Longstanding Partners Strike First Post-COVID Agreement as Chinese Moviegoing Continues to Surge

LAS VEGAS and SHANGHAI, April 9, 2024 /PRNewswire/ -- Bona Film Group (SZ.001330) and IMAX Corporation (NYSE: IMAX), IMAX China (HKSE:1970) today announced an expansion of their partnership with an agreement for three new state-of-the-art IMAX? with Laser systems in China, set to begin operation starting in 2026. The announcement was made today at the annual CinemaCon 2024 exhibition conference in Las Vegas.

IMAX and Bona Film Group have enjoyed a successful partnership since 2012 – this deal will bring the total number of IMAX locations with Bona Film Group to 36. The agreement marks the first deal for the two companies post-COVID, reinforcing the surging demand among Chinese audiences and exhibitors for The IMAX Experience.

"Moviegoing has made a remarkable comeback in China and we're excited that Bona Film Group, a leading force in China's exhibition market, is growing its commitment to IMAX as we drive strong market share with the biggest releases," said Rich Gelfond, CEO of IMAX. "As IMAX continues to expand further into Chinese films, local language releases from countries including Japan, and new experiences, it's clear that our value proposition for Chinese moviegoers and the opportunity for our business in China are strong."

"Bona Film has always been committed to providing a premium film experience for audiences," said Yu Dong, chairman of Bona Film Group, "As the most iconic immersive cinematic experience, IMAX delivers unmatched entertainment value that meets the wide-ranging demands of moviegoers. We believe this expanded partnership with IMAX will serve to drive the continued growth of movie-going enthusiasm and further strengthen the market."

The multi-theatre deal comes as IMAX continues to deliver strong box office results in China. IMAX has earned over $19 million in China with Christopher Nolan's Academy-Award winning "Oppenheimer", garnering 30% of the film's opening weekend box office on less than 1% of screens. Denis Villeneuve's "Dune: Part Two" also continues to perform exceptionally well in the market, with over $15 million earned to-date on less than 1% of screens. IMAX has continually delivered strong indexing in China, taking home 33% of the opening weekend total of "Dune: Part Two" in the country, and following it up with a massive 35% of the second weekend box office.

IMAX also took in $7.3 million in box office for "Godzilla vs Kong: The New Empire", marking its highest 3-day opening weekend in the market for a Hollywood title since "Avatar: The Way of Water" and delivering a franchise-best opening weekend index of 16.3%.  In March, IMAX China saw its best performance for that month since the pandemic, driven by "Dune: Part Two" and "Godzilla vs Kong: The New Empire", hitting $28 million.