Imax has announced a significant renewal deal with Chinese exhibitor Wanda Film, a key partner in Imax’s global expansion strategy. This new agreement will see the installation of six new Imax screens in newly constructed multiplexes across major Chinese cities, including Shanghai, Shenzhen, and Guangzhou. Additionally, Wanda will relocate and upgrade three existing Imax systems to new multiplexes.
Despite being smaller than previous multi-system agreements with Wanda, Imax views this nine-theater deal as a positive indicator of the Chinese exhibition market’s recovery amid ongoing COVID-19 challenges. “This expansion of our biggest partnership in China is a great sign that this critical theatrical market is recovering and ready to reclaim its position as a global box office powerhouse,” stated Imax CEO Richard Gelfond.
Imax’s relationship with Wanda Film dates back to 2007 when they opened their first big screen in Dongguan Province. Today, Wanda operates 371 Imax theaters in China, a substantial portion of the 773 Imax theaters in the country. China typically accounts for about a third of Imax’s global box office revenue, although this figure dropped to around 25 percent in the first half of 2022 due to COVID-19 lockdowns and stronger box office performance in other regions.
Wanda Film and Imax have also collaborated on blockbuster releases, including the 2021 hit “Detective Chinatown 3.” This longstanding partnership has been instrumental in bringing high-quality cinematic experiences to Chinese audiences.
In a related development, Wanda Film has announced plans to upgrade 61 of its top-performing locations to Imax with Laser technology. This upgrade will include top-grossing Imax locations in Tier 1 cities such as Beijing, Shanghai, Guangzhou, and Shenzhen. Additionally, Wanda Film will renew up to 37 existing Imax locations for another five years and may add up to 25 new Imax locations over the next three years, subject to mutual agreement.
The agreement also opens the door for Imax and Wanda Pictures to explore new opportunities for exclusive content and experiences across various genres, including documentaries, music, gaming, and sports. “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 the 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 theaters.”
Rich Gelfond, CEO of Imax, echoed these sentiments, stating, “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. By securing a renewed commitment from China’s largest exhibitor, Imax grows its lead as the dominant platform for immersive, cinematic entertainment in China.”
Daniel Manwaring, CEO of Imax China, added, “Under the leadership of Ms. Chen, we’re grateful that Wanda Film is recommitting to Imax across its top-performing locations. 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.”
This 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 the 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 period.
The renewal deal between Imax and Wanda Film underscores the resilience and potential of the Chinese exhibition market. As both companies continue to innovate and expand their offerings, moviegoers in China can look forward to an enhanced and immersive cinematic experience.
