Giant movie screen maker Imax Corp expects the number of Imax screens in China to more than double in the next two to three years as disposable incomes rise and more Chinese movies are made for the format, its chief executive said on Wednesday.
Imax, which will have 85 screens in mainland China by the end of 2011, will see that number rise to 200 in two to three years, Chief Executive Officer Richard Gelfond told Reuters.
"China is by far our highest growth market in the world....We could probably support at least 400 theatres in China over five years," Gelfond said, adding that the 400 would be either opened or signed for. "You have this huge explosion of cinema in China and at the same time the Imax brand is very popular in China and people want to experience the Imax version of the film," he said.
Imax also expects China to contribute 25 percent to total revenue in about three years, Gelfond said. Imax said in June it expects to expand its network of theatres at an annual pace of about 30 percent and is bullish on growth prospects in China. The Canadian big-screen movie company has 560 theatres world-wide operating in 46 countries. Imax is not ruling out acquisitions in China and will look to partner film studios to market and develop more Chinese films for the Imax format with the potential to export them overseas.