Shares of IMAX Corp. have been rising from its year-to-date low as the company has been adding screens and is locked in to run the biggest blockbuster films of 2009.
Over the weekend, 12% of the grosses of "The Day the Earth Stood Still" came from IMAX theaters, for a per screen average of over $30,000 compared to the national average of only $8700. Nineteen of the top 20 grossing theaters were IMAX theaters with ticket prices 25% to 40% higher than the average.
Box office results similar to this one throughout the year has consistently demonstrated the strength of the IMAX brand and the fact that the public is willing to pay a premium to see movies in IMAX theaters.
While predictions for next year are rosy, IMAX will face challenges down the road. It only holds a slight technological edge in the digital projection market and any theater with stadium seating willing to double stack two 4K digital projectors and beef up its sound system could create a similar viewing experience.
Also, IMAX is facing a class action suit in Canada claiming it cooked its accounting books in 2005 by listing revenue from deals not yet finalized, but IMAX says it followed standard accounting proceedures.
Read more at Forbes.
Wednesday, December 17, 2008
Tuesday, December 16, 2008
AMC to build 100 digital IMAX theaters
AMC Entertainment has announced it has signed with IMAX to convert 100 screens in 33 markets to digital IMAX.
The idea is to compete with TV and DVDs by presenting an experience that cannot be replicated at home or with any other form of entertainment.
The digital IMAX screens will be 25% larger than average screens with laser-aligned sound systems.
AMC will charge a $3 premium over the regular ticket price.
IMAX films lined up for release include a January re-release of The Dark Knight, "Watchmen" and "Monsters vs. Aliens 3D" in March, "Star Trek" and "Night at the Museum 2" in May, Harry Potter in June, Jim Carrey's "A Christmas Carol 3D" in November, and James Cameron's long-awaited "Avatar 3D" in December.
Read more in Philly Burbs.
The idea is to compete with TV and DVDs by presenting an experience that cannot be replicated at home or with any other form of entertainment.
The digital IMAX screens will be 25% larger than average screens with laser-aligned sound systems.
AMC will charge a $3 premium over the regular ticket price.
IMAX films lined up for release include a January re-release of The Dark Knight, "Watchmen" and "Monsters vs. Aliens 3D" in March, "Star Trek" and "Night at the Museum 2" in May, Harry Potter in June, Jim Carrey's "A Christmas Carol 3D" in November, and James Cameron's long-awaited "Avatar 3D" in December.
Read more in Philly Burbs.
First Digital IMAX screens open in Australia and Europe
Both Europe and Australia are opening their first digital IMAX theaters.
In the UK, Odeon shelled out £1.5 million to build auditoriums in Greenwich and Wimbledon. The Greenwich digital Imax will actually undercut the non-digital BFI Imax in Waterloo by charging £11.50 compared to £13.
The theaters opened this week with showings of "Madagascar: Escape 2 Africa."
Odeon said it was considering converting 10 more screens to digital IMAX if the demand is there. It also plans to install non-IMAX digital projection systems in 111 of its 200 cinemas.
In Australia, Hoyts is opening digital IMAX screens in the suburbs of Sydney, Melbourne and Perth. The first film screened will be "The Day the Earth Stood Still on Boxing Day" (Dec. 26).
Hoyts will add a fourth digital IMAX screen at another Melbourne theater next year.
Read more at Canary Wharf news, enews, and Variety.
In the UK, Odeon shelled out £1.5 million to build auditoriums in Greenwich and Wimbledon. The Greenwich digital Imax will actually undercut the non-digital BFI Imax in Waterloo by charging £11.50 compared to £13.
The theaters opened this week with showings of "Madagascar: Escape 2 Africa."
Odeon said it was considering converting 10 more screens to digital IMAX if the demand is there. It also plans to install non-IMAX digital projection systems in 111 of its 200 cinemas.
