March 14, 2021
A new generation of Chinese moviegoers this weekend flocked to the virtual world of Pandora, as Imax Corporation generated $6.2 million at the box office with the re-release of James Cameron’s 2009 sci-fi epic Avatar, helping it reclaim the all-time box office crown.
Imax theaters captured 30% of the movie’s weekend box office, despite accounting for only 1% of screens in the market. The strong performance helped Avatar once again become the top-grossing theatrical release of all time with more than $2.8 billion in ticket sales. Imax has now earned a lifetime box office of $249.5 million with Avatar, which remains the highest-grossing film in the high-definition 3D format.
Imax CEO Rich Gelfond says Avatar changed “everything” for the exhibitor’s business model — catapulting brand awareness, notably in China.
“Yet again, Chinese moviegoers are demonstrating the pent-up demand for theatrical blockbusters that awaits cinemas around the world as they reopen,” Gelfond said.
The original 2010 Imax 3D release of Avatar in China generated $24 million on only 14 screens — a per screen average of $1.7 million — and playing to round-the-clock sold out shows. The film jumpstarted Imax’s ascent to become one of the most recognized entertainment brands in China.
The following year, the exhibitor signed a 75-theater deal with Wanda — at the time the company’s biggest international theater deal ever — and established Imax China as its own wholly-owned subsidiary of the company. Today, China is Imax’s biggest market in terms of theaters with more than 700, and the market accounts for approximately one-third of the company’s annual global box office.
Nine out of the top 10 performing Chinese theaters screening Avatar over the weekend were Imax, and the film is the highest grossing re-release in 3D since Chinese theaters reopened in July.
With this weekend’s re-release, Avatar reclaimed the box office crown it relinquished to Disney/Marvel Studios’ Avengers: Endgame in 2019. Imax holds a piece of the history of both films. Avengers: Endgame continues to hold the record for the biggest opening weekend of any Imax film ever, with $91.5 million worldwide, and was the second Hollywood film ever to be shot entirely with Imax cameras.
The second and third installments of the “Avatar” franchise are currently slated for December 2022 and 2024, respectively.