- Imax (NYSE:IMAX) achieved a record-breaking US$257 million global box office in July, the highest monthly total in its 50+ year history and 47 per cent above its previous record
- Christopher Nolan’s The Odyssey reached US$221 million in global Imax box office, becoming the fastest Imax release ever to surpass US$200 million
- The Odyssey is now Imax’s highest-grossing collaboration with Nolan and third-highest-grossing Imax release ever, with major launches in China, Japan, and South Korea still ahead
- Imax stock (NYSE:IMAX) closed trading at US$50.24
It seems like everyone is talking about The Odyssey, even investors.
Screenings on the big picture have been sold out since the film was released and Imax (NYSE:IMAX) stock closed at an all-time high on Monday.
The epic fantasy action-adventure film has made over US$900 million worldwide since it came out on July 17th.
It is the first feature movie ever shot entirely on Imax film cameras, which can only record footage for three minutes at a time, which was probably a huge hassle, but seems to have worked out in the end.
To bring the project to life, Screenwriter and director Christoper Nolan and cinematographer Hoyte van Hoytema collaborated closely with Imax engineers to create The Keighley, a next-generation Imax Film Camera. The teams also developed a new sound blimp system capable of supporting synchronized sound recording while working with multiple Imax cameras, addressing long-standing technical challenges associated with large-format filmmaking.
This helped Imax achieve its highest-grossing month in its more than 50-year history in July, generating US$257 million at the global box office last month alone, surpassing its previous monthly record by 47 per cent.
This article is a journalistic opinion piece that has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
The mythic action epic continued its dominant theatrical run during its third weekend, generating US$44.7 million through Imax screens worldwide. The performance made The Odyssey the fastest film in Imax history to exceed $200 million in global Imax box office receipts and helped the company achieve its first-ever streak of three consecutive weekends with more than $50 million in global box office revenue.
“The Odyssey is a singular achievement in filmmaking and its box office trajectory is no less groundbreaking; it continues to defy gravity in a way few films ever have, making it virtually impossible to predict how high it will ultimately soar,” Imax Corp.’s CEO, Rich Gelfond said in a news release.
Imax has played a central role in the film’s success, accounting for more than 24 per cent of The Odyssey’s total worldwide box office. The film has also become the only release in the company’s history to deliver multiple weekends exceeding US$40 million in global Imax ticket sales.
The film now stands as the company’s highest-grossing collaboration with Nolan and its third-highest-grossing Imax release of all time. With major market launches still ahead in China, Japan, and South Korea, industry observers expect the film’s box office momentum to continue.
Imax reported nearly $60 million in advance ticket sales for future showings, with many screenings sold out weeks ahead. As a result, The Odyssey will remain in the global IMAX network through at least September 17.
In North America, the film generated US$22.1 million across 443 Imax locations during the weekend, representing an impressive 43 per cent of its total domestic box office. Internationally, The Odyssey earned $22.6 million from 450 Imax locations, accounting for 26 per cent of the film’s overseas box office.
The film has already become the highest-grossing Imax release ever in 24 markets, including Mexico, Italy, Belgium, Turkey, the United Arab Emirates, Saudi Arabia, Thailand, and India.
A major contributor to the film’s premium-screen success has been its presentation in Imax 70mm Film, considered the format’s gold-standard experience. Available at just 41 Imax locations worldwide, the format generated US$5.1 million over the weekend, averaging approximately US$673,000 per location. Globally, Imax 70mm screenings have contributed US$27.6 million, representing roughly 12 per cent of the film’s total Imax box office revenue.
Many of those locations have extended engagements through mid-September as demand continues to outpace available seats, with sellouts reported weeks in advance.
The last time Imax stock was given a jolt in attention from a movie was thanks to another Nolan flick, Oppenheimer. You can see from the stock chart below how much it has grown since then.
In an interview with CNBC’s “Squawk on the Street,” Gelfond said the company’s success — including its best month of July on record — is about more than the box office: “It’s a flywheel.”
“We’re opening more theatres, we’re installing more theatres, our recurring cash flow is greater, our cash conversion rate is higher,” he said. “So, it’s really based on the fundamentals.”
The buzz is so serious that Ubisoft’s (OTC Pink:UBSFF) 2018 ancient Greek adventure video game, Assassin’s Creed: Odyssey had nearly doubled its active player count thanks to interest from the movie. No word on if Super Mario Odyssey saw a similar boost in attention.
The company is already looking at the next big thing. Imax just announced that Sony (NYSE:SONY) Pictures’ Spider-Man: Brand New Day will swing across the network into North America beginning Thursday, August 6. The move follows a strong Imax opening for the film in China, Japan and South Korea, where it generated US$23 million at the Imax box office.
In another media release, Gelfond said Spider-Man was “[A]mong the most bankable superheroes at the global box office for over two decades.”
Imax Corp., together with its subsidiaries, operates as a technology platform for entertainment and events internationally. It operates through content solutions; and technology products and services segments.
Imax stock (NYSE:IMAX) closed trading 1.49 per cent lower at US$50.24 but has risen 38.69 per cent since the year began and is 109.14 per cent higher than where it was this time, last year.
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