Imax China, the Hong Kong-listed subsidiary of Imax, has warned that it expects a net loss between $34 and $36 million for the first half of the year, as cinema closures in the country due to COVID…
China, the Hong Kong-listed subsidiary of Imax, has warned that it expects a net loss between $34 and $36 million for the first half of the year, as cinema closures in the country due to COVID-19 have slammed exhibition firms.
Despite the downturn, Wanda and Imax struck a 20-theater agreement earlier this month, in which Wanda will upgrade ten of its existing theaters to the latest “Imax with Laser” technology and install Imax systems at ten others. With these upcoming systems, there will be 378 Imax screens across China at Wanda venues.
Wanda Film’s executive president said that Imax “will be critical in welcoming back to theaters and offering the best possible cinematic experience well into the future.”It may be quite some time before the company sees such highs again. Although cinemas began reopening from Monday, the Chinese box office has so far been slow, with theaters earning just $500,000 nationwide their first day back in business. The strong $20.8 million opening weekend of South Korean zombie film “Peninsula” elsewhere in Asia, however, provides some hope of a faster recovery once desirable new blockbusters start hitting screens with regularity again.
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