IMAX and ODEON Cinemas Expand Partnership
June 22, 2010 – 12:11 pmEurope’s Largest Exhibitor Adds IMAX® Theatre Following Success of Existing IMAX Digital Locations and Attractive IMAX Film Slate
AMSTERDAM, Netherlands, Jun 22, 2010 (GlobeNewswire via COMTEX) –IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) and ODEON & UCI Cinemas Group, Europe’s largest exhibitor, today announced an agreement to install an IMAX digital theatre system in the exhibitor’s flagship location in Liverpool, England. The deal, which brings the total number of IMAX® theatres operated by ODEON to seven, was signed as a result of the growing success and popularity of the exhibitor’s other IMAX locations including digital IMAX venues in Wimbledon, Greenwich, Gateshead, Cardiff and Southampton. ODEON is the largest operator of IMAX theatres in the United Kingdom.
The deal follows the record-breaking box office success of the IMAX® 3D release of Avatar, which has grossed more than $10 million from nine IMAX screens in the United Kingdom and approximately $234 million from 262 IMAX screens worldwide. The new ODEON location will capitalize on IMAX’s growing Hollywood film slate and is scheduled to open in time for the IMAX 3D release of Shrek: Forever After on July 2, 2010.
“The incremental boost in performance that we receive by adding an IMAX theatre to our existing complexes helps to drive our bottom line and our overall box office, but most importantly, it gives ODEON customers the premium cinema experience they are looking for,” said Rupert Gavin, CEO of ODEON & UCI Cinemas Group. “We’re very excited to include this performance-boosting IMAX offering at our Liverpool location, which is already very successful. Beyond this new location, we’re currently exploring the possibility of adding more to our growing list of scheduled IMAX installations.”
“Our expanding partnership with ODEON & UCI Cinemas Group, Europe’s largest exhibitor and one of the world’s most recognized cinema brands, continues to strengthen our own brand presence and visibility worldwide,” said IMAX CEO Richard L. Gelfond. “ODEON has led the way in establishing the IMAX network in Western Europe and we’re confident that their increasing interest in the IMAX business will result in more awe-inspiring entertainment experiences for moviegoers in one of our most important markets.”
Mr. Gavin continued, “In addition to offering the premium IMAX experience to our customers at a growing number of venues, we recently completed the installation of 266 conventional digital 3D systems in the UK and a grand total of 414 digital 3D installations throughout Europe, which makes us the market leader in the number of digital 3D locations in the United Kingdom and Europe.”
IMAX’s digital projection system delivers The IMAX Experience® and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX 3D presentations.
UPDATE: More on the IMAX-Odeon theater deal:
The Hollywood Reporter: Imax, Odeon ink deal for flagship cinema
Washington Examiner: Imax and Odeon open 7th theater together in Liverpool, England
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