IMAX Corporation has revealed a jump in revenue but an increased net loss for its third quarter of 2022, with growth in local language content helping offset what the company called “a temporary slowdown in the Hollywood pipeline.”
Commenting on the results, the big-screen cinema company’s CEO Richard L Gelfond said he saw “significant potential tailwinds on the horizon” with the releases of Black Panther: Wakanda Forever and Avatar: The Way of Water, sequel to the highest grossing IMAX film of all time.
IMAX’s third quarter revenue was up 21% on the third quarter of 2021 to $68.8m, while net loss increased from $8.4m ($0.14 per share) to $9m ($0.16 per share).
In comments on the financial results, Gelfond said local language films accounted for 30% of IMAX’s global box office in the third quarter and buoyed an otherwise soft film slate.
“Prior to Covid, audiences in these markets generally viewed IMAX as a platform for Hollywood films,” Gelfond commented. “But as Hollywood studios held back their films - and we partnered with local studios and filmmakers to pivot to local language and fortify our network - that perception changed. Around the world, IMAX is increasingly seen as the go-to destination for local language blockbusters.”
Successful global releases for IMAX films including India’s RRR and Japan’s Dragon Ball Super: Super Hero illustrated the increasing “exportability of local films,” Gelfond added. He said the company is planning between 30 and 40 local language releases worldwide in 2023.
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