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IMAX Expands Footprint in Saudi Arabia With Latest Partnership
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IMAX Corporation (IMAX - Free Report) has announced a significant expansion of its presence in Saudi Arabia through a first-ever collaboration with muvi Cinemas, the country's largest exhibitor. This strategic partnership marks a pivotal moment for both companies and the Saudi Arabian cinema market as a whole.
The agreement outlines plans for the installation of four new state-of-the-art IMAX with Laser systems across major commercial centers in Saudi Arabia. Two systems will be located in Riyadh, the capital and most populous city, with additional locations in Jeddah's Mall of Arabia and Dhahran. This expansion will bring the first-ever IMAX system to Dhahran, further extending the company's reach within the country. The ambitious rollout is set to begin quickly, with three of the new locations scheduled to open by the end of 2024, followed by the fourth in 2025.
Saudi Arabia has quickly become a key market for IMAX since the country's first full year of commercial operation in 2019, consistently ranking among the company's top 20 countries worldwide.
Recent releases have achieved historic success at the Saudi box office, with Christopher Nolan's Oppenheimer becoming the highest-grossing IMAX title ever in the country. The market has shown a strong appetite not only for Hollywood blockbusters but also for local language content from India and Japan.
The expansion plans go beyond the current agreement, with IMAX estimating potential for at least 50 locations in Saudi Arabia. The company currently operates 10 locations in the country, with 22 more slated to open, including those in partnership with muvi. This latest agreement solidifies IMAX's relationships with the top four exhibitors in Saudi Arabia, positioning the company for continued growth in this emerging market.
All four new locations will feature IMAX with Laser, the company's most advanced cinema technology. This cutting-edge system promises to deliver an unparalleled moviegoing experience with crystal clear, lifelike images and precision audio. The 4k laser projection system, custom-designed lenses and proprietary technology will offer brighter images, increased resolution, deeper contrast and a wider range of colors exclusive to IMAX systems.
IMAX Expands Global Reach Amid Competitive Landscape
IMAX continues to solidify its position in the global cinema market through a series of strategic partnerships, most recently exemplified by its collaboration with muvi Cinemas in Saudi Arabia.
However, IMAX's expansion doesn't occur in a vacuum. The company faces competition from other premium large format (PLF) providers, such as Dolby Cinema and CGV's 4DX. These competitors offer their own unique selling points — Dolby Cinema focuses on advanced audio and visual technology, while 4DX adds environmental effects to create a more immersive experience.
Despite this competition, IMAX has maintained its edge through its brand recognition, partnerships with filmmakers for specially formatted content and continuous technological innovation.
By aligning with leading local exhibitors, IMAX gains access to prime locations and benefits from its partners' market knowledge and established customer bases.
In China, IMAX has strengthened its alliance with Wanda Film, upgrading 61 locations to laser projection systems and potentially adding 25 new venues. This move solidifies IMAX's presence in the world's second-largest film market. Similar partnerships have been forged in the Philippines with SM Cinema, in Turkey with CineNOVA, in India with Miraj Cinemas and in Thailand with Major Cineplex.
These expansions come on the heels of a successful 2023, which saw IMAX install 152 new systems across 30 countries. The company's focus on upgrading to state-of-the-art laser projection technology underscores its commitment to delivering superior viewing experiences.
The Zacks Consensus Estimate for IMAX’s 2024 revenues is pegged at $375.59 million, indicating a year-over-year increase of 0.20%. The consensus estimate for 2024 earnings per share is pegged at 90 cents, unchanged over the past 30 days, suggesting a year-over-year decline of 4.26%.
By expanding its presence in high-growth markets and continually improving its technology, IMAX aims to maintain its leadership in premium cinema offerings worldwide.
Image: Bigstock
IMAX Expands Footprint in Saudi Arabia With Latest Partnership
IMAX Corporation (IMAX - Free Report) has announced a significant expansion of its presence in Saudi Arabia through a first-ever collaboration with muvi Cinemas, the country's largest exhibitor. This strategic partnership marks a pivotal moment for both companies and the Saudi Arabian cinema market as a whole.
