Agreement strengthens growth in BRIC countries
Expanding its overseas footprint, Imax announced on Wednesday it has signed an installation agreement with PVR Cinemas, India’s leading cinema brand and operator, to install four new theaters in key locations throughout the country.Imax has been ramping up its presence in major overseas markets, particularly in China and Russia. India marks an important step for Imax as the country reps one of the world’s biggest growth markets and part of the expanding BRIC countries. As part of the deal, the first two systems are skedded to go over the next year in two of India’s top-performing multiplexes in Mumbai and Bangalore. “There is a growing appetite for premium entertainment in India, and with the massive popularity of the Imax brand worldwide,” PVR chairman Ajay Bijli said in a statement. Imax CEO Richard Gelfond pointed to India’s growing importance on the global box office scene saying, “India has a vibrant moviegoing culture, and it is one of our most important and largely untapped growth markets.” Earlier this week, Imax signed an eight-theater deal in Russia slated for installation through 2013. The company’s deal with local circuit Cinema Park makes it Europe’s largest Imax exhibitor.