COVID-19 Recovery in 'High Gear' in Cinemas: Imax CEO
The movie business passed “an enormous stress test,” said Imax CEO Rich Gelfond on a Thursday call, saying “the movies are back” as studios recommitted to theatrical releases after cinema closures. The blockbuster-titles slate is “kicking into high gear,” said…
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Gelfond, referencing an “unprecedented pipeline of marquee tentpole” titles to close out 2021 and through 2022. Despite “massive disruption” of theater shutdowns and availability of releases via streaming, “consumer demand for moviegoing remains strong,” said Gelfond. “One hundred years of human behavior doesn’t change that easily.” Q3 revenue at Imax was $56.6 million vs. $37.3 million in the COVID-19 pandemic-colored 2020 quarter. Net loss narrowed to $8.4 million from $47.2 million. Imax surpassed its record for the best October at the global box office (see 2110250048), on track to exceed $115 million, among the top 10 months in its history, the executive said.