Imax, Cineplexx Expand Partnership, Sign Three-Theater Deal
Cineplexx Austria and Imax have expanded their longstanding partnership with a new three-theater deal.
The southeastern European cinema giant, based in Vienna, will install new large format screens with laser projection technology, two in Austria and one Prishtina, Kosovo. Cineplexx already has eight Imax locations across Austria, Serbia and Greece, with another location in backlog signed before the latest agreement from a business partnership between the Austrian exhibitor and Imax that began in 2009.
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The latest deal includes Imax’s first-ever screen in Kosovo and follows increasing demand for its giant screen theaters — including recent multi-system agreements in Japan and Indonesia — after Avatar: The Way of Water became the highest grossing Imax release ever.
Imax CEO Richard Gelfond told analysts after releasing his company’s fourth quarter financial results that the record-breaking box office for the Avatar sequel had “strengthened our standing with exhibitors around the world. As a result, we are seeing very encouraging signs of demand for Imax systems and technology” as his company and partner exhibitors adjust to a post-pandemic business in the age of streaming.
“This agreement underscores that Europe remains ripe with growth potential for Imax as we look to expand in successful markets like Austria and into new, untapped countries such as Kosovo,” Gelfond added in a statement that came on news of the Cineplexx agreement.
Imax saw a similar spike in theater sales and installations in the two years after the original Avatar movie from director James Cameron was released in 2009, and expects similar out-sized growth for its global theater network in under-penetrated markets, including in Europe.
”We’re excited to provide the ultimate cinema experience to our young and loyal customers in Prishtina, Kosovo. This deal clearly shows that new economies are rising and that people want the best experiences in culture and entertainment. It also highlights the trust that our partners at Imax have in us by developing in new territories, and we look forward to strengthening our successful cinema chain in our home market of Austria as well,” Christian Langhammer and Christof Papousek, managing owners of Cineplexx, said in their own statement.
In Europe, Imax is doing a full-court press to expand its theater network in France and Germany in 2023. The exhibition technologies company has record 22 theater signings during the first two months of 2023, which compares to 23 signings for the first quarter of 2019, before the pandemic.
Those deals include Japanese exhibitor AEON signing for seven new Imax screens, and Indonesia Cinema XXI agreeing to double its commercial footprint with a deal for ten new Imax screens.
