SeekingAlpha  Oct 5  Comment 
Forbes  Oct 3  Comment 
We all like to talk about how cinema is dead, moviegoing is doomed, and that the industry has been taken over by franchise fever. And sometimes it sure feels that way, especially considering how so much of our media coverage is filtered through...
Forbes  Oct 2  Comment 
This 75-second preview is timed to go out with Wednesday's opening of The Walk. The Robert Zemeckis drama, starring Joseph Gordon-Levitt as a man who walked across the Twin Towers on a tightrope, will debut in an IMAX (and other select PLF...
MarketWatch  Oct 1  Comment 
The upcoming Hong Kong IPO of Imax Corp.'s Chinese operation will help the company recognize the value of that country's market, an analyst wrote Thursday. Imax on Wednesday priced Imax China shares, which are set to list on the Hong Kong...
Benzinga  Sep 30  Comment 
IMAX Corporation (NYSE: IMAX) today announced that IMAX China Holding, Inc. ("IMAX China", stock code: 1970), a Cayman Islands company, has determined the offer price for the offering (the "Offering") of its shares to be listed on the Hong Kong...
Forbes  Sep 30  Comment 
In trading on Wednesday, entertainment shares were relative leaders, up on the day by about 2.7%. Leading the group were shares of Rentrak Corporation (RENT), up about 22.6% and shares of IMAX Corporation (IMAX) up about 4.3% on the day.
MarketWatch  Sep 25  Comment 
In the spotlight for this weekend’s box office are a few films opening with wide releases, plus the expansion of Universal Studios’ “Everest,” building off the success of its limited Imax release last week.
MarketWatch  Sep 22  Comment 
Universal Studios’ did what few have done, releasing “Everest” in Imax only, at a limited number of theaters. The film garnered $7.6 million, generating buzz ahead of its nationwide release.
Benzinga  Sep 22  Comment 
IMAX Corporation (NYSE: IMAX) today announced an agreement with Better Life Commercial Chain Share Co. Ltd., (Better Life) a multi-format retailer, for two new IMAX® theatres in China's Hunan province to be operated by its joint venture, Hunan...


IMAX Corporation (TSX:IMX NASDAQ:IMAX) is a Canadian entertainment technology company with an industry leading growth rate. IMAX's principal business is the design, manufacture, sale and lease of theater systems based on its technology for large-format, 15-perforation film frame, 70 millimeter format (15/70-format) theaters. In fiscal 2010, IMAX posted revenue of $248.6 million and net income of $100.8 million.[1]

Fiscal 2010 was another successful year for IMAX due to the growth of film technology and increased demand for 3-D films. The blockbuster film Avatar was IMAX's breakthrough film of the decade, as it generated $2.7 billion in box office revenues and created more demand for 3-D films. IMAX is also dependent on the quality and popularity of films that it shows, as 3-D box office sales are correlated to 2-D box office sales. With its domestic success, IMAX has made moves to expand internationally.

Business Overview

Business Financials

Fiscal Year 2010 Performance (Ended December 31st, 2010)

The firm reported the highest annual revenue, earnings and EBITDA for any year in its 43 year history.[1]

Business Segments

  • IMAX Systems (32.7% of Revenue)
  • Films (32.4%)
  • Theater System Maintenance (15.4%)
  • Theater Operations (13.2%)
  • Joint Revenue Sharing Arrangements (3.2%)
  • Other (3.1%)

Geographic Locations

  • United States (54% of theaters)
  • Europe (14%)
  • Canada (7%)
  • Mexico (5%)
  • China (5%)
  • Japan (3%)
  • Rest of World (12%)

Trends and Forces

IMAX Grows at Same Pace as Film Technology

Since superior entertainment technology differentiates IMAX from its competitors, the firm's success and growth is dependent on new technology. IMAX developed the MKII and IMAX 3D cameras to be able to film its signature shots, and the firm also developed technology to convert 2-D films to 3-D films.[2] As new entertainment technology emerges, and the demand for 3-D films continues to increase, IMAX hopes to continue profiting at a record pace.

Increasing Popularity of 3-D Films

The demand for 3-D films has grown exponentially in the past two years. Since 3-D films charge $3 per ticket more than 2-D films, having a 3-D version of a film can improve box office revenues by about 25%.[3] Evolving technology also means that IMAX competitors may be able to provide the same viewing experiences, however. For example, the launch of 3-D televisions will allow consumers to view 3-D films in the comfort of their own homes, and not in IMAX theaters.[4] IMAX plans to contribute to 3-D television popularity by writing television licenses to future 3-D films and advertisements in its theaters.[5]

IMAX Revenue Dependent on Box Office Success of Films

Like other movie theaters, such as Regal Entertainment , Cinemark, and privately-held AMC Entertainment, IMAX revenue is dependent on the popularity of the films it shows. Clearly if less blockbuster-popular movies are made, then less moviegoers will go to IMAX theaters and buy tickets. Furthermore, IMAX is reliant on films that fit to be made in 3-D, such as action-packed films and animated films. With the success of Avatar, IMAX business has increased significantly.

IMAX Theaters Expanding Internationally

With the success of IMAX theaters in the United States, the firm has made moves to have a greater international presence. The IMAX film Prince of Persia: The Sands of Time opened in 53 international theaters, spanning all continents (excluding Antarctica).[6] IMAX has been particularly aggressive in Russia, where it has worked with Russian media firm Rising Star Media to open two new theaters in Moscow and St. Petersburg.[7] IMAX has also worked with Russian retail and entertainment developer SBS to open a theater in Krasnodar, which has a population of 750,000.[8]


Movie Theaters

  • Cinemark Holdings (CNK) Similarly to RGC, Cinemark directly competes with RGC for filmgoers ticket sales as well as IMAX for viewings of 2-D films also in 3-D.
  • DMAX Chinese knock off that is offering a cheaper version of Imax. Backed by China Film Group and China Research Institute of Film Science and Technology. Plans to open 15 screens in 2012.

Film Makers

  • Walt Disney Company (DIS) -- Walt Disney Company writes and produces films that compete with IMAX produced films.
  • Dreamworks Animation SKG (DWA) -- Dreamworks also writes and produces films that compete with IMAX produced films, especially animated films such as Madagascar and Shrek.


  1. 1.0 1.1 1.2 1.3 IMAX 2010 10-k
  2. IMAX website, Corporate, Cameras & Accessories
  3. Business Insider, "3-D Movie Trailer Smackdown: Blockbusters Fighting To Be In Your Face In 2010," 2/16/2010
  4. Seeking Alpha, "How to Profit From 3D TV," 03/22/2010
  5. Business Insider, "3D TV Fever! ESPN; Sony, Discovery, IMAX Launching Networks," 1/5/2010
  6. Bloomberg, "Walt Disney Pictures' and Jerry Bruckheimer Films' Prince Of Persia: The Sands of Time Opens in IMAX(R) Theatres Internationally," 05/18/2010
  7. Business Insider, "IMAX's International Business Blasts Off In Russia," 02/03/2010
  8. Bloomberg, "IMAX Signs Theatre Deal in Russia," 05/06/2010
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