In Australia, Hoyts is opening digital IMAX screens in the suburbs of Sydney, Melbourne and Perth. The first film screened will be "The Day the Earth Stood Still on Boxing Day" (Dec. 26).
Hoyts will add a fourth digital IMAX screen at another Melbourne theater next year.
Read more at Canary Wharf news, enews, and Variety.
Monday, December 15, 2008
QuVIS digital cinema closes down
TOPEKA, KS -- QuVIS, a pioneer in digital cinema, laid off 29 employees and closed its doors this week. The company is $40 million in debt and its president and founder is trying to find a way to reorganize.
Founded in 1994, QuVIS digitized several movies, such as "Toy Story II," "Bounce," "Shrek" and "The Perfect Storm," in its proprietary QPE format.
However, when the Digital Cinema Group adopted the JPEG2000 format as its standard, QuVIS stayed with its proprietary, more expensive, systems, which greatly hurt the company.
Read more in the Topeka Capital-Journal.
Founded in 1994, QuVIS digitized several movies, such as "Toy Story II," "Bounce," "Shrek" and "The Perfect Storm," in its proprietary QPE format.
However, when the Digital Cinema Group adopted the JPEG2000 format as its standard, QuVIS stayed with its proprietary, more expensive, systems, which greatly hurt the company.
Read more in the Topeka Capital-Journal.
E-cinema over d-cinema in India
As most of the world is converting to digital cinema projection, in India more than 2,000 screens will be converted to e-cinema by the end of 2009. This compares with only an estimated 300-400 digital cinema installations completed by 2009.
The e-cinema projectors are typically industrial DLPs with a resolution of 1.3k (1280x768) or 1.92k (1920x1080), short of the pure 2K (2048x1080) of digital cinema
The prices start at about $2,000-$10,000 versus the $50,000 or more for digital cinema projectors.
So far, Hollywood has refused to release any digital movies below the 2k standard, but the Indian office of Fox has released local movies in the e-cinema formats.
Read more in Variety and Film Journal.
The e-cinema projectors are typically industrial DLPs with a resolution of 1.3k (1280x768) or 1.92k (1920x1080), short of the pure 2K (2048x1080) of digital cinema
The prices start at about $2,000-$10,000 versus the $50,000 or more for digital cinema projectors.
So far, Hollywood has refused to release any digital movies below the 2k standard, but the Indian office of Fox has released local movies in the e-cinema formats.
Read more in Variety and Film Journal.
Wednesday, December 10, 2008
Developer buys closed Showcase Cinemas in Connecticut
HARTFORD, CT -- A developer is paying National Amusements $45 million to buy four abandoned Showcase Cinema theaters in the area to convert them to commercial and industrial use.
The developer has been negotiating with NA for two years. All the properties add up to nearly 100 acres and their excellent locations near major thoroughfares were compelling enough to make the deal even in this economy.
One of the properties has already been resold to a local electrical utility.
Included with the properties is the Showcase Cinemas East Hartford, which was the first multiplex in Connecticut. It opened as a four-screen theater in 1973 and closed with 14 screens in 2006. Newly built multiplexes with stadium seating nearby led to its closure.
Read more in the Hartford Courant.
The developer has been negotiating with NA for two years. All the properties add up to nearly 100 acres and their excellent locations near major thoroughfares were compelling enough to make the deal even in this economy.
One of the properties has already been resold to a local electrical utility.
Included with the properties is the Showcase Cinemas East Hartford, which was the first multiplex in Connecticut. It opened as a four-screen theater in 1973 and closed with 14 screens in 2006. Newly built multiplexes with stadium seating nearby led to its closure.
Read more in the Hartford Courant.
Tuesday, December 2, 2008
Delaware's last drive-in closing
FELTON, DE -- The last drive-in theater in Delaware is closing Saturday. The theater operator can't afford to buy the land and the property owners want to sell.