The agreement outlines plans for the installation of four new state-of-the-art IMAX with Laser systems across major commercial centers in Saudi Arabia. Two systems will be located in Riyadh, the capital and most populous city, with additional locations in Jeddah's Mall of Arabia and Dhahran. This expansion will bring the first-ever IMAX system to Dhahran, further extending the company's reach within the country. The ambitious rollout is set to begin quickly, with three of the new locations scheduled to open by the end of 2024, followed by the fourth in 2025.
Saudi Arabia has quickly become a key market for IMAX since the country's first full year of commercial operation in 2019, consistently ranking among the company's top 20 countries worldwide.
Recent releases have achieved historic success at the Saudi box office, with Christopher Nolan's Oppenheimer becoming the highest-grossing IMAX title ever in the country. The market has shown a strong appetite not only for Hollywood blockbusters but also for local language content from India and Japan.
The expansion plans go beyond the current agreement, with IMAX estimating potential for at least 50 locations in Saudi Arabia. The company currently operates 10 locations in the country, with 22 more slated to open, including those in partnership with muvi. This latest agreement solidifies IMAX's relationships with the top four exhibitors in Saudi Arabia, positioning the company for continued growth in this emerging market.
All four new locations will feature IMAX with Laser, the company's most advanced cinema technology. This cutting-edge system promises to deliver an unparalleled moviegoing experience with crystal clear, lifelike images and precision audio. The 4k laser projection system, custom-designed lenses and proprietary technology will offer brighter images, increased resolution, deeper contrast and a wider range of colors exclusive to IMAX systems.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
IMAX Expands Global Reach Amid Competitive Landscape
IMAX continues to solidify its position in the global cinema market through a series of strategic partnerships, most recently exemplified by its collaboration with muvi Cinemas in Saudi Arabia.
However, IMAX's expansion doesn't occur in a vacuum. The company faces competition from other premium large format (PLF) providers, such as Dolby Cinema and CGV's 4DX. These competitors offer their own unique selling points — Dolby Cinema focuses on advanced audio and visual technology, while 4DX adds environmental effects to create a more immersive experience.
Despite this competition, IMAX has maintained its edge through its brand recognition, partnerships with filmmakers for specially formatted content and continuous technological innovation.
By aligning with leading local exhibitors, IMAX gains access to prime locations and benefits from its partners' market knowledge and established customer bases.
In China, IMAX has strengthened its alliance with Wanda Film, upgrading 61 locations to laser projection systems and potentially adding 25 new venues. This move solidifies IMAX's presence in the world's second-largest film market. Similar partnerships have been forged in the Philippines with SM Cinema, in Turkey with CineNOVA, in India with Miraj Cinemas and in Thailand with Major Cineplex.
These expansions come on the heels of a successful 2023, which saw IMAX install 152 new systems across 30 countries. The company's focus on upgrading to state-of-the-art laser projection technology underscores its commitment to delivering superior viewing experiences.
The Zacks Consensus Estimate for IMAX’s 2024 revenues is pegged at $375.59 million, indicating a year-over-year increase of 0.20%. The consensus estimate for 2024 earnings per share is pegged at 90 cents, unchanged over the past 30 days, suggesting a year-over-year decline of 4.26%.
By expanding its presence in high-growth markets and continually improving its technology, IMAX aims to maintain its leadership in premium cinema offerings worldwide.
Zacks Rank & Stocks to Consider
Currently, IMAX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Consumer Discretionary sector are Guess (GES - Free Report) , Acushnet (GOLF - Free Report) and Lincoln Educational Services (LINC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Guess have gained 2.3% in the year-to-date period. The long-term earnings growth rate for GES is 57.56%.
Shares of Acushnet have climbed 5.8% in the year-to-date period. The long-term earnings growth rate for GOLF is 22.57%.
Shares of Lincoln Educational Services have jumped 32.6% in the year-to-date period. The long-term earnings growth rate for LINC is 33.59%.