IMAX Signs Theatre Deal with Cinema City
As part of the deal, Cinema City also committed to upgrading all eight of its existing film-based IMAX locations with IMAX's digital projection technology, following the success of its first IMAX digital upgrade in Lodz, Poland earlier in 2010.
Five of these locations are scheduled to be upgraded this year, and the remaining three upgrades are to be completed in 2011.
The deal brings the total number of digital IMAX theatre systems operated by Cinema City to 11 and the total number of IMAX theatres expected to be in operation in Europe and Israel by 2012 to more than 80.
The company's confirmed number of theatre systems signings year-to-date has increased to 128 worldwide, which compares to 35 system signings in all of 2009.
IMAX's digital projection system delivers the IMAX experience and helps drive profitability for studios, exhibitors and IMAX theatres by eliminating the need for film prints, increasing program flexibility and ultimately increasing the number of movies shown on IMAX screens. The system can run both IMAX and IMAX 3D presentations.
Moshe Greidinger, CEO of Cinema City International, said: “We have been operating IMAX theatres for many years and have seen first-hand how the IMAX business drives incremental revenue for an entire theatre complex and improves the overall perception of going to the movies for consumers.”
Richard Gelfond, CEO of IMAX, said: “Cinema City's significant endorsement of our digital projection system and extensive experience with marketing the IMAX brand in the region makes them an ideal partner to have as we continue to focus on growth in Europe and surrounding markets.
“Theatre system signings are continuing to build momentum this year in the wake of several recent strong box office performances and in anticipation of our continuously growing slate of event Hollywood films.”
Will the deal help IMAX to expand its network in Israel?
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