NEW DELHI, April 19, 2018 /PRNewswire/ -- IMAX Corporation (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'sprogramming 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."
About Cinépolis India
Cinépolis India is a wholly owned subsidiary of Cinépolis and is the first international exhibitor in India. The company currently operates 340 screens under the brand names of Cinépolis, Cinépolis VIP and Fun Cinemas. Cinépolis operates India's biggest Megaplex – 15 Screen Multiplex in Pune and has brought innovative concepts to exhibition Industry in India. Cinépolis also offers multi- benefit loyalty program- 'Club Cinépolis', to enhance customer experience and increase loyalty. Club Cinépolis offers free registration, earning and burning of points, invite to pre-screening of movies and star visits. Cinépolis India has been awarded with "Most Admired Retail Launch" in 2010, "Most Admired Retailer – Innovation" in 2011, "Fastest Growing Multiplex Chain" in 2015, "IMAGES Most Admired Retailer – Entertainment" in 2015, "DLP CineAsia Marketing Achievement Award" in 2015, 'Best Marketing Campaign of the Year' award at the Making of Developed India awards 2017 and 'Fastest Growing National Chain', 'Best Multiplex – West' and 'Best Programming' at the Indywood Film Carnival in 2017. In 2018 Cinépolis has been awarded with 'Best Multiplex – West', 'Best Multiplex – South' and 'Fastest Growing Chain' at the Global awards for Retail Excellence. Also, Cinépolis IT was declared a Winner at BIG CIO Awards for IT Leadership 2018.
Cinépolis was founded in Mexico in the city of Morelia, Michoacán in 1971. Today it has positioned itself as the world's 4th largest movie theater circuit, operating 652 cinema complexes, 5,334 screens and over 1,120,245 seats across 14 countries worldwide. It was the first cinema exhibitor in the world to pioneer the concept of luxury movie theaters, establishing the first luxury theater experience in 1999 in Mexico City. Cinépolis aspires to provide its guests with the best overall experience in film entertainment and employs a global workforce of more than 37,600 people to support its mission. Cinépolis plans to continue to revolutionize the industry for years to come.
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 theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2017, there were 1,370 IMAX theater systems (1,272 commercial multiplexes, 12 commercial destinations, 86 institutional) operating in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
For additional information please contact:
IMAX Corporation – New York
Sloane & Company– New York
IMAX Corporation – New York
Michael K. Mougias
Principal Communications Group – Los Angeles
Melissa Zukerman/Paul Pflug
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SOURCE IMAX Corporation