Imax Corp, the giant screen and entertainment technology company. has struck a $15m deal that will see its digital projection technology used in advertising billboards within the UK's London Underground railway network.

The joint venture with Swedish outdoor media company DHJ Media is good news for the large-screen format purveyor which has revenues hit by the downturn in North American exhibition. The deal will see the two companies develop and install digital network systems designed to replace traditional poster advertising; the new system will allow ads to be directed to specific locations at designated times thus fine-tuning an advertiser's message and target audience.

The first 100 of a total 400 screens, examples of which have already been installed in the Stockholm Underground system, Sweden's Arlanda airport and London City airport, are to be established by the end of this year, with the remainder following over the next two years.

In addition, Imax and DHJ said they have signed a marketing afreement to target the system to five potential North American customers, including transport networks, shopping malls and cinema chains.