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.
3D sports could be next big thing
Sporting events in 3D could be the next big thing in digital cinema as a company called 3ality Digital is coordinating a test broadcast of the NFL's Thursday Night Football game in 3-D on Dec. 4th.
The game will be beamed via satellite to the Mann Chinese 6 in Hollywood, and theaters in Boston and New York.
3ality was behind the recent U2 3D concert film. Technicolor Digital Cinema is providing the satellite transponder time and digital downlink services.
Read more in The Hollywood Reporter.
The game will be beamed via satellite to the Mann Chinese 6 in Hollywood, and theaters in Boston and New York.
3ality was behind the recent U2 3D concert film. Technicolor Digital Cinema is providing the satellite transponder time and digital downlink services.
Read more in The Hollywood Reporter.
Marcus Theatres installs 12th UltraScreen
ORLAND PARK, IL -- Marcus Theatres has installed a new 70-foot-wide UltraScreen at the Orland Park Cinema. It was unveiled November 26th in time for the Thanksgiving holiday weekend.
It was installed in a 400-seat auditorium that has been renovated from the ground up.
In addition to the UltraScreen, the hall is using Crown Digital D-Chain amplifiers and JBL ScreenArray speakers.
This is the company's 12th UltraScreen installation and the second in Illinois
Read more at MarketWatch.
It was installed in a 400-seat auditorium that has been renovated from the ground up.
In addition to the UltraScreen, the hall is using Crown Digital D-Chain amplifiers and JBL ScreenArray speakers.
This is the company's 12th UltraScreen installation and the second in Illinois
Read more at MarketWatch.
Digital projection not always perfect
The public may think digital cinema is perfect but that's not the case. Quite frequently things go wrong such as during an advance screening of the new Brad Pitt movie "The Curious Case of Benjamin Button" when the picture was green and no amount of tweaking could change that. The screening was cancelled.
Other recent snafus include a screening of Steven Soderbergh's Spanish-language "Che" where it played without subtitles for 15 minutes before the showing was cancelled. A few weeks later, subtitles from "Che" played during a screening of "Doubt." In that case, the problem was quickly fixed.
However, digital projection did provide an advantage when a woman became ill during a screening of "Revolutionary Road." After an ambulance took the woman away, the projectionist was able to rewind the film a few minutes so the audience could get the full impact of the film. If it was film, it would have had to be done in real time, delaying the picture even more.
Read more in Variety.
Other recent snafus include a screening of Steven Soderbergh's Spanish-language "Che" where it played without subtitles for 15 minutes before the showing was cancelled. A few weeks later, subtitles from "Che" played during a screening of "Doubt." In that case, the problem was quickly fixed.
However, digital projection did provide an advantage when a woman became ill during a screening of "Revolutionary Road." After an ambulance took the woman away, the projectionist was able to rewind the film a few minutes so the audience could get the full impact of the film. If it was film, it would have had to be done in real time, delaying the picture even more.
Read more in Variety.
Tuesday, November 25, 2008
Pickwick Theatre celebrates 80th anniversary
PARK RIDGE, IL -- The Pickwick Theatre will celebrate its 80th anniversary by playing the same silent film it played when it opened: "Lilac Time" with Gary Cooper and Colleen Moore.
The theater, which is on the National Register of Historic Places, is distinctive for its 100-foot art deco tower. It has been in continuous operation since 1928 without any modification to the original auditorium and has been owned by the same family since 1967.
Read more about the history of the theater in the Norride-Harwood Heights News.
The theater, which is on the National Register of Historic Places, is distinctive for its 100-foot art deco tower. It has been in continuous operation since 1928 without any modification to the original auditorium and has been owned by the same family since 1967.
Read more about the history of the theater in the Norride-Harwood Heights News.
Monday, November 24, 2008
Conneaut Plaza Theatres reopens under new management
CONNEAUT, OH -- The Conneaut Plaza Theatres reopened under new management last weekend after closing last September. Ironically, the recent closing of the nearby Ashtabula Plaza Theatre laid the foundation for reopening the Plaza.
The new owners of the two-screen mall cinema, a married couple, have installed new carpeting and given the place a new coast of paint. They also put in a new concession stand that offers an extended menu that includes hot dogs, nachos and pizza to be baked on the premises by Pizzi Cafe. They hope that will help them compete with the bigger multiplexes.
The couple has been learning how to run the projectors and other equipment from the former manager.
Read more in the Star Beacon.
The new owners of the two-screen mall cinema, a married couple, have installed new carpeting and given the place a new coast of paint. They also put in a new concession stand that offers an extended menu that includes hot dogs, nachos and pizza to be baked on the premises by Pizzi Cafe. They hope that will help them compete with the bigger multiplexes.
