Imax on Wednesday claimed its biggest quarterly profits since 2019 when the COVID-19 epidemic forced cinemas across the globe to close their doors. Such an impressive achievement is thanks to the blockbuster box office juggernaut Spiderman: No Way Home and other smash hits like “Dune” and “No Time to Die.”
The studio recorded $108.6 million in revenue, a strike of 94% year-over-year. Additionally, Imax reported an adjusted profit of 31 cents per share, up from a loss of 21 cents per share the previous year.
In addition, global ticket sales increased by 15 percent in the most recent quarter, with “No Way Home,” “Dune,” and “No Time to Die” ranking as the top three most successful films of the year. In addition to the epic war movie “Battle at Lake Changjin,” which grossed more than $800 million in total in China, and the Marvel movie “Eternals.”
As previously disclosed by the firm last month, total box office revenue for Imax increased to $638 million, breaking the record for the company in terms of its proportion of overall box office gross revenues. $277 million of the total came from the fourth quarter, surpassing the $244.46 million earned in the fourth quarter of 2019, which was the company’s highest-grossing quarter ever.
As companies such as Warner Bros. place even more emphasis on big-budget blockbusters when planning their release slates, it is projected that Imax will continue to grab a bigger proportion of the theater market. There are a number of films that will be released on Imax in the coming months, including “The Batman,” “Morbius,” and “Doctor Strange and the Multiverse of Madness.” The business is also anticipating increasing income in China, where Marvel films such as “The Batman” and “Uncharted” will be released in the coming weeks after 2021 in which Marvel titles such as “Eternals” and “No Way Home” were refused release there.
“IMAX has separated from the pack at the worldwide box office, and its strategic initiatives to expand the brand and grow its business,” CEO Rich Gelfond said during the company’s earnings call.