IMAX Corporation and Shanghai Bestar Cinemas Management today announced a sales agreement for seven new IMAX theatres to be located throughout China.
The theatres will be added to new multiplexes across Tier Two and Tier Three cities, with six of the theatres slated to open in 2017 and the remaining theatre to open in 2019. Today's agreement brings to 18 Shanghai Bestar's total IMAX commitment, with seven theatres currently in operation.
"Future Land, one of China's leading developers, entered the IMAX business a year ago with its new exhibition business, Shanghai Bestar. Today's agreement already marks the company's third theatre deal with IMAX during this time, underscoring the confidence that Chinese developers and exhibitors alike place in The IMAX Experience to serve as an entertainment anchor that delivers results," said IMAX CEO Richard L. Gelfond. "Our momentum in China shows no signs of slowing as exhibitors gear up for the strong film slate ahead. We look forward to growing our partnership with Future Land as they continue to expand their theatre circuit throughout China."
"In China, IMAX is synonymous with the best movie going experience. The consumer appeal of the IMAX brand and the excellent feedback we've received from moviegoers about their IMAX experience has played a very important role in driving box office growth," said Wang Zheng, chief executive officer, Shanghai Bestar Cinemas Management. "Bestar IMAX theatres are performing quite well at the box office. The annual single-seat income at our theaters including Haikou and Shanghai Bestar Theaters will be more than 20,000 yuan at each site. As we aggressively build our circuit's presence nationwide, we will have 20 cinemas in operation by the end of the year, including 15 IMAX theatres. We look forward to further expanding our partnership with IMAX."