Imax earnings rise as Nolan’s The Odyssey boosts demand
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Imax reported higher second-quarter earnings and said demand for Christopher Nolan’s “The Odyssey” could provide further momentum in the second half of the year. Chief executive Rich Gelfond described the film as a “transformational event” for the large-format cinema company, reflecting sell-out screenings and unusually strong advance ticket sales.
For the quarter ending in June, revenue rose 12% to $102.8 million and net income increased 30% to $15.9 million, while adjusted earnings per share climbed 65% to 43 cents. Global Imax box office reached $285 million, its strongest second quarter since 2019, led by “Michael”, “The Mandalorian & Grogu” and “The Super Mario Galaxy Movie”; “The Odyssey” later generated $52 million in its opening weekend on Imax screens and $60 million in pre-sales.
- Imax’s quarterly revenue and profit both increased.
- “The Odyssey” delivered record Imax opening-weekend sales.
- Imax expects strong momentum in the second half.
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Imax is a company known for its large-format cinema screens and cameras, offering a bigger, more immersive picture and sound than standard cinemas. It licenses its technology to cinema chains worldwide and also works with filmmakers to shoot movies specifically for its format, which studios and directors increasingly use as a selling point for major releases.
Christopher Nolan is a filmmaker known for large-scale films such as "Inception," "Interstellar" and "Oppenheimer," and has long championed Imax technology, often shooting his films partly or wholly with Imax cameras. His new film, "The Odyssey," is notable as the first movie shot entirely using Imax cameras, and its release has generated unusually high demand for Imax screenings specifically.
This matters because Imax's business depends heavily on major blockbuster releases drawing audiences to its premium screens, so a hit film shot in its own format is a strong validation of its technology and a significant driver of its revenue. The company's financial results offer a way of measuring how much this cinema-going enthusiasm is translating into actual profit, and its comments on future films give an indication of what it expects for the rest of the year.
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Originally published by Variety as “Imax Second Quarter Earnings Rise as CEO Calls Christopher Nolan’s ‘The Odyssey’ a ‘Transformational Event’”.