IMAX CEO: China box office ‘close to turning point’ emphasizes ‘the movies are back’

IMAX CEO: China box office ‘close to turning point’ emphasizes ‘the movies are back’

Summary : On the heels of IMAX’s (IMAX) strong second quarter earnings report, CEO Richard Gelfond is more than confident that the movies are back in business.

“Doctor Strange in the Multiverse of Madness,” “Top Gun: Maverick” and “Jurassic World: Dominion” helped lift overall box office performance in the second quarter, with global box office totals reaching $247.7 million, an increase of 128% year-over-year.

China box office receipts fell 46% in the quarter, contributing a mere 11% to the global total.

“The box office was definitely depressed for the first six months of the year,” Gelfond admitted, but emphasized that “we’re close to the turning point in China.”

Overall, attendance in China has seen “diminished capacity” amid a lack of content, but Gelfond anticipates that more film approvals, like the upcoming “Avatar” sequel, should help drive traffic, in addition to increased local language films

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