Imax Earnings Are Down, But CEO Has ‘Positive Outlook’ For 2024
By Movieguide® Contributor
Imax’s earnings are down amid the aftermath of the strikes, as well as a lack of holiday blockbusters.
“Revenues at the exhibition and technology company fell to $86 million, a 12% drop from the $98 million that the company reported in the prior-year quarter,” Variety wrote of Imax’s fourth-quarter earnings.
It also reported profits were “essentially flat” — Imax had a net income of $2.5 million, which was a 3% decline from last year’s quarter. There was also an 11% drop in Imax shares.
Matching the previous year’s profits was already an uphill battle, as 2022’s AVATAR: THE WAY OF WATER was one of the year’s highest-grossing movies. 2023’s offerings, which included underperformers, like AQUAMAN AND THE LOST KINGDOM and THE MARVELS, were unsurprisingly unable to match up.
However, Imax has high hopes for this year as it looks to the premiere of DUNE: PART TWO, which promises to be a box office success.
Imax’s CEO, Richard Gelfond, is viewing this time as an opportunity to rebuild and come back better than ever.
“While we never like seeing our stock go down, this has created an opportunity for us to buy back more shares,” he said, adding that Imax repurchased $40 million in the company’s stock.
Gelfond also acknowledged that last year’s WGA and SAG-AFTRA strikes negatively impacted Imax’s performance but said the company’s “global technology platform and asset-lite model remain remarkably resilient.”
While 2023’s numbers were underwhelming, Imax did have success in other markets.
“For the entire fiscal year, Imax earned a company record [of] $227 million from non-English films, primarily in countries like China, India, Japan and France,” The Wrap reported, praising Imax’s jump to non-English movies as a smart move amid the strikes.
“I have a pretty positive outlook over the next couple years,” Gelfond said via The Hollywood Reporter. “The macro trends appear good and movies are still an economically affordable luxury, and Imax particularly even at a premium price point has done very well.”
Movieguide® previously reported on the 2024 box office:
2024’s box office is projected to falter without a consistent stream of movies with blockbuster potential due to 2023’s extended writers’ and actors’ strikes.
“We should be nervous about the first half of 2024,” an anonymous studio executive told Deadline. “There’s no way that a labor stoppage as prolonged and chaotic as this wasn’t going to have consequences. Fire comes through and burns a forest and a town, and then the fire is over. But the consequences of the fire aren’t over: There’s mudslides, and there’s damaged infrastructure.”
“The fire is over: Now we’ve gotta rebuild the town,” the executive added.
With only 107 widely released movies – compared to 2023’s 124 – coming out this year and numerous gaps in the release schedule, 2024’s box office total is expected to drop at least $1 billion from last year’s $9 billion total.
This 11% drop in revenue is disappointing for the movie industry, which had finally returned to normal following the pandemic’s catastrophic impact. Starting in mid-February, there was a consistent stream of high-profile movies with multiple hits breaking the $1 billion mark. The year ended strong with THE HUNGER GAMES: THE BALLAD OF SONGBIRDS AND SNAKES and WONKA.
Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
