Find Companies:
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Digital Cinema Technology Dec. 11, 2016
Please Login
Login/Signup
Sponsors

RSS News
RSS Info About RSS

Member
logo
logo
logo
logo
logo

# 1930 de Forest

Skip Navigation LinksStart / Menu > Find Press Releases > Full Press Release
Manila, Philippines—Jul 7, 2010

IMAX Signs Five-Theatre Deal in Philippines with SM Prime Holdings

Country's Largest Mall Operator/Exhibitor More than Doubles Its Number of IMAX® Theatres Following Success of First Two Locations
IMAX Corporation (NASDAQ:IMAX; TSX:IMX) and SM Prime Holdings, the largest mall operator and exhibitor in the Philippines, today announced an agreement to install five digital IMAX projection systems at SM shopping malls in the cities of Las Piñas City, Fort Bonifacio, Davao City, Angeles City and Manila. 

The deal follows the market-leading success of SM's two existing IMAX® theatres in Manila and Quezon, with the operator's first IMAX location in Manila ranking as the highest grossing screen in the country since it opened.

Under the terms of the parties' agreement, three of the IMAX theatre systems are expected to be installed in 2011 and two in 2012. SM will also open another location under a previous agreement in the city of Cebu this month in time for the highly anticipated release of Inception. The new theatre deal brings the total number of IMAX system deals announced year-to-date to 89, which compares to 35 system signings in all of 2009.

"The tremendous success of our first two IMAX theatres demonstrates how consumers in the Philippines love The IMAX Experience®, and based on this success, the next logical step for our business is to add more locations," said Mr. Hans Sy, President, SM Prime Holdings Inc. "The IMAX theatres serve as a great source of incremental revenue for our business, and we're seeing a growing demand for the IMAX brand as more big Hollywood movies are released in the format."

"SM Prime Holdings has been a fantastic partner for us in the Philippines, and they have done a great job of marketing The IMAX Experience to their patrons, which has contributed significantly to the strength of the brand in that market," said IMAX's Chief Executive Officer Richard L. Gelfond.  "SM's commitment to add five additional locations demonstrates how the success of our theatre business model is driving repeat business from our existing exhibition partners. We also believe that an endorsement from a prominent and successful IMAX operator will further stimulate exhibitor interest in the IMAX business in the Asia-Pacific region."

Mr. Gelfond continued, "This deal also builds on the momentum of theatre systems signings activity and network growth that we have experienced since the beginning of the year. So far this year we have more than doubled the total number of systems signings as compared to 2009 with many of these new locations scheduled to open in 2010 and 2011. This network expansion will have a positive impact on IMAX's future revenues and earnings given the revenues from the sales of the systems and recurring revenues from joint revenue sharing theatres, theatre maintenance and box office royalties."

The two existing IMAX theatres operated by SM in the Philippines have consistently posted market-leading box office performances. For the recent release of Toy Story 3, the two IMAX screens generated a per screen average that was more than seven times the national per screen average for the film. For Alice in Wonderland, the IMAX per screen average was more than ten times the national average.
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 offices in London, Tokyo, Shanghai and Beijing.  As of September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 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 Corporation Directory page
Similar Press Releases
More PR About: Premium Large Format More
Learn More About:
Countries: Philippines More
More IMAX Press Releases: Dec 1, 2016 Shanghai Film Corporation Adds Three New IMAX® Theatres to Circuit in China Nov 10, 2016 IMAX Completes First Phase of $50 Million Virtual Reality Fund That Will Finance New High-Quality, Immersive VR Content Oct 13, 2016 IMAX Signs Largest Agreement in France with Five-Theatre Deal with Les Cinémas Gaumont Pathé Oct 11, 2016 IMAX and Odeon & UCI Cinemas to Launch First IMAX VR™ Centre in Europe Aug 2, 2016 Wanda to Add 150 IMAX® Theatres in Landmark Deal; Largest Agreement in IMAX History Jul 12, 2016 Ster-Kinekor Expands Imax Footprint with Three-Theatre Agreement in South Africa Jun 22, 2016 IMAX and AMC Theatres® Sign 25-Theatre Deal Jun 22, 2016 IMAX and Cineworld Group Plc Sign Five-Theatre Agreement Jun 13, 2016 IMAX and Sichuan Lumière Pavilions Company Ltd. Sign 10-Theatre Full Revenue Share Agreement in China May 19, 2016 Google and IMAX Partner to Develop Groundbreaking Virtual Reality Camera May 12, 2016 IMAX Signs 40-Theatre Full Revenue Share Agreement with Guangzhou Jinyi Media Corporation in China Apr 13, 2016 IMAX Signs 10-Theatre Deal in China with Shanghai Aurora Movie Co., Ltd. Apr 5, 2016 IMAX Signs Largest Deal in India: Five-Theatre Agreement with Inox Leisure Ltd. Feb 22, 2016 Pathé and IMAX® Sign Five-Theatre Agreement in France and Switzerland Feb 11, 2016 T-Joy Co. Ltd. Enters IMAX Business in Japan with Two-Theatre Agreement Feb 4, 2016 IMAX's Middle East Signings Momentum Continues with Two-Theatre Agreement in UAE Dec 10, 2015 IMAX Launches Private Theatre Business with More Than 80 Initial Signings Nov 30, 2015 IMAX Signs 10-Theatre Agreement with Toho Cinemas Ltd.; Marks its Largest Deal in Japan Nov 24, 2015 Hengdian Entertainment Co. Ltd. Enters IMAX Business with 5-Theatre Agreement in China Oct 8, 2015 IMAX and Omnijoi Cinemas Expand Revenue Share Partnership in China with 15-Theatre Agreement More
©Copyright 2003 - 2016 WHMCC, LLC. All rights reserved.   | Contact | Terms of Use | Privacy Statement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
banner