By Gavin Boyle
While the theater business in America continues to struggle, Imax has found success both domestically and overseas, allowing it to supplement income during underperforming seasons.
“Local-language, in general, for the first half of this year, is around 40 percent of our global box office – which is an incredible amount. If you think of any other global entertainment company, they’re not even close,” said Imax CEO Rich Gelfond. “In the last couple of years, we’d been around 20 percent. So, diversifying has been a big part of our strategy.”
“We’ve done local-language in 10 different countries, so far: Vietnam, South Korea, Indonesia, France and we have one coming very soon in Germany, as well as others,” the CEO continued. “So it’s definitely a replicable model and that’s part of our strategy.”
As the cost to attend theaters continues to rise to unreasonable highs, many viewers now choose to splurge on Imax when they attend theaters as the additional cost seems worth it for the improved experience. For this reason, Gelfond has long maintained a positive outlook on the future of his company, even as the theater business continues to struggle.
“I have a pretty positive outlook over the next couple years,” Gelfond said at the start of 2024 when the theater business was still reeling from the pandemic and 2023’s dual writer and actor strikes. “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.”
Since then, Imax has posted strong earnings and revenue with multiple quarters of a net income of over $10 million. Furthermore, some directors are now creating their movies with Imax at the forefront of their focus, including Christopher Nolan’s THE ODYSSEY, which is being filmed using Imax-specific tools.
“Christopher Nolan’s next film THE ODYSSEY is a mythic action epic shot across the world using brand new IMAX film technology,” Universal Pictures previously shared on X. “The film brings Homer’s foundational saga to IMAX film screens for the first time and opens in theaters everywhere on July 17, 2026.”
Audiences are so excited to view the movie in this format that when tickets went on sale earlier this month – a full year before the movie’s release – they were sold out in a matter of days and are now reselling across the internet for hundreds of dollars.
Clearly Imax has a certain pull that the broader theater business lacks. Even if the industry continues to struggle in the coming years, Imax’s focus on providing a unique theater experience across the world will allow it to continue to soar regardless.
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