IMAX delivers its best pandemic earnings report

 In a spate of Q3 earnings reports that haven’t always delivered as anticipated, we see IMAX release its best results since the global health crisis upset the earnings apple cart. We turned to Brandon Blake of Blake & Wang, PA, for more insight.

Steep earnings rise

Announced Q3 revenue topped $56.6M, an increase of 52% on the previous year, with a narrowed loss of $8.4M. Per-share, this transforms the Q3 2020 loss of $0.75c a share into a mere $0.8c a share, also a reduction on Q2’s $0.12c.


IMAX delivers its best pandemic earnings report
                                                            Brandon Blake

 

Of course, in an ordinary year, a loss would be nothing to celebrate. Coming off of the back of steep losses during the height of 2020, however, it’s certainly positive news. 

Streaming push

On the quarterly earnings call, we also saw CEO Richard Gelfond announce a coming focus on streaming movies, with several ‘leading global streaming platforms’ interested in offering IMAX-exclusive content as a way to gain a competitive advantage in a crowded field. Promises that we would see movement on this by the end of the year were made. It could be an interesting edge to the streaming boom, if so, as well as a turning point for the company.

 

IMAX’s global box office turned in over $142M for Q3, and October is currently on-trend to be their best October to date. September figures brought them level with pre-pandemic numbers. This comes off the back of enticing tentpoles like Suicide Squad, Shang-Chi, Free Guy, Jungle Cruise, and, of course, the much-anticipated Bond offering, No Time to Die.

 

Gelfond rounded off with some very positive thoughts about IMAX’s position in the changing film market, including their capability to provide extra impact for the theater-filling blockbusters, their ability to create a ‘premium’ out-of-home movie experience, their interest in local language film slates, and the chain’s ability to capitalize on overall globalization trends in the industry. 

 

Will his lofty prediction that IMAX will become ever more important in the theatrical market come true? Only time will tell, but our local entertainment attorney will make sure to keep you informed every step of the way.

 

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