The coronavirus pandemic continued to be a drag on Imax’s earnings during the first quarter, but there were signs that a box office revival in Asia could foreshadow a major moviegoing return in the U.S. and other markets. The exhibition company reported revenues of $38.8 million, an 11% bump from the prior-year quarter, as well
Apr 28, 2021
Imax Corp. plans to almost triple its number of cinemas in Japan by 2024, betting on a strong rebound from the coronavirus pandemic in the world’s third-largest movie market by box office.
The jumbo-screen operator is targeting an expansion to 100 theaters including those that are operating and others still scheduled to open from 39 now, Chief Executive Officer Richard Gelfond said in an interview ahead of first-quarter results Thursday. Imax has also renewed an agreement with Toho Co. to release five more of the studio’s films, with titles to be confirmed later, Gelfond said. Their initial slate deal for five movies was Imax’s first outside of Hollywood.
Imax CEO Richard Gelfond.
The giant-screen exhibition firm s boss made $7.1 million in 2019, before the COVID-19 crisis hit the movie business.
Imax CEO Richard Gelfond s compensation for the latest fiscal year came to $6.9 million, just down from $7.1 million in fiscal 2019, according to a regulatory filing unveiled on Friday.
Gelfond received a base salary of $1.2 million last year, the same as his $1.2 million salary in 2019 and 2018. He received no bonus for 2000, after nabbing a bonus of $1.1 million in fiscal 2019.
And while receiving no option awards last year against $3.3 million in option awards received in 2019 Gelfond received $5.5 million in stock awards in 2020 earned as part of a three-year performance period.
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China is projected to be the box-office champion of the future in the wake of the pandemic.
The Chinese theatrical industry will continue to grow as the US box office slowly recovers.
Local movies have put China over the top, but experts say there s hope for Hollywood releases.
China had for several years been projected to dethrone the US as the world s largest theatrical market. But the coronavirus pandemic accelerated its ascent, and pushed it over the top, as it surpassed North America last year with $2 billion.
China s box-office dominance was accelerated by the pandemic and it has big implications for Hollywood s future yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.