EXCLUSIVE: Imax is taking advantage of growth opportunities in Southeast Asia and has signed new agreements with Galaxy Cinema in Vietnam and Major Cineplex in Thailand and Cambodia.
In the first instance, Imax and Galaxy teamed up to launch the first ever premium Imax with laser systems. Galaxy Cinema is Vietnam’s largest local chain and will open two new flagship locations in Ho Chi Minh City and Hanoi this year.
This is the first collaboration between Imax and Galaxy and will increase the presence of the large format company from four existing systems to a total of six in the market. It is also the first new building for Imax in Vietnam since 2019 and is designed to meet audiences’ growing demand for premium cinema experiences.
In Thailand, Imax is expanding its long-term partnership with Major Cineplex with up to 10 new Imax with laser systems. The deal includes five more new (two fixed and three contingent) systems on the market, as well as four upgrades at key locations until 2025. The locations include locations in Bangkok, Nonthaburi and Chiang Mai, as well as an expanded location in Cambodia.
Major Cineplex is the largest exhibitor in Thailand with increasing local presence. It currently operates seven Imax locations.
As the desire for premium experiences grows around the world, Imax CEO Rich Gelfond told Deadline, “It’s a very good time to be in the Imax business.”
He also notes, “Southeast Asia remains a strong region with solid growth potential for Imax and we are pleased to continue our expansion into emerging markets such as Vietnam, Southeast Asia’s fastest growing economy, for two consecutive years.”
Imax had its best year ever in Vietnam in 2022 and is showing strength in 2023. The country’s box office results are already more than a third away from matching the record full-year result for 2022.
Galaxy CEO Mai Hoa said: “This exciting new partnership with Imax will help Galaxy Cinema reach high-end consumers through Imax’s premium technology. We look forward to providing our customers with the most exceptional experience and together with Imax to make the Galaxy Cinema a must-visit destination.”
Regarding the Major Cineplex deal, Gelfond says: “Thai audiences continue to show a keen appetite for the IMAX experience and we are excited to invest in new key locations.”
Vicha Poolvaraluck, CEO of Major Cineplex added: “We are excited to once again bring the best technology to Bangkok’s most iconic mall and other tourist destinations in Thailand, as well as to Aeon Mall 2 in Phnom Penh, Cambodia. I know Thai and Cambodian audiences will enjoy Imax with Laser, one of the most immersive and high quality theater systems on the market. We have consistently experienced high frequency at our three previously opened Imax with laser sites that have been piloted Avatar: The Way of Water and delivered the highest number of box office admissions in Thai box office history.”
In both Thailand and Cambodia, Imax 2022 had its best sales year ever.
Earlier this year, Imax signed multi-system deals for seven new sites in Japan and ten in Indonesia. Gelfond says: “There is as much business activity as I have seen in general; not just blockbusters, but network growth.” While the pandemic has hit theaters hard, Gelfond is optimistic: “It hasn’t felt this good in a long time,” he tells Deadline.
The company gained market share especially in Southeast Asia and especially with avatar 2 and through Imax’s local language strategy in the region.
Gelfond adds: “The differentiation that Imax brings and the audience’s desire for more premium when they leave the house really combine and give us a lot of momentum.” The two deals announced today are “just the latest example of that.” .
He further notes: “When you’re going through a tough spot, momentum plays a big role. A lot of unexpected bad things happen, movies are postponed or territories close, but now the momentum is going in the other direction. Something good falls from the sky every week and it’s a very good feeling.”
Source: Deadline
Elizabeth Cabrera is an author and journalist who writes for The Fashion Vibes. With a talent for staying up-to-date on the latest news and trends, Elizabeth is dedicated to delivering informative and engaging articles that keep readers informed on the latest developments.
