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IMAX Corporation

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IMAX Corporation
Company typePublic
IndustryMotion picture production and exhibition
PredecessorMulti-Screen Corporation, IMAX Systems Corporation
FoundedAugust 20, 1967; 57 years ago (1967-08-20) in Montreal, Quebec, Canada
Founders
Headquarters
Area served
Worldwide
Key people
ProductsSpecial-venue films and movie theatres
RevenueIncrease US$375 million (2023)[3]
Increase US$50.4 million (2023)[3]
Increase US$33.1 million (2023)[3]
Total assetsDecrease US$815 million (2023)[3]
Total equityIncrease US$345 million (2023)[3]
OwnerKevin Douglas (14.67%)[4]
Number of employees
697 (2023)[3]
DivisionsIMAX, IMAX 3D, IMAX Dome, IMAX DMR, IMAX at AMC (joint venture with AMC Theatres), IMAX Enhanced (joint venture with DTS)[5]
SubsidiariesIMAX Filmed Entertainment
Ridefilm Corporation
Sonics Associates
David Keighley Productions[6]
3D Entertainment
Ssimwave[7]
Websiteimax.com

IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide.[8] Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.

As of December 2023, there were 1,772 IMAX theatres located in 90 countries, of which 1,693 were in commercial multiplexes.[3] These include IMAX variations such as IMAX 3D, IMAX Dome, and Digital IMAX. The CEO is Richard Gelfond.[9]

History

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IMAX is a Canadian corporation that is based in Mississauga, Ontario. The company was founded in 1967 when three filmmakers—Graeme Ferguson, Roman Kroitor and Robert Kerr—incorporated IMAX Corporation. The idea and the new technology, which resulted in the birth of the company, came from the multi-screen productions of Roman Kroitor, Colin Low and Hugh O'Connor. In the Labyrinth[10] and Ferguson's Man and the Polar Regions (on which Robert Kerr collaborated), both screened at the Expo 67.[11][12] From their experience, Graeme Ferguson, Roman Kroitor and Robert Kerr realized that new technology would be necessary to develop a larger and more complex project than previously seen. As a result, they sought an engineer named William Shaw in 1968[13] (he had gone to Galt Collegiate Institute in Galt, Ontario, now Cambridge, with Ferguson and Kerr) to help develop this technology. Shaw created this new projector that allowed for films to have exceptional quality and to be ten times larger than conventional 35mm picture frames.[14] The first movie IMAX Corporation produced using this new technology was Tiger Child, which was featured at Expo '70 in Osaka, Japan.[14] It was because of the multi-screen viewing that Graeme Ferguson, Roman Kroitor and Robert Kerr wanted to create a theatre with giant screens, surround sound and stadium seating.

William Shaw was instrumental in helping IMAX Corporation fulfill its ambitions in creating larger and more realistic experiences for audience which included oversized screens, surround sound and steep seating for better viewing.[12] Shaw remained at IMAX (although officially retired) as a designer and inventor until his passing on August 31, 2002, at the age of 73.[14] Before retiring, Shaw created a 3D camera which was sent to the International Space Station for IMAX films.[14] In 1994, investment bankers Gelfond and Bradley Wechsler acquired IMAX Corporation through a leveraged buyout and publicly listed the company on the NASDAQ stock exchange.[15][16] IMAX then began to focus their abilities on attracting Hollywood production houses.[17] Another engineer at IMAX Corporation, Brian Bonnick, Chief Technology Officer at IMAX Corporation, developed technologies that made it possible for the worldwide IMAX to produce major Hollywood films.[18] More flexible technology required by that industry led to the development of the IMAX DMR (Digital Re-Mastering), which was able to adapt quickly in various locations. Newer technology followed, including the IMAX Experience and the IMAX MPX theatre system. Revamped IMAX 2D footage has been transferred into IMAX 3D.[18] In September 2022, IMAX Corporation acquired streaming technology company Ssimwave for $21 million in a cash and stock deal.[7]

Recent milestones

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  • In April 2009, Gelfond became the sole IMAX CEO and Wechsler moved into the role of chairman of the board of directors.[19][20]
  • Later in 2009, IMAX participated in the movie Avatar, to which the company credits its mainstream Hollywood success.[21][22]
  • In March 2011, IMAX noted that China's Wanda Cinema Line announced a 75-theatre deal with IMAX Corporation.[23]
  • In 2012, IMAX opened its first location in Tianjin, China.[24]
  • On October 8, 2015, IMAX China, a subsidiary of the company, was listed on the Hong Kong Stock Exchange.[25] According to The Hollywood Reporter and The Wall Street Journal, "IMAX China raised $248 million in its initial public offering,"[26] which was the "bottom of [the] indicative price range."[27]
  • As of December 2019, there were 1,624 theatres in 81 countries and territories.[28]

Co-productions

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Main articles: Inhumans (TV series) and Inhumans premiere

In November 2016, Marvel Television and IMAX announced the live action television series Marvel's Inhumans, based on the superhero race of the same name. The series, co-produced with ABC Studios, saw IMAX serve as a financing partner, a first for IMAX, which allowed Marvel to spend more on the series than it had on its other television series, especially for visual effects. The entire series was filmed with IMAX digital cameras. Inhumans debuted an edited specific for theatrical-release version of the first two episodes. The episodes debuted on IMAX screens in theatres worldwide in September 2017, with the series airing weekly on ABC afterwards.[29][30][31] After the poor reception to the IMAX version of the first two episodes and a box office gross of $3.5 million, Richard Gelfond said, "Going forward, we intend to take a more conservative approach consistent with the Game of Thrones approach to capital investments and content. We will be more conservative when considering whether to invest our own capital; and if so, to what extent."[32]

