SHANGHAI and NEW YORK, Dec. 17, 2020 /PRNewswire/ -- As China's film industry continues its strong post-pandemic rebound, Guangzhou JinYi Media Corporation (002905.SZ), IMAX (NYSE: IMAX) and IMAX China (HKSE: 1970) announced that they have expanded their longstanding partnership with a new 12-theatre agreement. Under the deal, JinYi will upgrade to cutting-edge IMAX® with Laser technology at seven of its most popular IMAX locations — including one of their top grossing theatres in Beijing — and install five IMAX systems at new locations. After today's agreement, IMAX will have 989 total screens in China including backlogs nationwide.
"As a leading film exhibitor in China, JinYi is committed to offering the best-in-class experience for moviegoers," said Li Xiaodong, President of Guangzhou JinYi Media Corporation. "Throughout our years of partnership, IMAX has consistently provided audiences with an unmatched moviegoing experience. We look forward to bringing this experience to more audiences across China with this new agreement and we are confident that IMAX will continue to strengthen our brand and drive strong business results as the industry recovers and develops in the post-pandemic market."
"This agreement continues to prove the value of IMAX in driving moviegoer interest and business growth in China, where we've helped lead the way in bringing people back to the theatre," said IMAX China CEO Edwin Tan. "We are excited to expand our partnership with JinYi and look forward to continuing to play a key role in cementing their flagship locations and network expansion, driven by strong, sustained demand in the post-pandemic market."
IMAX has been a significant driver of the industry's rebound in China. Recently, IMAX shattered box office records during the National Day Holiday, recording RMB 128 million with a 23% increase in attendance despite a 75% capacity limit. The first Chinese film shot entirely with IMAX cameras, "The Eight Hundred", has become the biggest global blockbuster of 2020 earning approximately $470 million globally to date. Since theaters reopened in late July, IMAX has grossed nearly $80 million in mainland China with a market share of approximately 3.5%, up from 2.6% during the same period in 2019.
The seven theatre upgrades included in the agreement span JinYi IMAX theatres in 1st and 2nd tier cities, including the top-performing Beijing Joy City JinYi IMAX. The announcement brings the total number of JinYi and its affiliated IMAX theatres to 105 since they signed their first agreement in 2009, including 39 directly operated Jinyi IMAX theaters opened as of December 31, 2019.
JinYi is currently China's second-largest film exhibitor in partnership with IMAX. In 2019, JinYi's box office brought in approximately RMB 2.88 billion with 2,667 screens across 424 cinemas, including franchised cinemas.
IMAX with Laser is IMAX's most advanced theatre experience. Immersive by design, IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. It is set apart by a groundbreaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology that delivers brighter images with increase resolution, deeper contrast, and the widest range of colors exclusively to IMAX screens.
About Guangzhou JinYi Media Corporation
Established in 2004, Guangzhou JinYi Media Corporation ('JinYi'), is one of the most famous enterprises dedicated to cinema distribution and film exhibition in China. The company's main products include film screenings, film distribution, merchandising and film production investments. Its subsidiary JinYi Cinema is one of the top cinema franchises in China. As of 2020 June, JinYi manages at least 2,583 screens across 414 subsidiary and affiliated cinemas in 25 provinces and four municipalities and 71 cities. The box office performance of JinYi has been at the forefront of all cinema chains. Meanwhile, JinYi is well recognized within the industry by receiving various awards and honors. In February 2016, JinYi's Guangzhou Haizhu IMAX Theatre formally opened, and won a series of awards for its "Meteor Shower" design concept, including the 2016 Germany Iconic Award - Interior Design Category and the 2016 Germany Red Dot Design Award - Architecture and Interior Design Category. In May 2016, JinYi was awarded the title of "Famous Brand of Guangzhou." In August 2016, JinYi was named as "Guangzhou 100 Innovation Company." In November 2016, the JinYi Cinema Sky Club was launched as the first art cinema in Guangdong Province. In December of the same year, the Committee of Guangzhou International Documentary Film Festival, China, awarded JinYi one of "10 China Documentary Drivers."
The large membership base is an important asset of JinYi, and cinemas are complexes where the members conduct their consumption behavior. JinYi will constantly upgrade products and innovative experiences based on customers' needs, and build a diversified, entertaining and service-oriented film and life service platform for audiences. On October 16, 2017, JinYi went public on Shenzhen Stock Exchange (SZSE: 002905), making it one of the few listed film exhibitors in China.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "HK.1970."
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 theaters 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 additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2020, there were 1,632 IMAX theater systems (1,542 commercial multiplexes, 13 commercial destinations, 77 institutional) operating in 82 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® Dome, IMAX® 3D, IMAX® 3D Dome, Experience It In IMAX®, The IMAX Experience®, An IMAX Experience®, An IMAX 3D Experience®, IMAX DMR®, DMR®, IMAX nXos® and Films to the Fullest®, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Instagram (https://www.instagram.com/imax), Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
SOURCE IMAX Corporation