In this episode, we dive into the success of IMAX at the box office, particularly with the film "Oppenheimer." IMAX CEO Rich Gelfand joins us to discuss the film's performance in China, where it is expected to rake in around $50 million. We explore the impact of IMAX theaters, which make up only 1% of total theaters in North America but deliver an impressive 30% of the box office for certain films.
Gelfand sheds light on the challenges of scheduling films in IMAX theaters, especially with recent delays caused by the strike. We also delve into the future of the moviegoing experience, with Gelfand sharing insights on the potential for increased use of IMAX technology and the growth of local language films.
During the episode, Gelfand addresses the possibility of a technology giant like Apple or Amazon acquiring IMAX, clarifying that there are currently no active talks. We also explore the importance of the local language business in China and the potential for Chinese-made films to become global hits.
Gelfand expresses optimism for IMAX's future, predicting that 2023 has the potential to be as successful as 2019 in terms of global revenue. Additionally, we discuss the challenges faced by traditional theatrical businesses like AMC and the need for them to right-size themselves and lower fixed costs. Gelfand concludes by sharing his predictions for the movie industry, including the continued evolution of IMAX technology, globalization, and the expansion of ancillary content.