In a new effort to combat a downturn caused by the Covid-19 pandemic, Imax Corp. aims to stream anywhere between 15 to 25 live events in all its’ theatres. This is a new strategy being tested by Imax Corp. this year as it still struggles to cope with the challenging market-facing cinemas.
Imax Corp. CEO, Richard Gelfond, said that Imax will initially stream events such as stand up comedy, live concerts and electronic sports tournaments on Imax screens. The CEO also mentioned that two concerts by rapper Kanye West were nearly sold-out in ticket sales.
In a telephonic interview, Mr Gelfond stated that he thinks there is an explosion in the experiential economy, with people actively seeking out live events. He also mentioned that there was a tremendous demand from audiences all over.
The company, headquartered in Mississauga, Canada, beat financial analysts’ forecasts by reporting an increased fourth-quarter revenue on Wednesday. This was in no small measure bolstered by the success of a Spiderman movie that was the top-grossing film during the pandemic. The fourth-quarter report was the strongest by the company after 2019. Following this, the Canadian theatre pioneer’s shares listed 3% higher in late trading.
With many other audience interactive experiences lined up, the theatre firm is experimenting with live Q & A sessions involving personalities from the movie industry. The Director of “The Beatles: Get Back” movie, Peter Jackson answered questions in real-time during the exclusive theatre screening of the documentary. It is stated that the company grossed over 2 million USD in Box Office sales with this initiative.
A pioneer in movie tech, the corporation boasts an impressive network of over 1700 locations in 87 regions and countries. Of these, almost 70 theatres have been upgraded with new technology to facilitate live streaming. This boasts the equivalent of 25,00 theatre seats. The corporation intends to expand the technology to other theatres too. Mr Gelfond stated that upgrading other theatres would not incur large capital expenditure, since the driving force of the technology is the Internet.
In the past, Imax has experimented with other strategies to expand its focus beyond films. In 2016 Imax unsuccessfully tried to introduce virtual reality arcades before shutting the non-profitable business down.
About IMAX
IMAX Corporation is a company that focused on entertainment technology, specializing in motion-picture and large-format motion-picture presentations.
Pioneering in immersive theatre experiences since 1968, innovation is at the very core of the company. Imax Corp. was the first to introduce stadium seating, and also developed the world’s highest-resolution camera. With laser projection technology and a strong alliance with the best filmmakers from around the world, the firm leads the way in cinema experiences.