EXCLUSIVE: Jumping on growth opportunities in Southeast Asia, Imax has entered into new agreements with Galaxy Cinema in Vietnam as well as Major Cineplex in Thailand and Cambodia.
In the former, Imax and Galaxy are partnering to bring the first-ever premium Imax with Laser systems to the market. Galaxy Cinema is Vietnam’s largest local chain and will build two new flagship locations, in Ho Chi Minh City and Hanoi, this year.
This marks the first partnership between Imax and Galaxy and will increase the large-format company’s presence from four existing systems to a total of six in the market. It also marks the first new construction for Imax in Vietnam since 2019 and seeks to fulfill growing audience appetite for premium movie experiences.
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In Thailand, Imax is expanding its longstanding partnership with Major Cineplex for up to 10 new Imax with Laser systems. The deal includes an additional five new (two firm and three conditional) systems across the market as well as four upgrades to key locations by 2025. Sites include venues in Bangkok, Nonthaburi and Chiang Mai as well as one upgraded location in Cambodia.
Major Cineplex is the largest exhibitor in Thailand with an increasing regional presence. It currently operates seven Imax locations.
With desire for premium experiences growing globally, Imax CEO Rich Gelfond tells Deadline, “It’s a really good time to be in the Imax business.”
He also notes, “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.”
Imax had its biggest year ever in Vietnam in 2022 and is showing strength in 2023. Box office results for the country are already over a third of the way to matching the record-setting 2022 full-year result.
Commented Mai Hoa, CEO of Galaxy, “This fantastic new partnership with Imax will help Galaxy Cinema reach high-end customers via Imax’s premium technology. 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.”
With regard to the Major Cineplex deal, Gelfond says, “The Thai audience continues to show a strong appetite for the IMAX experience, and we’re excited to invest in new key locations.”
Vicha Poolvaraluck, Major Cineplex CEO, added, “We’re thrilled to bring the best technology yet again into Bangkok’s most iconic shopping mall and other tourist destinations in Thailand, as well as to the Aeon Mall 2 in Phnom Penh, Cambodia. I know that Thai and Cambodian audiences will enjoy Imax with Laser, one of the most immersive, high-quality theater systems around. We’ve seen continuous high attendance at our three previously opened Imax with Laser locations, which launched with Avatar: The Way of Water and delivered the highest per movie attendance ever in Thai box office history.”
In both Thailand and Cambodia, Imax also had its highest-grossing year ever in 2022.
Imax earlier this year signed multi-system agreements for seven new locations in Japan and 10 in Indonesia. Says Gelfond, “There is as much business activity as I’ve seen going on in general; not just box office, but network growth.” Although the pandemic was rough on cinemas, Gelfond is bullish, “It hasn’t felt this good in a long time,” he tells Deadline.
The corporation has been gaining market share particularly in Southeast Asia, and notably with Avatar 2 as well as via Imax’s local-language strategy in the region.
Adds Gelfond, “The differentiation that Imax brings and the audiences desire for more premium when they leave their homes really combine and give us a lot of momentum.” The two deals announced today, “are just the latest example of that.”
Further, he notes, “When you’re going through a challenging period, momentum plays a big role. A lot of unexpected bad things happen, movies getting delayed or territories closing, but now momentum is going the other way. So every week, kind of something good falls out of the sky and that’s a really good feeling.”
