Imax Shares Pop as Chinese Box Office Roared Back Lunar New Year Weekend
The Chinese box office came “roaring back,” Colliers analyst Steven Frankel wrote investors Tuesday, noting Imax set records with its best-ever Chinese New Year opening weekend. Imax’s $25 million take was 45% higher than the comparable 2019 weekend, said the…
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company Sunday. Theaters were closed last year due to the coronavirus. Despite 75% capacity limits, China set an all-time record over the weekend, notching $775 million in ticket sales from the first three days of the Chinese New Year holiday period, said Frankel. Detective Chinatown 3 earned $23.5 million gross box office, with Imax earning 6% of the film's box office on 1% of its screens, said the company. Imax credited its “comeback” to its “strategic effort to embrace local language filmmaking, grow its network, and strengthen its brand in China.” The company has grossed $126 million since theaters first reopened in China in July -- with box office up 28% in December and 140% in January, “despite continued capacity limitations across the country and a lack of Hollywood films in the market.” said CEO Rich Gelfond. The record-breaking box office, strong market share, and multiple releases filmed in Imax were important steps in the company’s global “road to recovery," he said. The stock reached a 52-week high early Tuesday, closing the day 6.5% higher at $20.05.