The deal, described, as “significant” by IMAX is the third largest it has struck in China and makes SFC IMAX’s fifth largest partner worldwide, with a total of 22 sites when the deal is completed.
The new theaters will be built into new construction projects that are part of the company’s Shanghai Film Corporation (SFC), Shanghai United Circuit Co. Ltd. (SUC) and Shanghai SFG-EPR Cinema Development & Management Co. circuits. Moist of the sites have been positively identified and all will be installed by the end of 2015.
Since SFC opened the first in 2004, IMAX’s giant screen concept has been a huge hit in China. The total number of sites in commercial operation was xxx at the end of June. In a statement IMAX said that year-to-date box office increased by 50%, propelled by a strong film slate.
“We’ve witnessed the demand for The IMAX Experience increase exponentially and as we embark on a major expansion of our exhibition business, IMAX will serve as the anchor attraction for our new sites,” said Zhu Zhongxiang, General Manager of SFC.
“Paramount Pictures’ ‘Transformers: Age of Extinction’ set a new opening weekend record for IMAX in China with box office of $9.75 million – more than double the previous record,” the company said.
SFC is a holding subsidiary of Shanghai Film Group Corporation. And operates in including film distribution, copyright content sales, cinema line management, and the investment, development and management of cinemas.
SUC is a wholly-owned subsidiary of SFC, is one of the leading cinema lines in China and has over 200 affiliate complexes in 24 provinces with over 1,000 screens and 11 IMAX screens. In 2013, SUC had BO of RMB 1.88 billion ($305 million) with an 8.6% share of China’s gross box office.
SFC has a major share of joint venture SFG-EPR, with EPR, an entertainment REIT from Kansas City.