'Avatar' propels IMAX back into big leagues
It pays to worship James Cameron.
By now, we all know the box office power of Avatar, but who knew the 3D epic could actually turn a struggling business to gold?
According to a Reuters report today, the force behind the highest-grossing film of all time helped IMAX Corp., the big-screen Canadian theatre chain, post two dominant quarters after an unimpressive run.
Indeed, after a first quarter with a modest US$30 million in film revenues in 2009, IMAX has already shot to US$187 million in earnings during the first quarter of this year.
And the strength of Avatar doesn’t appear to be an anomaly for the Mississauga–based company. IMAX says its audience has been revived by 3D feature films, projecting a “very strong year” ahead.
It’s hard to argue with them, too. IMAX’s revenue jumped an impressive 98 per cent last year on the heels of its strong fourth quarter, defying analysts who predicted much lower returns, according to the Star.
With plans to expand its presence in Asia, as well, this certainly is to be a lucrative stretch for IMAX – but perhaps nowhere will its success rival what 2010 may offer in North America.
Huge domestic releases this year of Shrek Forever, Iron Man 2 and the latest Twilight blockbuster will draw in big figures, though the current and upcoming 3D billing could be where IMAX really booms.
Alice in Wonderland was a diva last weekend at the box office, and subsequent releases of How To Treat Your Dragon, Clash Of The Titans and – what’s most likely to cash in – Toy Story 3 will prove the 3D craze isn’t just a profitable fad but the likely future of cinema.
“If you use a baseball analogy,” company exec Richard Gelfond told Reuters, “IMAX is only getting to first base. I think there’s (still) a long way to go.”
By Jason Buckland, MSN Money
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