We've Got Hollywood Covered
|

‘Spider-Man: No Way Home’ Helps Push Imax Back to Profitability

Premium theater company reported its best quarterly revenue and earnings since the pandemic began

Boosted by the record-breaking performance of “Spider-Man: No Way Home” along with other blockbusters like “Dune” and “No Time to Die,” Imax on Wednesday reported its best quarterly earnings since 2019, before the COVID-19 pandemic shut down theaters worldwide.

The premium theater company reported revenue of $108.6 million, a surge of 94% year-over-year. Imax also reported adjusted earnings of 31 cents per share compared to a loss of 21 cents per share in the prior-year period.

Global ticket revenue also saw a 15% increase in the past quarter, with “No Way Home,” “Dune” and “No Time to Die” standing as the top three bestselling films. Imax also got support in China from the war blockbuster “Battle at Lake Changjin,” which grossed over $800 million overall in the country, and the Marvel film “Eternals.”

As the company previously reported last month, overall box office revenue for Imax jumped up to $638 million, setting a record share of overall box office grosses for the company. $277 million of that total came from Q4, topping $244.46 million in Q4 2019, which was the company’s highest-grossing year ever.

Imax is expected to continue to take up a larger share of theatrical business as studios like Warner Bros. put even more emphasis on big-budget blockbusters when designing their release slates. Among the films set to be released on Imax in the coming months are “The Batman,” “Morbius,” and “Doctor Strange in the Multiverse of Madness.” The company is also expecting increased revenue in China as “The Batman” and “Uncharted” were approved for release there in the coming weeks after a 2021 in which Marvel films like “Eternals” and “No Way Home” were denied.

“IMAX has separated from the pack at the worldwide box office, and its strategic initiatives to expand the brand and grow its business,” CEO Rich Gelfond said during the company’s earnings call. “And we are in the early innings of transforming IMAX into a premier global technology platform for entertainment and events.”

Please fill out this field.