As a film enthusiast with a deep-rooted passion for cinema and a knack for understanding global trends, I must say that the growth of Imax in Asia-Pacific is nothing short of breathtaking! The success of “Pushpa 2: The Rule” in India is just the tip of the iceberg.
movie production company Mythri Movie Makers’ film “Pushpa 2: The Rule,” starring Allu Arjun, has brought in $1.4 million at the global IMAX box office across 16 countries. In India alone, it made $650,000 from 31 IMAX screens, making it the largest opening for a local language film in IMAX cinemas in 2024 and the fourth-biggest IMAX debut in the Indian market to date.
The excellent results are attributed to Imax’s ongoing expansion and strong growth in the Asia-Pacific region. This expansion is particularly noticeable in Southeast Asia, where they have aggressive plans. Moreover, there has been considerable success in local languages content, as indicated by CEO Richard Gelfond.
In 2024, the movie theater chain expanded significantly in Indonesia, adding seven new locations to their existing ones, bringing their operational total to 18 screens. They also have plans for two more theaters. Currently, this company contributes approximately 5% of Indonesia’s overall box office earnings, with local language films like “Dancing Village: The Curse Begins” contributing to its growth.
In conversation with EbMaster, Gelfond expressed that when he considers Southeast Asia, it’s Indonesia and Malaysia that are expanding at the quickest pace. The exhibition community in these two countries recognized the potential for IMAX and the growth in the premium market sector. Notably, Malaysia has expanded its IMAX presence this year by doubling its operational screens. Currently, Malaysia boasts 12 active IMAX screens with plans to add another eight soon.
The company’s lineup of content in the Asia-Pacific region has grown substantially, featuring 61 releases such as local language films, documentaries, and live events in 2024, which makes up about half of the total 110 content pieces globally. This significant expansion signifies another strategic move, as a large portion of the content is being produced from these regions, according to Gelfond.
In South Korea, Imax recently premiered the concert movie “Hello, Asterum” from the virtual K-pop group PLAVE. The film made a substantial impact on the national box office, even though it was only shown on 25 screens across the country.
In China, home to 777 Imax screens with another 238 on the horizon, Gelfond maintains his positive outlook, even amidst recent market downturn. He attributes this to a more welcoming stance from the government, as evidenced by wider distribution for Hollywood films such as “Deadpool & Wolverine” and “Joker: Folie à Deux.” The company is hopeful for improved results in 2025, fueled by expected blockbusters like “Creation of the Gods 2” and “Nezha 2,” slated for release during the Lunar New Year.
India shows a blend of scenarios, as Imax‘s high-end positioning allows it to overcome broader market difficulties. Despite the overall screen count in India decreasing to around 6,000 from over 9,000, Imax has expanded from three to 31 screens over the past ten years, with another twelve planned. The company added six new screens in 2024, equaling its record set in the previous year.
Japan continues to be a thriving market, currently operating 52 screens and holding nine more in the pipeline. The company’s growth strategy has evolved, moving from urban hubs towards suburban areas, following an agreement with the local cinema titan Aeon Entertainment. The success of the company has been significantly boosted by local content, particularly anime, which has expanded its reach beyond Japan’s borders, as pointed out by Gelfond.
As a cinephile, I’ve noticed a global surge in the usage of IMAX cameras, with four movies underway in China alone. Filmmakers from India and Japan have shown keen interest, while productions in Indonesia, Malaysia, and Korea are still employing traditional cameras for IMAX conversion.
In Southeast Asia, Imax’s expansion is not limited to Indonesia and Malaysia; it also reaches Vietnam and the Philippines. As economies in these regions have rapidly developed, there has been a significant surge in demand for entertainment over the past few years, according to Gelfond. These parts of the world are where we are most hopeful about growth opportunities.
And, as revealed by EbMaster, Imax has ambitious plans for the Middle East.
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2024-12-09 05:47