and I Am Legend. Earlier releases included Night at the Museum and the Polar Express.
Richard L. Gelfod, Co-CEO, commented, “This milestone is another testament to strong relationships IMAX has formed with the Hollywood studios, the filmmaking community and our exhibitor partners. Last year’s box office performance and the strong IMAX brand makes the timing ideal for the rollout of our new digital projection system in mid-2008. We look forward to delivering even more terrific Hollywood content from our studio partners as the IMAX theatre network continues to grow – making The IMAX Experience accessible to consumers in nearly every major market in the United States and in new IMAX locations worldwide.”
Greg Foster, Chairman and President of IMAX, further added, “Our winning streak is particularly gratifying when you consider that since September 2006, we’ve released eight “day and date” theatrical titles from four different studios and each has opened in the number one spot the weekend they launched, with IMAX contributing as much as 13%. Further, five of the Hollywood titles released in IMAX finished in the top ten grossing films of 2007, which indicates that IMAX really has become part of the distribution mind set for tent pole pictures and part of the movie-going habits of audiences throughout the world. Our incredible studio partners continue to deliver amazing content, and we’re so pleased that they recognize the value in making IMAX an important part of their release strategy.”
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