Christopher Nolan’s “The Odyssey” exploded at the box office this weekend, boosted by enthusiasm for seeing the epic in massive Imax — especially 70mm Imax, Nolan’s preferred format. But while demand continues to be high for the format that’s only available in over 40 locations in the United States, don’t expect Imax to suddenly build a bunch of 70mm projectors to increase availability in the coming years.
“The economics are very difficult to meet,” Imax CEO Rich Gelfond said in response to a question about doubling the number of 70mm Imax projectors on Thursday’s earnings call.
“It’s very expensive. You need film prints, not only the projector, which costs $50,000 a piece to put in your theater. You need logistics like a forklift to lift them, so you need a very big projection booth,” he continued. “When you get through the numbers of it, there are a finite number of locations that really can support the economics of it.”
“The Odyssey” grossed over $260 million worldwide on its opening weekend, and premium formats accounted for 53% of all domestic grosses, with the 41 locations screening the film in Imax 70mm earning a per theater average of more than $100,000. The format is indeed booming, with the upcoming “Dune: Part Three” getting an Imax 70mm release as well as J.J. Abrams’ upcoming “The Great Beyond.”
But the number of places where you can watch these films in this format remains limited to a handful of major metropolises in the U.S., and while Gelfond acknowledged that Imax is “exploring ways” to increase the number of 70mm Imax locations, he cautioned that it’s not a financially feasible business model to expand at scale.
In addition to the enormous cost of installing and housing a 70mm Imax projector, a theater would also need a lot of runway to exhibit 70mm Imax films to recoup.
“When you play for a really long time, you can make the numbers work. But if you wanted to create more and you wanted to open film releases for a weekend, the numbers just wouldn’t work for that. You need a long playtime,” he explained.
Indeed, 70mm Imax showings of “The Odyssey” are sold out through August and even September, meaning those locations showcasing the film will be able to make a pretty penny. But scarcity is key to this particular business model.
“It’s finite; you just can’t say, ‘Why don’t you build hundreds of them?’ because there aren’t hundreds of places where it would work,” Gelfond concluded.
Nolan’s film still inspired some smaller theaters to upgrade to 70mm capabilities, like The Alex theater in Los Angeles as TheWrap reported. And the movie is poised to have a huge second weekend at the box office, grossing as much as $70 million.
But if you’re still hoping that a 70mm Imax theater may be built closer to you, don’t hold your breath.
