NEW YORK, Nov. 30, 2015 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) and Toho Cinemas Ltd., Japan's highest-grossing exhibition company and a subsidiary of Toho Co. Ltd., announced an agreement for 10 additional IMAX® theatres. The deal brings to 11 Toho Cinemas' IMAX footprint, all of which are among the highest-grossing sites in the country. Japan currently ranks among the top 10 highest-grossing IMAX territories globally, with per-screen averages of approximately $1.2 million, mirroring those of leading markets such as China.
Toho Cinemas now becomes one of IMAX's largest partners in Japan. The exhibitor's first IMAX theatre opened in April at the Toho Cinemas Shinjuku multiplex in downtown Tokyo. Since then, the site was Japan's highest-grossing IMAX theatre for Furious 7, Dragon Ball Z: Resurrection "F", Avengers: Age of Ultron, Mad Max: Fury Road and Jurassic World, which marked IMAX's highest-grossing opening weekend ever in Japan with a record-setting $1 million.
"Today's agreement with Toho marks our largest signing ever in the country and a tipping point in our Japanese expansion efforts," said IMAX CEO Richard L. Gelfond. "Toho's first IMAX site is off to an exceptional start and in just six months has become Japan's highest-grossing IMAX theatre. We look forward to future collaborations with Toho on both the exhibition and film fronts to support our mutual growth in this important market."
"We are pleased to significantly expand our IMAX commitment to satisfy the strong demand we're seeing among Japanese moviegoers for IMAX, as evidenced by the performance of our first theatre, which has surpassed our expectations," said Mr. Kazuhiko Seta, President, Toho Cinemas. "IMAX is an anchor attraction that we believe will serve as a catalyst for our future growth and we look forward to bringing this differentiated brand and entertainment experience to more of our patrons."
IMAX and Toho Cinemas' parent company, Toho Co. Ltd., recently signed their first film agreement for the IMAX release of Attack on Titan Part One and Attack on Titan Part Two. The first installment was released Aug. 1 to 19 IMAX theatres in Japan and additional IMAX theatres across Europe and Asia Pacific.
About Toho Cinemas Ltd. Toho Cinemas is an exhibiting company that provides latest entertainment with a wide-ranging and diverse lineup including films, concerts, live stage performances and public viewing for sports through 67 theatres consisting of 626 screens* nationwide. More information on films and services can be found at www.tohotheater.jp
*Includes jointly managed 5 theatres 56 screens
About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of September 30, 2015, there were 1,008 IMAX theatres (887 commercial multiplexes, 19 commercial destinations and 102 institutions) in 66 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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SOURCE IMAX Corporation