The big screen experience will get bigger for movie goers in India as IMAX Corporation, the global entertainment tech company, plans to expand in the country after a surge in box office numbers this year.
IMAX recorded 41 percent growth in its India business in 2022 versus 2019 and is set to exceed last year's numbers.
"To date, IMAX is at over 85 percent of its total box office collection for 2022 and on track to exceed 2022 numbers. IMAX had grossed $15.1 million in India in 2019, $18.9 million in India in 2022, and as of August 16, it has grossed $16.5 million in India," Preetham Daniel, vice president, APAC - Theatre Development, IMAX Corporation, said in an interview with Moneycontrol.
India is currently the 8th-highest box office market for IMAX in 2023.
Big box office
Daniel said that nine of the top 10 highest-grossing films in India for IMAX this year have been Hollywood films.
"Christopher Nolan's Oppenheimer saw the highest traction in 2023 with over Rs 40 crore in box office collections, followed by Avatar: The Way of Water with more than Rs 15 crore business and Pathaan with over Rs 12 crore in collections," he said.
Oppenheimer released in India along with Barbie, another global blockbuster, on July 21. While Barbie was ahead across most global markets, Oppenheimer led in India with over Rs 105 crore in the first 15 days. Barbie collected Rs 39 crore in two weeks.
Analysts noted that one reason Oppenheimer performed better was the IMAX experience as many Indians opted for a bigger and more immersive cinematic experience. Online ticketing platform BookMyShow recorded 42 percent sales for the immersive cinema experience, especially the IMAX format, for Oppenheimer.
Shah Rukh Khan’s Pathaan surpassed all IMAX Hollywood and Indian film opening weekend records when it released on January 25. Pathaan also emerged as the biggest IMAX global opening weekend ever for an Indian title. It is the only local language film to make it to the list of the top 10 highest-grossing films in India for IMAX, ranked third.
Now, the company is betting big on another SRK film – Jawan – slated to release on September 7 and opening on 25 IMAX screens in India.
Last year, Indian films contributed 30 percent to IMAX's box office business in India. To increase this, the company will release more local language content, with 10-12 films this year, up from six in 2022.
"India is fast-emerging as one of the most exciting global cinema markets thanks to its passionate audiences and their love for Indian and Hollywood filmmaking. Also, there is growing demand for the IMAX format. We will continue to expand our footprint in the country," Daniel said.
Screen expansion
IMAX currently operates 25 screens in India and 15 are coming up.
"We expect to reach the 30-screen mark by the end of 2023. In the last two years, we have added between 5-6 new screens annually and we expect the trend to continue in 2024. India has a potential for over 100 IMAX screens," he said.
The company has tied up with top multiplex chains PVR Inox and Cinepolis.
"We have around 20 screens with PVR Inox in India, with the latest opening in Delhi called PVR Priya, which is the only standalone IMAX screen in India. We are continuously exploring locations and opportunities to grow strategically. There are also growth opportunities in tier 2 and 3 markets, where IMAX is now expanding with new partnerships," Daniel said.
He said the company is in discussions with regional multiplex chains for projects in south India.
"A recent example of this is Broadway Cinemas in Coimbatore that opened the first IMAX in the city earlier this year," he said.
However, India remains far behind China, which has 800 operational IMAX screens and 200 screens in the pipeline. India has a long way to go, the company said.
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