The couple has been learning how to run the projectors and other equipment from the former manager.
Read more in the Star Beacon.
Disney re-signs with IMAX
The Walt Disney Disney Co., which hasn't released a theatrical film in IMAX for over five years, has signed a five-picture deal with the large format film company. IMAX will distribute the films starting in November 2009 with Robert Zemeckis' "A Christmas Carol" starring Jim Carrey. Zemeckis' two previous films, "The Polar Express" and "Beowulf," were released in IMAX.
Disney says it had not given up on IMAX but that it was busy launching its own Disney Digital 3D, which is a rebranding of the Real 3D system.
With the world economic crisis slowing down the expansion of digital and 3D screens, teaming up with IMAX, which has its own digital and 3D systems, makes sense.
The industry believes it has to achieve 3,000 screens to be able to exclusively open a film digitally and not limit its profitability. It is estimated that there will be 2000 digital screens by next year, 1000 screens short.
Disney has a long history with IMAX starting with "Fantasia 2000" which was exclusively released to IMAX theaters for four months. In 2002, "Treasure Island" was the first film to debut both in IMAX and conventional theaters at the same time. Since then, the studio has released several short documentaries in IMAX, with the last one being "Roving Mars" in 2006.
Read more in CNN Money.
Disney says it had not given up on IMAX but that it was busy launching its own Disney Digital 3D, which is a rebranding of the Real 3D system.
With the world economic crisis slowing down the expansion of digital and 3D screens, teaming up with IMAX, which has its own digital and 3D systems, makes sense.
The industry believes it has to achieve 3,000 screens to be able to exclusively open a film digitally and not limit its profitability. It is estimated that there will be 2000 digital screens by next year, 1000 screens short.
Disney has a long history with IMAX starting with "Fantasia 2000" which was exclusively released to IMAX theaters for four months. In 2002, "Treasure Island" was the first film to debut both in IMAX and conventional theaters at the same time. Since then, the studio has released several short documentaries in IMAX, with the last one being "Roving Mars" in 2006.
Read more in CNN Money.
Historic Ioka Theater to close on Christmas Eve
EXETER, NH -- The historic Ioka Theater, which has operated since 1915 when it showed "Birth of a Nation," will close its doors on Dec. 24th. The main reason is the high cost of installing a sprinkler system, with high energy costs and insurance costs as contributing factors.
The theater has 500 seats in the main auditorium with a smaller second screen in the basement which formerly served as the area's YMCA.
The need for a sprinkler system came about because of the disasterous Station nightclub fire several years ago in Rhode Island. Many New England states have enacted laws requiring sprinkler systems in entertainment venues of more than 100 patrons. This is forcing many marginal bars and restaurants to close. Sprinkler systems can cost anywhere between $40,000 for a small space to over $200,000 for a large space.
Read more here and here in Seacoast Online.
The theater has 500 seats in the main auditorium with a smaller second screen in the basement which formerly served as the area's YMCA.
The need for a sprinkler system came about because of the disasterous Station nightclub fire several years ago in Rhode Island. Many New England states have enacted laws requiring sprinkler systems in entertainment venues of more than 100 patrons. This is forcing many marginal bars and restaurants to close. Sprinkler systems can cost anywhere between $40,000 for a small space to over $200,000 for a large space.
Read more here and here in Seacoast Online.
Tuesday, November 18, 2008
Grand Rapids' Studio 28 to close
GRAND RAPIDS, MI -- Studio 28, West Michigan's first multiplex and at one time, one of the largest cinemas in the US with 20 screens, is closing November 23rd.
The theater is falling victim to newer nearby cinemas with stadium seating and modern conveniences.
It originally opened as a single-screen theater in 1965 and expanded to six screens in 1976. In 1984 it doubled to 12 screens with 4,000 seats. In 1988 it grew to 20 screens, becoming the world's first megaplex.
The owner said ticket sales had fallen about 75% from the 1990s to about a half million dollars a year. He was also facing the cost of a new roof that had been built in pieces.
An auction of memorabilia will be held about a month after the theater closes. Employees are being offered jobs at other Celebration! theaters.
Read more at MLive.com and at Wood TV 8.
The theater is falling victim to newer nearby cinemas with stadium seating and modern conveniences.
It originally opened as a single-screen theater in 1965 and expanded to six screens in 1976. In 1984 it doubled to 12 screens with 4,000 seats. In 1988 it grew to 20 screens, becoming the world's first megaplex.
The owner said ticket sales had fallen about 75% from the 1990s to about a half million dollars a year. He was also facing the cost of a new roof that had been built in pieces.
An auction of memorabilia will be held about a month after the theater closes. Employees are being offered jobs at other Celebration! theaters.
Read more at MLive.com and at Wood TV 8.
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