New Multi-System Deal Underscores Continued Growth Opportunities for IMAX Across Emerging Southeast Asian Market
IMAX Corporation (NYSE: IMAX) and Galaxy Cinema today announced an agreement for two new, state-of-the-art IMAX with Laser systems in Vietnam. The deal will bring the first-ever premium IMAX with Laser systems to the country, marking a significant milestone for the market. Galaxy Cinema – Vietnam’s largest local cinema chain – is set to construct the two new flagship locations, including one in Ho Chi Minh City, in 2023.
The announcement was made today at the annual CinemaCon 2023 exhibition conference in Las Vegas.
This deal is the first partnership between IMAX and Galaxy Cinema, a successful local cinema chain operated in all regions of Vietnam and increases IMAX’s presence from four existing systems in Vietnam (two in Hanoi and two in Ho Chi Minh City) to a total of six. The agreement marks the first new construction for IMAX in the country since 2019 and comes as cinemas in Southeast Asia seek to fulfill a growing appetite for premium movie experiences.
“Southeast Asia remains a strong region with solid growth potential for IMAX, and we’re excited to continue our expansion in emerging markets like Vietnam, Southeast Asia’s fastest-growing economy for two years in a row,” said Rich Gelfond, CEO of IMAX. “We’re excited to begin our partnership with Galaxy Cinema and bring the full IMAX Experience to their audiences for the first time, and we look forward to cultivating a long and successful partnership.”
“This fantastic new partnership with IMAX will help Galaxy Cinema reach high-end customers via IMAX’s premium technology,” said Ms. Mai Hoa, CEO of Galaxy Cinema. “We’re excited to offer our customers the most extraordinary experience and, together with IMAX, to make Galaxy Cinema a must-see destination for moviegoers.”
IMAX is seeing strong box office in Vietnam, and the Company just had its highest-grossing year ever in 2022. Vietnam is one of 48 countries worldwide where “Avatar: The Way of Water” stands as the highest grossing IMAX release ever. Momentum continues to build in the region in 2023, with box office results for the country already over a third of the way to matching its record-setting 2022 full-year result.
The two new Galaxy Cinemas locations will be the first screens in Vietnam to showcase IMAX with Laser, IMAX’s most advanced theatre experience. IMAX with Laser uses a groundbreaking 4K laser projection system featuring a suite of proprietary technology to deliver lifelike images and precision audio for an unmatched moviegoing experience. The new IMAX with Laser screens will provide brighter images with increased resolution, deeper contrast, and the widest range of colors that are exclusively available to experience via IMAX with Laser screens.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX’s network among the most important and successful theatrical distribution platforms for major event films around the globe. Streaming technology company SSIMWAVE, an IMAX subsidiary, is a leader in AI-driven video quality solutions for media and entertainment companies.
IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2022, there were 1,716 IMAX systems (1,633 commercial multiplexes, 12 commercial destinations, 71 institutional) operating in 87 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970.”
IMAX, IMAX Dome, IMAX 3D, IMAX 3D Dome, Experience It In IMAX, The IMAX Experience, An IMAX Experience, An IMAX 3D Experience, IMAX DMR, DMR, Filmed For IMAX, IMAX LIVE, IMAX Enhanced, IMAX nXos, SSIMWAVE and Films to the Fullest, are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com.
About Galaxy Cinema
Galaxy Cinema is one of the best Vietnam entertainment platform operators under Galaxy Entertainment & Education (GEE). GEE’s mission is to bring the best products in entertainment and education to the mass of Vietnamese consumers at the most affordable price. GEE produces the best Vietnamese content for the “Entertainment and Education” sector; partner with the best content companies throughout the world; and have a deep understanding of content gleaned from 20 years of blockbuster feature film production, distribution, and exhibition. Galaxy Cinema is the first private film exhibitor with Hollywood standards in Vietnam. The strategic partners of Galaxy are famous studios such as Disney, Sony Pictures, and Warner Bros.
Galaxy Cinema is one of the leading cinema chains in Vietnam, with a network of modern and high-quality cinemas in major cities across the country. With a commitment to delivering exceptional movie experiences, Galaxy Cinema is dedicated to providing the latest technology, comfortable seating, and superior customer service to its customers.