Imax CEO sees ‘big movies’ on giant screens again after Oscars

Imax boss Rich Gelfond said blockbuster titles will likely return to Imax screens later this year Top Gun: Maverick last year and more recently titanicNew edition for the 25th anniversary.

“Yes I think so. Especially when you see what happens at the Oscars and what wins,” Gelfond said when asked on a conference call if some films – by boss Unpleasant The Wandering Earth 2 in China – may return to Imax theaters.

“I find [for] Films that perform exceptionally well in Imax, which are suitable for the Imax screen, the question has been around for a very long time. And I think you’re going to see some of the big films come back.”

Top Gun: Maverick garnered six Oscar nominations, including Best Picture, along with Adapted Screenplay, Sound, Editing, Visual Effects and Original Song. The film, starring Tom Cruise ($1.48 billion worldwide), was released in May and got off to a flying start at the worldwide box office. It was released again on the big screen for two weeks in December.

James Cameron’s epic avatar Sequel ($2.2 billion worldwide), which was released in mid-December, received a nomination for best picture, as well as nominations for production design, sound and visual effects. It is the biggest premiere movie of all time for Imax.

Earlier today, the company reported lower sales and earnings for the fourth quarter of 2022. Gelfond cited a weak Chinese market that only started to recover fairly late in the year, but has since taken a complete 180-degree turn. As Covid raged: “Six weeks ago people were locked in their homes, drones flew overhead and crates of chicken were thrown in front of their doors,” he told Imax.

“I think we are encouraged, but we also want to be measured a little by the changes in the world in another six weeks,” he said.

Covid is still with us. And the relationship between the US and China, which no one asked about on the call and which Gelfond did not directly address, is strained.