IMAX has signed a deal with exhibitor Guangzhou JinYi Media Corporation for 30 IMAX screens in China. The theaters will be located in a combination of new and existing complexes across the country.
The theaters are expected to open beginning this year through 2023 with approximately half to be installed by 2019. The terms of the agreement will vary according to the scale of the cities where the new screens are to be opened.
“We are pleased to announce a second major IMAX commitment from JinYi in just two years – a testament to their continued confidence in IMAX to anchor their newest flagship locations and offer a premium differentiated experience that drives incremental revenue,” said Richard L. Gelfond, CEO, IMAX. “This agreement reflects a more flexible deal structure approach in China that IMAX will examine on a market-by-market basis, particularly as it relates to expanding our presence in smaller cities. We believe this new approach will help us maximize the box office potential for each new theatre added to our network.”
The parties first signed an agreement in 2009 for four IMAX screens. In 2016, JinYi became the second full joint venture IMAX partner in China with the signing of a 40-theater IMAX revenue share deal. Today’s agreement brings JinYi’s total IMAX commitment to 90 theaters with 32 open and 58 contracted to open.
The agreement brings to 885, IMAX’s total number of contracted theaters in Greater China with 543 open and 342 contracted to open. JinYi manages around 2,000 screens across 350 subsidiary and affiliated cinemas in 21 provinces and four municipalities.