IMAX expands in China

Film technology company IMAX said on Wednesday that it aims to expand partnership with China's Bona Film Group with three new IMAX locations in China, which will be operational in 2026.

The agreement marks the first deal for the two companies post-COVID, reinforcing the surging demand among Chinese audiences and exhibitors for premium film watching.

The deal will bring the total number of IMAX locations with Bona Film Group to 36, IMAX said.

"Moviegoing have made a remarkable comeback in China," said Rich Gelfond, CEO of IMAX. "As IMAX continues to expand further into Chinese films, local language releases from countries including Japan, and new experiences, it's clear that our value proposition for Chinese moviegoers and the opportunity for our business in China are strong."

Yu Dong, chairman of Bona Film Group, said: "We believe this expanded partnership with IMAX will serve to drive the continued growth of movie-going enthusiasm and further strengthen the market."

The multi-theatre deal came as IMAX continued to deliver strong box office results in China. IMAX has earned over $19 million in China with Christopher Nolan's Academy-Award winning "Oppenheimer", garnering 30 percent of the film's opening weekend box office on less than 1 percent of screens in the country. Denis Villeneuve's "Dune: Part Two" also continued to perform well in the market, with over $15 million earned to-date on less than 1 percent of screens.