LOS ANGELES, April 18, 2012 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX; TSX: IMX), and 20th Century Fox today announced that the 3D release of James Cameron's Academy Award®-winning film Titanic set an opening weekend box office record for IMAX in China. Since opening in China on Tuesday, April 10, the film has grossed an estimated $74 million in China during its opening week, of which approximately $7 million was generated in 64 IMAX® theatres across the country, for a per-screen average of approximately $109,375. The film broke several additional box office records for IMAX in China, including best opening weekend results, surpassing the previous record set by Transformers: Dark of the Moon. Through Monday, Titanic 3D has grossed an estimated $210 million globally, of which approximately $15 million was generated in 408 IMAX® theatres worldwide.
"As the record-breaking results demonstrate, Chinese movie-goers have a huge appetite for Titanic 3D, Jim Cameron's one of a kind filmmaking and are passionate about seeing it in the most immersive way," said Greg Foster, IMAX Chairman and President of Filmed Entertainment. "We're extremely honored to be a part of the Titanic 3D release and we congratulate Jim, Jon Landau as well as our partners at Fox, and Paramount on the film's incredible success."
The IMAX release of Titanic has been digitally re-mastered into the image and sound quality of The IMAX 3D Experience® with proprietary IMAX DMR® (Digital Re-mastering) technology. The crystal-clear images coupled with IMAX's customized theatre geometry and powerful digital audio create a unique environment that will make audiences feel as if they are in the movie.
About Titanic Written, directed and produced by James Cameron, Titanic is the second highest grossing movie of all time. It is one of only three films to have received a record 11 Academy Awards – including Best Picture and Best Director; and launched the careers of stars Leonardo DiCaprio and Kate Winslet.
About IMAX China IMAX China is a wholly-owned subsidiary of IMAX Corporation, and is formed under the laws of the People's Republic of China. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China.
About IMAX Corporation IMAX Corporation is one of the world's leading entertainment and technology companies, specializing in the creation and delivery of premium, awe-inspiring entertainment experiences. With a growing suite of cutting-edge motion picture and sound technologies, and a globally recognized entertainment brand, IMAX is singularly situated at the convergence of the entertainment industry, innovation and the digital media world. The industry's top filmmakers and studios are utilizing IMAX theatres to connect with audiences in extraordinary ways, and as such, the IMAX network is among the most important and successful theatrical distribution platforms for major event films around the globe. The Company's new digital projection and sound systems - combined with a growing blockbuster film slate - are fueling the rapid expansion of the IMAX network in established markets such as North America, Western Europe, and Japan, as well as emerging markets such as China and Russia. IMAX delivers the world's best cinematic presentations using proprietary IMAX®, IMAX 3D®, and IMAX DMR® (Digital Re-Mastering) technologies. IMAX DMR enables virtually any motion picture to be transformed into the unparalleled image and sound quality of The IMAX Experience®.
IMAX is headquartered in New York, Toronto and Los Angeles, with offices in London, Tokyo, Shanghai and Beijing. As of December 31, 2011, there were 634 IMAX theatres (497 commercial multiplex, 20 commercial destination and 117 institutional) in 50 countries.
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. Important factors that could affect these statements include, but are not limited to, general economic, market or business conditions, including the length and severity of the current economic downturn, the performance of IMAX DMR films, the opportunities that may be presented to and pursued by IMAX, competitive actions by other companies, conditions in the in-home and out-of home entertainment industries, the signing of theatre system agreements, changes in law or regulations, conditions, changes and developments in the commercial exhibition industry, the failure to respond to changes and advancements in digital technology, the failure to convert theatre system backlog into revenue, new business initiatives, investments and operations in foreign jurisdictions and any future international expansion, the inability to protect IMAX's intellectual property foreign currency fluctuations and IMAX's prior restatements and the related litigation. These factors and other 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.