Record China box office foreshadows global pent-up demand for movies, Imax CEO says (cnbc.com)
Imax broke its box-office records in China over the Lunar New Year holiday weekend and the results foretell what will happen when more U.S. movie theaters resume operations this summer, CEO Rich Gelfond told CNBC on Tuesday.
The company, which produces immersive movie experiences, said it grossed $25 million between Friday and Sunday, representing a 45% increase from a pre-pandemic record.
“It tells you [that] when it’s safe to go outside and people want to go, they’re going to run to go to the movies,” said Gelfond, who appeared on “Closing Bell” after trading ended for the day on Wall Street.
“Detective Chinatown 3,” a comedy adventure that was postponed from its Lunar New Year release last year, generated a large portion of Imax’s ticket sales during the three-day period. The film brought in $23.5 million, the best results Imax said it has ever seen for a Chinese film. The action film “A Writer’s Odyssey” and “New Gods: Nezha Reborn” animation also helped Imax reach both gross attendance and gross sales highs.
By: Tyler Clifford