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28 Mar 08
Country: Canada, USA
Region: South and Central America
Source:
Online Services/Intelligence/Cinema/Updates
Imax has concluded two large deals for its forthcoming digital projection system, shortly after signing the largest deal in the company's history, namely 100 screens with AMC over a three year period starting 2008. In the US market, Regal Cinemas has secured an order for 31 digital Imax projection systems in 20 major cinema markets, bringing the total number of Imax theatres in Regal venues to 52 by end 2010. Under terms of the joint venture agreement, Imax and Regal will share both the cost and the revenues, but no further details of the split were available. The first theatres will be installed by November 2008, in time for the release of the next movie in the Harry Potter franchise.
In a separate deal, Imax has agreed for Giencourt Investments S.A, a member of the RACIMEC International Group, to purchase and install 35 digital projection systems across Central and South America over the next six years. The deal in Latin America is the second largest for Imax, following the 100 screen deal with AMC, and reflects the potential of cinema markets across the region. As part of the deal RACIMEC will provide an initial deposit with guarantees for future payment and opening dates of new theatres. In 2005, RACIMEC also signed a deal for three Imax systems in Chile and Venezuela.
Our take...
The recent deals are testament to the advantages of the forthcoming digital projection system, which Imax has since revealed will comprise two DLP Cinema projectors, instead of the two Sony 4K machines as previously stated. The digital system lowers initial capital costs for the equipment, as well as drastically lowering average print costs, in turn making it a far more attractive option for Studio releases. Last but not least, some high profile 3D releases are also expected to make it on to Imax screens including the specially prepared slate from Dreamworks Animation. Imax has around 300 commercial cinema screens worldwide, of which 60 per cent are housed in North America. The two recent deals with AMC and Regal will bring the total screen base to over 300 in North America alone.
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