The Diamond State Drive-in Theater opened in 1949 and converted to adult films in 1966 until 1985. The screens were dark from then until 1995 when the present operator reopened it.
However, the operator has bought another closed drive-in in Chincoteague, Virginia and hopes to open by 2010.
Read more at WBOC 16 and WDEL 1150AM.
The Diamond State Drive-in Theater opened in 1949 and converted to adult films in 1966 until 1985. The screens were dark from then until 1995 when the present operator reopened it.
However, the operator has bought another closed drive-in in Chincoteague, Virginia and hopes to open by 2010.
Read more at WBOC 16 and WDEL 1150AM.
Monday, December 1, 2008
Norway opens first all-digital multiplex
OSLO, NOWAY -- The Oslo Municipal Cinemas opened the first all-digital multiplex in Norway over the weekend.
Some 9,000 film fans turned out to see a combination of Norwegian and Hollywood films.
Half of the Ringen Kino's six screens are 3D capable. The theater seats a total of 925.
Oslo Municipal Cinemas is a state-run organization that uses the profits from its eight multiplexes to fund museums and other arts groups.
Switching to digital projection is one of the top priorities for the Norwegian government in 2009.
Read more at Nordisk Film & TV Fond and Movie Scope.
Some 9,000 film fans turned out to see a combination of Norwegian and Hollywood films.
Half of the Ringen Kino's six screens are 3D capable. The theater seats a total of 925.
Oslo Municipal Cinemas is a state-run organization that uses the profits from its eight multiplexes to fund museums and other arts groups.
Switching to digital projection is one of the top priorities for the Norwegian government in 2009.
Read more at Nordisk Film & TV Fond and Movie Scope.
Wednesday, November 26, 2008
Sanibel Island Cinema reopens
SANIBEL ISLAND, FLORIDA -- The Island Cinema has reopened under new ownership and after an extensive five-month renovation.
During the renovation, the entire two-screen theater was completely gutted, including the electrical system, with nothing left except for the projector booth door.
Each auditorium features 60 soft, extra-wide, leather-like rocking seats, a new digital projector, nine surround-sound speakers and three ceiling fans, with new air conditioning throughout.
The Bacik family bought the theater after selling their interest in Royal Shell Vacations. The family wanted a business they could run together. The first movie screened was "Quantum of Solace."
Read more in the Island Reporter.
During the renovation, the entire two-screen theater was completely gutted, including the electrical system, with nothing left except for the projector booth door.
Each auditorium features 60 soft, extra-wide, leather-like rocking seats, a new digital projector, nine surround-sound speakers and three ceiling fans, with new air conditioning throughout.
The Bacik family bought the theater after selling their interest in Royal Shell Vacations. The family wanted a business they could run together. The first movie screened was "Quantum of Solace."
Read more in the Island Reporter.
Mann's Chinese gets "3D sound" system
HOLLYWOOD, A -- Iosono, a spinoff of Germany's Frauhofer Institute for Digital Media Technology, has installed its first "3-D sound" system in Mann's Chinese 6's digital theater.
The system uses 380 speakers set six inches apart around the walls of the auditorium. Iosono explained that it uses "wavefield synthesis" to envelop the audience with sound. It can play regular movie soundtracks as well as those specially mixed for the sustem.
The system is expected to cost about 30% more than a "good" 5.1 surround sound system as well as additional installation costs.
It was shown off during last week as part of the Society of Motion Picture and Television Engineers' Technical Conference.
Read more in The Hollywood Review.
The system uses 380 speakers set six inches apart around the walls of the auditorium. Iosono explained that it uses "wavefield synthesis" to envelop the audience with sound. It can play regular movie soundtracks as well as those specially mixed for the sustem.
The system is expected to cost about 30% more than a "good" 5.1 surround sound system as well as additional installation costs.
It was shown off during last week as part of the Society of Motion Picture and Television Engineers' Technical Conference.
Read more in The Hollywood Review.
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