IMAX released its second quarter financial results for 2023 on July 26, demonstrating significant progress. The company reported second-quarter revenues of $98 million, marking a 32% increase compared to the same period the previous year. Profits also significantly jumped from $2.5 million in Q1 to $8.4 million in Q2. The Greater China region accounted for a notable portion of the Q2 revenue, contributing $19.1 million, or 19.5% of the total.
In terms of box office revenue, IMAX cinemas generated a total of $268.3 million in the second quarter, reflecting an 8% year-on-year increase. This growth was attributed to the robust performances of Hollywood blockbusters. Leading the charge was the "The Super Mario Bros. Movie", earning $50 million in IMAX box office, followed by "Guardians of the Galaxy Vol. 3", "Fast X", and "Spider-Man: Across the Spider-Verse", each surpassing the $30 million mark.
Other films that also significantly contributed to the box office performance included "Born to Fly", "The First Slam Dunk", "Detective Conan: Black Iron Submarine", and "Lost In The Stars", which were released in specific regions.
Entering Q3, the industry anticipates that director Christopher Nolan's "Oppenheimer" and "Mission: Impossible 7 - Deadly Reckoning (Part One)" starring Tom Cruise, two movies seemingly custom-made for the IMAX experience, will further boost IMAX's Q3 performance.
"Oppenheimer" was released in North America on July 21 and grossed $33 million on its opening day. According to Deadline, by Sunday, July 30, the movie had amassed a global box office of $405.6 million, surpassing Nolan's other films "Tenet" and "Batman: The Dark Knight". The film also achieved a global IMAX cumulative box office of $80.7 million, becoming Nolan's second-fastest film to reach the $80 million mark in IMAX box office.
During the earnings conference, IMAX CEO Richard Gelfond stated that the company had one of its best-ever global weekend box offices due to the stellar performance of "Oppenheimer", alongside three Hollywood films and other regional releases, giving IMAX a strong double-digit market share.
The Hollywood Reporter noted that IMAX predicts that "Oppenheimer" will achieve a market share of 20% on IMAX screens, setting a new record. As of the end of June, IMAX's share of the global box office was 3.3%.
Interestingly, "Oppenheimer" is screened on IMAX 70mm film at 19 theaters in the U.S. and 30 theaters worldwide, drawing considerable attention from cinema enthusiasts worldwide. Yahoo reported that due to limited availability, some fans were willing to pay hundreds of dollars to purchase IMAX 70mm theater tickets for "Oppenheimer".
The high demand for "Oppenheimer" on IMAX screens, especially the IMAX 70mm theaters, highlights the audiences' current pursuit of superior cinematic experiences. Gelfond mentioned during the Q2 earnings conference that the company is considering the development of new film projectors. "We've talked about producing new film cameras, like creating new 70mm projectors, and trying to brand them with the IMAX mark," he said.
"Oppenheimer" tells the story of Robert Oppenheimer, the "father of the atomic bomb," who led the development of the world's first atomic bomb. Nolan, renowned for his real-life shooting approach, didn't use CG technology in "Oppenheimer". Instead, he shot the film at the original test site to better depict the "Trinity" nuclear test, even inviting scientists to be extras.
Nolan's dedication to film was beautifully expressed in "Oppenheimer", which was shot not only with IMAX cameras but also on 70mm black-and-white film. The three-hour-long film had a total length and weight of 11 miles and 600 pounds, respectively. Nolan said in an interview with the Associated Press that the best way to watch "Oppenheimer" is in the IMAX 70mm film format due to its incomparable clarity and depth.
"Oppenheimer" is Nolan's first film with Universal Pictures after ending his 20-year collaboration with Warner Bros. His previous work with Warner Bros includes critically and commercially successful films like "Interstellar", "Inception", and the "Batman" trilogy. His last film, "Tenet", which was released during the pandemic, only earned $366 million at the global box office. Some fans deemed "Tenet" as Nolan's most mediocre film, scoring 7.6 on Douban.
According to Box Office Mojo, as of August 1, "Oppenheimer" had a North American box office of $188 million and a global box office of $419 million. The film had a freshness rating of 94% on Rotten Tomatoes, ranking high among Nolan's previous works. "Oppenheimer" is set to be released in mainland China on August 30, and its box office performance and public reception in China are eagerly anticipated.
