Wanda Film and IMAX Expand Strategic Partnership with Sweeping Agreement Spanning Technology and Content
Wanda Film to Upgrade 61 Top-Performing Locations to IMAX® with Laser and Collaborate with IMAX on New Events and Experiences
SHANGHAI, June 18, 2024 /PRNewswire/ -- Wanda Film, China's largest exhibitor, and IMAX Corporation (NYSE:IMAX), IMAX China (HKSE: 1970) today announced plans to expand their longstanding strategic partnership with a sweeping agreement spanning technology and content.
The agreement will secure and fortify Wanda Film's leading IMAX footprint — the largest IMAX circuit in China. Under the terms, Wanda Film will upgrade 61 of its top performing locations to state-of-the-art IMAX with Laser technology — including top-grossing IMAX locations in Tier 1 cities Beijing, Shanghai, Guangzhou, and Shenzhen. Additionally, Wanda Film will renew up to 37 existing IMAX locations for another five years and, subject to mutual understanding, add up to 25 new IMAX locations over the next three years.
Furthermore, IMAX and Wanda Pictures will also explore opportunities to collaborate on exclusive awe-inspiring content and experiences across documentaries, music, gaming, and sports. IMAX has a longstanding partnership with Wanda Pictures, the company's production and distribution arm, on feature releases, including 2021's Filmed for IMAX hit "Detective Chinatown 3."
"For years, based on our core commitment to elevating moviegoers' viewing experience, Wanda Film has been a pioneer in adopting and promoting premium projection technology to create a state-of-the-art film viewing environment," said Ms. Chen Zhixi, Chair of Wanda Film. "We successfully ensured the long-term collaboration with IMAX, a major partner. Alongside our joint efforts in upgrading moviegoing experience, we will work with IMAX to enhance projection standards for a wide range of films, to allow even more moviegoers to discover the wonder and joy of the immersive experience in theatres.
"With a strong, balanced slate of Chinese and Hollywood blockbusters in the pipeline over the next several years, this landmark agreement with Wanda Film fortifies IMAX's position in China's largest circuit at a time of immense opportunity," said Rich Gelfond, CEO of IMAX. "By securing a renewed commitment from China's largest exhibitor, IMAX grows its lead as the dominant platform for immersive, cinematic entertainment in China."
"Under the leadership of Ms. Chen, we're grateful that Wanda Film is recommitting to IMAX across its top-performing locations," said Daniel Manwaring, CEO of IMAX China. "We believe the strategic partnership between Ruyi and Tencent can open new doors for Wanda Film and IMAX to collaborate across blockbuster films as well as documentaries and events in music, gaming, and sports."
The agreement comes as IMAX prepares to unveil a strong summer slate of Chinese and Hollywood films in China, ahead of an anticipated robust content pipeline in 2025 and 2026. The Chinese summer slate in 2024 features Filmed for IMAX release "Decoded" from longtime IMAX filmmaking partner Chen Sicheng. The 2025 global film slate will feature a record 14 Filmed for IMAX releases, including a yet-to-be-announced Chinese tentpole during the pivotal Chinese New Year holiday.
Wanda Film is the largest exhibitor in China and IMAX's biggest exhibition partner in the world, with 381 IMAX locations in operation and another 19 in backlog. The two companies have enjoyed a successful partnership since 2007, when Wanda opened its first IMAX® location in Dongguan, China. Both sides have since maintained close business cooperation and believe to accomplish partnership in a wider business scope in the future.
IMAX with Laser is IMAX's most advanced experience. Immersive by design, IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. It is set apart by a groundbreaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology that delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX systems.
About Wanda
Wanda Film Holding Co., Ltd., a publicly listed company in Shenzhen Stock Exchange in China, 002739.SZ (hereinafter referred to as Wanda Film), was formerly known as Wanda Cinema Line Co., Ltd., and went public in 2015. In 2017, it was officially renamed as Wanda Film. The company's business scope extends to a full scope of film industry all the way from the downstream, exhibition, to the upstream, film investment, production, and distribution, as well as adjacent and derivative businesses, such as games distribution and merchandise.
Wanda Film consistently focuses on providing the optimal movie-going experience for its customers. The company continuously introduces and promotes high-quality screening technologies, aiming to present a state-of-the-art viewing environment for movie-goers. Its efforts in developing screening technology are particularly noteworthy. As of 31 December 2023, the company operates 905 cinemas with 7,546 screens in China, including 709 self-developed cinemas with 6,156 screens, among which are 381 IMAX screens in operation, making it the cinema chain with the largest number of IMAX screens in China.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX's network among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of March 31, 2024, there were 1,772 IMAX systems (1,697 commercial multiplexes, 12 commercial destinations, 63 institutional) operating in 89 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "1970".
IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX LIVE™, and IMAX Enhanced® are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).
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SOURCE IMAX Corporation