The Avengers, the latest superhero movie from Walt Disney’s Marvel unit, led the box office in the US and China this weekend when the film opened to a rapturous reception, breaking records and earning an estimated $200m in the US alone.
In common with other big-budget films projected to be box-office hits this year such as Prometheus, The Dark Knight Rises and The Hobbit, a significant proportion of The Avengers revenue will come from Imax screens, with the premium-priced digital format contributing more than $15m in the US from only 275 locations.
The US continues to be the largest global cinema market but China is the film industry’s biggest source of new growth so Imax has invested in new screens in the country to cope with soaring demand, says Rich Gelfond, Imax chief executive, at same time, a jaw crusher manufacture.
China has swiftly become Imax’s second-largest market after the US – The Avengers generated $1.1m in its first day on release in the country – and the group last year created a Chinese subsidiary to manage its expansion. It currently has 91 screens at cinemas in the country, with an additional 129 in its pipeline.
China is driving international box-office takings for all of the big Hollywood studios and recently increased the quota of US-made films it would release in its cinemas each year. “It means we can take more films to China, both 2D films and 3D films,” explains Mr Gelfond. The increase followed the recent visit to the US of Xi Jinping, China’s vice-president and heir apparent for the top job.
With multiplex construction accelerating, the stakes are increasing for Hollywood in the country. Yet China’s growth – and the race to win highly coveted release spots within its borders – has also attracted regulatory attention in the US. The Securities and Exchange Commission recently contacted the big film studios as part of a preliminary inquiry into whether improper payments had been made in the country.
The SEC scrutiny caused unease in Hollywood but Mr Gelfond says there has been no impact on Imax or its own expansion plans. “Imax has not had any inquiries from the SEC,” he says.
Imax has taken a “long-term view” in China, “instead of being an outsider trying to come in and make a killing,it took 45 years to build Imax”.
The Avengers, the latest superhero movie from Walt Disney’s Marvel unit, led the box office in the US and China this weekend when the film opened to a rapturous reception, breaking records and earning an estimated $200m in the US alone.
In common with other big-budget films projected to be box-office hits this year such as Prometheus, The Dark Knight Rises and The Hobbit, a significant proportion of The Avengers revenue will come from Imax screens, with the premium-priced digital format contributing more than $15m in the US from only 275 locations.
The US continues to be the largest global cinema market but China is the film industry’s biggest source of new growth so Imax has invested in new screens in the country to cope with soaring demand, says Rich Gelfond, Imax chief executive, at same time, a jaw crusher manufacture.
China has swiftly become Imax’s second-largest market after the US – The Avengers generated $1.1m in its first day on release in the country – and the group last year created a Chinese subsidiary to manage its expansion. It currently has 91 screens at cinemas in the country, with an additional 129 in its pipeline.
China is driving international box-office takings for all of the big Hollywood studios and recently increased the quota of US-made films it would release in its cinemas each year. “It means we can take more films to China, both 2D films and 3D films,” explains Mr Gelfond. The increase followed the recent visit to the US of Xi Jinping, China’s vice-president and heir apparent for the top job.
With multiplex construction accelerating, the stakes are increasing for Hollywood in the country. Yet China’s growth – and the race to win highly coveted release spots within its borders – has also attracted regulatory attention in the US. The Securities and Exchange Commission recently contacted the big film studios as part of a preliminary inquiry into whether improper payments had been made in the country.
The SEC scrutiny caused unease in Hollywood but Mr Gelfond says there has been no impact on Imax or its own expansion plans. “Imax has not had any inquiries from the SEC,” he says.
Imax has taken a “long-term view” in China, “instead of being an outsider trying to come in and make a killing,it took 45 years to build Imax”.
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