Christopher Nolan Odysseyshot entirely on Imax movie cameras and watched by moviegoers on premium large-format Imax screens, helps explain the lift the film technologies company received from the gold rush on Hollywood’s premium screens with its second-quarter financial results released Thursday.
Imax generated revenue of $102.8 million in the quarter, up 12 percent from $91.7 million in the same period last year, while net income rose 30 percent to $15.9 million, compared to $12 million a year earlier. Adjusted earnings per share were 43 cents, up 65 percent versus 26 cents a year earlier.
As Imax navigates a post-pandemic box office rebound at Hollywood studios, the company’s main film suppliers, the film technologies company is leading a drive by major exhibitors toward in-demand premium screens and films shot with Imax’s own cameras such as Odyssey.
and Odyssey It has proven to be as transformative for Imax on its giant screens as James Cameron’s Avatar The franchise has been in previous business cycles, whether in global audience sales or theater network. This feeds into Imax’s bottom line.
Second-quarter content solutions revenue — or business from agreements with major studios and filmmakers — rose 2% to $35 million, driven by growth in international markets, excluding China. Fourth-quarter technology products and services revenue, or revenue from the sale, rental and maintenance of Imax’s theater systems network, rose 16 percent to $65 million, driven by higher system installations, renovations and rental revenue. Imax installed 38 theaters in the second quarter.
Imax is also enjoying momentum in the current third quarter behind Universal’s Odyssey It had a record opening weekend worldwide for Imax with $52 million at the box office and approximately 20 percent of its global first weekend ticket receipts.
Imax CEO Richard Gelfond, on a morning analyst call, was effusive in his praise of Nolan’s latest film on its screens. “Results for Odyssey It was nothing short of enormous. Odyssey It delivered $52 million in its global opening — The biggest global opening weekend in our history is on a like-for-like basis, given that the film has yet to open in China, Japan and South Korea. That represents a staggering 20 percent share of the film’s worldwide debut, on less than 1 percent of total screens, he said.
On the call, Gelfond discussed the future of Nolan’s Matt Damon and Zendaya-starring IMAX screens, in light of metrics like advance ticket sales and social media buzz. “Odyssey It will be showing in Imax 70mm locations for several months – and we’re already recording sellouts at these locations deep into the film’s run.
Following the success of Nolan’s latest film on IMAX screens, Gelfond spoke about other directors in Hollywood and major studios following his example. “Obviously we’re getting good feedback, but we’re not leaving it at that. We’ve set target goals that we’re trying to achieve as we roll out our response to OdysseyHe said.
