The company, part of the market-leading Toho Company, has ordered ten new giant screens. That will expand its footprint from one to 11 IMAX theaters.
Toho’s first IMAX theater opened in April this year as part of its Shinjuku multiplex. The theater has since been among the best performing venues in Japan, with “Jurassic World” earning a record breaking $1 million opening weekend.
Japan is the world’s third largest theatrical box office market behind North America and China. Gross box office grew by more than 6% in local currency terms to JPY207 billion. However with the Japanese currency weakening against the US dollar, that was down in dollar terms at $1.79 billion.
“Today’s agreement with Toho marks our largest signing ever in the country and a tipping point in our Japanese expansion efforts,” said IMAX CEO Richard L. Gelfond.
“IMAX is an anchor attraction that we believe will serve as a catalyst for our future growth and we look forward to bringing this differentiated brand and entertainment experience to more of our patrons,” said Kazuhiko Seta, president, Toho Cinemas.
IMAX and Toho Co. have agreed to release two Japanese films in the IMAX format: “Attack on Titan Part One” and “Attack on Titan Part Two.” The first installment was released Aug. 1 in 19 IMAX theatres in Japan, as well as others in Europe and Asia.