PLAYA VISTA, CA – OCTOBER 15: General views of the IMAX Corporation headquarters on October 15, 2020 … [+] in Playa Vista, California. (Photo by AaronP/Bauer-Griffin/GC Images)
Not only could theater closures lead to an increased market share for IMAX, so too would a further consolidation of moviegoing dollars toward the biggest IMAX-friendly tentpoles.
The Wrap is reporting that IMAX IMAX lost $47 million in the third quarter of 2020, which make sense since American theaters have been (at best) struggling as Hollywood has pulled almost all of its presumed biggies from the 2020 calendar. IMAX is, more so than even conventional theaters, a format that demands “big movies.” All due respect, but movies like The Broken Hearts Gallery and The War With Grandpa are not exactly ideal for “The IMAX Experience.” CEO Rich Gelfond argued concurrently the downturn could actually help IMAX by giving them a larger market share. Yes, if major US theaters or theater chains (like Studio Movie Grill, which filed for Chapter 11 bankruptcy protection yesterday in the hopes of remaining open) don’t survive, then by default IMAX will have a larger portion of available screens.
There are around 450 IMAX screens among 4,200 total screens in America, and yes many of those exist within the most profitable theaters. “In 2019, about 85% of our box office was generated in the top 20% of North American complexes. In North America in 2019, only 5% of our box office was generated from the