See also

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References

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  1. ^ "Construction to start on IMAX headquarters in Playa Vista". November 23, 2015.
  2. ^ Ellingson, Annlee. "Imax sets new global box-office record". L.A. Business First. Archived from the original on April 30, 2023 – via The Business Journals.
  3. ^ a b c d e f g "IMAX Corporation 2023 Annual Report (Form 10-K)". EDGAR Pro. U.S. Securities and Exchange Commission. February 27, 2024.
  4. ^ "MarketScreener".
  5. ^ "Imax and DTS Partner to Launch Imax® Enhanced Program for Home Entertainment". September 4, 2018.
  6. ^ "Imax Corporation – Company History". Fundinguniverse.com. Archived from the original on October 17, 2012. Retrieved February 24, 2012.
  7. ^ a b Goldsmith, Jill (September 22, 2022). "Imax Expands Horizons With Acquisition Of Streaming Tech Company Ssimwave". Deadline Hollywood.
  8. ^ "History of IMAX". Funding Universe. September 3, 2011. Archived from the original on October 21, 2012. Retrieved April 2, 2013.
  9. ^ "IMAX Governance". www.imax.com. May 9, 2016. Archived from the original on April 8, 2019. Retrieved September 13, 2019.
  10. ^ "In the Labyrinth (1967) Full Cast & Crew". IMDB. Archived from the original on October 24, 2020. Retrieved October 24, 2020.
  11. ^ Aitken, Ian (October 27, 2005). "NFB's Labyrinth". Encyclopedia of the Documentary Film. Routledge. pp. 168–9. ISBN 978-1579584450.
  12. ^ a b Anonymous (Spring 1993). "Oscar Nominated Canadian Company on the Leading Edge". Performing Arts & Entertainment in Canada. ProQuest 224882893.
  13. ^ Tillson, Tamsen (September 15, 2002). "Obituaries: Shaw Thought Big: IMAX". Variety. ProQuest 236388230.
  14. ^ a b c d Anonymous (September 10, 2002). "His Talents Made IMAX Possible". National Post. ProQuest 329968693.
  15. ^ Enchin, Harvey (January 13, 1994). "TORONTO-BASED IMAX FINDS INVESTORS IN U.S." Toronto Globe and Mail. Archived from the original on April 12, 2018. Retrieved April 12, 2018 – via Deseret News.
  16. ^ "Imax brand is larger than life". The Hollywood Reporter. June 19, 2007. Archived from the original on April 12, 2018. Retrieved April 12, 2018.
  17. ^ Schawbel, Dan. "Richard Gelfond: How He Took IMAX From Museums To Hollywood". Forbes. Archived from the original on April 13, 2018. Retrieved April 12, 2018.
  18. ^ a b Anonymous (September 24, 2007). "IMAX Corporation". The Globe and Mail. ProQuest 383811791.
  19. ^ "Imax nixes co-chairman, co-CEO posts". The Globe and Mail. December 13, 2008.
  20. ^ "IMAX realigns governance". Financial Post. Archived from the original on January 17, 2018. Retrieved January 16, 2018.
  21. ^ Lindner, Melanie (March 11, 2010). "IMAX Chief Says Avatar Is Just The Start". Forbes. Archived from the original on January 17, 2018. Retrieved January 16, 2018.
  22. ^ Prodhan, Georgina (April 12, 2010). "Avatar drives IMAX box office record". Reuters – via www.reuters.com.
  23. ^ "IMAX". IMAX Corporation. Archived from the original on November 15, 2012. Retrieved April 3, 2013.
  24. ^ Anonymous (May 5, 2009). "IMAX Corporation; IMAX Signs Theatre Deal in China". China Weekly News. ProQuest 199235087.
  25. ^ Brzeski, Patrick (February 24, 2016). "Imax China to Install 100 New Screens in 2016, Bullish on Growth". The Hollywood Reporter. Archived from the original on February 25, 2016. Retrieved February 25, 2016.
  26. ^ Brzeski, Patrick (October 7, 2015). "Imax China Begins Trading on Hong Kong Stock Exchange". The Hollywood Reporter. Archived from the original on February 1, 2018. Retrieved January 31, 2018.
  27. ^ Lee, Yvonne (October 1, 2015). "IMAX China Raises $248 Million in Hong Kong Initial Public Offering". Wall Street Journal. Archived from the original on February 1, 2018. Retrieved January 31, 2018.
  28. ^ "EDGAR Pro". yahoo.brand.edgar-online.com. Archived from the original on September 11, 2018. Retrieved September 13, 2019.
  29. ^ "'Marvel's The Inhumans' Coming To IMAX & ABC In 2017". Marvel.com. November 14, 2016. Archived from the original on June 7, 2017. Retrieved November 14, 2016.
  30. ^ Goldberg, Lesley (November 14, 2016). "Marvel, ABC Set 'The Inhumans' TV Series". The Hollywood Reporter. Archived from the original on November 15, 2016. Retrieved November 14, 2016.
  31. ^ Barnes, Brooks (November 14, 2016). "Marvel's 'Inhumans' TV Series Will Arrive via Imax Theaters". The New York Times. Archived from the original on November 17, 2016. Retrieved November 15, 2016.
  32. ^ Hayes, Dade (October 27, 2017). "Imax Concedes 'Marvel Inhumans' Experiment Let Down Moviegoers". Deadline Hollywood. Archived from the original on October 27, 2017. Retrieved October 27, 2017.
[edit]
  • Official website
  • Business data for IMAX Corporation:
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