IMAX theaters return to profit with box office support from Asian cinemas

The film industry has suffered considerably throughout the coronavirus pandemic and in the midst of the bankruptcy decreed by the Alamo channel and the latest controversy involving Cinemark, IMAX has found in Asian cinema an important part of the resumption of its activity. .

Although it posted lower revenues in its fourth quarter – compared to 2019 in pre-pandemic times, a box office resurgence in Asia has helped the exhibitor continue to be successful, even in the midst of the crisis. global.

Last Thursday (04), IMAX reported a loss attributable to shareholders of US $ 21.2 million, compared to a profit of US $ 18.2 million the previous year. In addition, the adjusted loss per share was 21 cents, compared to a profit of 35 cents per share in 2019.

Overall quarterly revenue was $ 56 million, up from $ 124.3 million a year earlier. In the last quarter, the company saw its profits increase, thanks to the Asian film industry.

The premiere of the anime ‘Demon Slayer: Kimetsu on Yaiba the Movie: Mugen Train’ in Japan boosted ticket sales. In addition, the Chinese Golden Week holiday has also contributed to a huge increase in the flow of moviegoers to the country – considered to be one of the world’s major markets.

According to Richard Gelford, CEO of IMAX, audiences feel encouraged to gradually return to theaters, to areas already considered safer:

“As the world’s only successful entertainment platform, we are heartened to see that audiences can’t wait to get back to theaters, where the virus is under control and where they feel safe. And this promising trend is reflected in our continued financial improvement since the start of the pandemic ”.

The most recent IMAX results will be evaluated by North American exhibitors, who are still looking for a box office recovery. The second half of 2021 or 2022 is expected to be a bit better, when it comes to the flow of visitors to the exhibitor networks.

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