Imax has passed $600 million in global box office receipts so far this quarter, and its CEO says the company is just getting started.
Rich Gelfond made the call at the Goldman Sachs Communacopia media conference, where he touted a blockbuster run for Christopher Nolan’s The Odyssey, a broader box office recovery, and a growing appetite for branded popcorn buckets. The figure marks a record pace for the big-screen exhibitor, with Gelfond noting the quarter runs through the end of the month.
“Our best quarter ever was in the mid-three hundreds,” he said, referring to the third quarter of 2023.
The Numbers at a Glance
- More than $600 million in global box office receipts so far this quarter, with the quarter running through the end of the month
- Previous best quarter: the mid-three hundreds, in the third quarter of 2023
- Previous single-film record: $230 million for Avatar’s initial run
- The Odyssey is “knocking on the door of a half a billion dollars” — on 1% of the world’s screens
- Imax gets about 18 cents on the dollar of its box office take
- 120 pieces of content released last year
- A test run of 2,500 popcorn buckets sold out within 90 minutes
The Odyssey Is Setting Imax Records
Gelfond was explicit about where the momentum is coming from. “When we looked at our slate for the year, I was the most bullish person in the company on The Odyssey,” he said.
Imax’s previous record for a single film was $230 million in global box office receipts for Avatar‘s initial run. The current Odyssey run is on track to dwarf that. “Keep in mind, that’s on 1% of the screens in the world. And today, we’re knocking on the door of a half a billion dollars. How many films do a half a billion, let alone an Imax only?”
The company splits its box office take with theaters and, depending on the deal structure, studios. Imax gets about 18 cents on the dollar.
A Slate Beyond Superheroes
The slate ahead is a mix of studio films, sports, music, and local language fare. Imax released 120 pieces of content last year.
Gelfond pointed to strong tracking on Sony’s Resident Evil and Dune: Part Three, where tickets went on sale a few weeks ago. “If you stopped today, which is three months in advance of the film’s release, it would be one of the most highest pre-sales in our 60 year history,” he said.
Netflix is bringing David Fincher’s The Further Mis-Adventures of Cliff Booth starring Brad Pitt to Imax with an exclusive two-week theatrical window on November 25. Greta Gerwig’s Narnia: The Musician’s Nephew follows in early 2027. The Thomas Crown Affair from Amazon MGM, directed by and starring Michael B Jordan, lands in March. Sony’s four Beatles movies start rolling out in 2028, with Joseph Kosinski’s Miami Vice ’85.
Gelfond said the company is deliberately broadening what it shows to build brand loyalty. “As much as I still believe in superhero movies … I don’t think there’s anything so unique about [them] that says, wow, I’ve got to see this in Imax. And, to some extent, we’ve seen over the last few years, that some of that has run its course.”
The goal, he said, is “for people to say, ‘What’s playing at the Imax theater?’ And I’m not saying we’re there yet, but I think … momentum is clearly happening.”
Popcorn Buckets Sell Out in Minutes
Fandom is showing up in merch, which is becoming a new focus. A test run of 2,500 Imax popcorn buckets sold out fast.
“Within 90 minutes they were gone. And we kept putting more on sale and couldn’t keep up with the demand,” Gelfond said. “When you look at our plans for 2027, we’re going to lean into merchandising.”
M&A Chatter Doesn’t Bother the CEO
Asked about industry consolidation, Gelfond shrugged it off. “Our primary relationships are with filmmakers. So, wherever the filmmakers end up … they’re the ones that we’re really talking to about the content,” he said.
“We’ve built this business over 60 years and we have the relationships … Those relationships with the filmmakers are not going anywhere.”
He noted that studios are recognizing Imax helps drive global box office, and that streamers see it boosting their streaming calculus. He cited Apple’s F1 by Kosinski and Phil Lord and Christopher Miller’s Hail Mary for Amazon MGM as examples.
He called Warner Bros. “a great partner.” On the proposed Paramount merger, he said, “We’ve talked many times to David Ellison and Paramount where if [the merger] does happen, they’re going to certainly ramp up their Imax productions. We have a terrific relationship with [Paramount]. We’ve done the Mission Impossible movies, Top Gun: Maverick.”
New Financing Model Pays Off
Imax has been using its growing cash position to expand its network. The old model had exhibitors put up all the money while Imax licensed its technology. Now the company is moving to joint ventures.
“We take a bigger percentage of the box office, but we put up more of the capital … And since they’ve been doing very well, the paybacks have been even better than we modeled,” Gelfond said.
Key Release Dates
| Title | Studio | Imax Window |
|---|---|---|
| The Further Mis-Adventures of Cliff Booth | Netflix | November 25 |
| Narnia: The Musician’s Nephew | Netflix | Early 2027 |
| The Thomas Crown Affair | Amazon MGM | March |
| Beatles films | Sony | 2028 |
| Miami Vice ’85 | — | 2028 |
The Bottom Line
With a record quarter already past $600 million, The Odyssey approaching a half-billion dollars on 1% of the world’s screens, and a slate that mixes studio films, sports, music, and local language fare, Gelfond said the company is looking to a wider variety of film fare to drive brand loyalty — alongside a new push into merchandising in 2027 and a joint-venture financing model whose paybacks have been better than modeled.
“I think it’s really the beginning,” he said.
Source: deadline.com
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