IMAX AND AMC CINEMAS EXPAND PARTNERSHIP WITH AGREEMENT FOR SIX NEW IMAX LOCATIONS IN SAUDI ARABIA
NEW YORK, NY and RIYADH, SAUDI ARABIA —gulftech— IMAX Corporation (NYSE: IMAX) and Saudi Cinema Company, operating as AMC Cinemas, today announced plans to further expand their longstanding partnership with an agreement for six new, state-of-the-art IMAX® with Laser systems in key entertainment complexes throughout the country. IMAX and AMC Cinemas already have three locations in operation in Saudi Arabia, and the new deal will grow their partnership to a planned 18 screens in 12 cities across the country.
“IMAX continues to be a remarkably strong draw in bringing audiences back to theatres around the world, and we’re excited to offer AMC guests in Saudi Arabia even greater access to the best of the theatrical experience,” said Andrew Such, Interim CEO of AMC Cinemas. “AMC is focused on bringing the best in entertainment technology to its many movie lovers around the world.”
“The resilience of moviegoing in Saudi Arabia has been one of the most prominent global success stories for cinemas over the past two years, and a key indicator of the pent-up demand for blockbuster filmmaking,” said Rich Gelfond, CEO of IMAX. “We’re excited to grow our successful, global partnership with AMC and further strengthen our ability to deliver The IMAX Experience® to fans in this fast-growing market.”
Saudi Arabia continues to drive strong box office growth and capture a greater share of the global market, growing to nearly $240 million in 2021. Saudi Arabia was a top ten global market for IMAX in terms of box office last year, with a per screen average of more than $1 million annually. The company grew its footprint of open theatres from two to seven since the beginning of 2020, and its Saudi network routinely captures more than 15% of opening box office on major Hollywood releases, despite accounting for less than 6% of overall screens in the market.
