By Joey Aguilar
Staff Reporter
Imax Corporation CEO Richard Gelfond has expressed confidence that the number of Imax theatres in the Gulf region will significantly increase in the coming years.
Speaking on the sidelines of his first visit to Doha on November 18, Gelfond told Gulf Times that from two theatres in 2001, they now have 15 and he expects the number to double by 2017.
“There are about eight opened today and seven more scheduled to open. In 2017 we will double, we’ll have theatres opened. This is a very fast growing region for us and our partnership with Novo,” he said. “This is so far our largest partnership that we have in the Gulf Region.”
Besides its theatre at The Pearl Qatar, Imax Corporation is also set to open theatres in Bahrain, Dubai and other parts of the Middle East.
Gelfond described the Middle East especially the Gulf region as one of the most rapid growing markets in the world not just for Imax but for cinema in general.
Some of the reasons he cited include the phase of growth, phase of disposable income and the demand for entertainment.
He said people in the region are also “willing to pay a premium to get the best.”
Impressed by the amount of high-end construction at the Pearl, Gelfond believes the area is a “real bright spot” for Imax theatres
He sees 2015 as a very good film year with movies such as Fast and the Furious, James Bond, Star Wars and the Jurassic World. He expects average box office receipts of about $1.5mn per screen in the Middle East.
Imax theatres earn more per screen and a percentage on box office receipts, according to Gelfond.
“If you just multiply that by the number of screens that are in Qatar, you will have an accurate assessment. I don’t know yet how quickly we will grow, I know we will grow. We have to know how many screens there are,” he said.
The Imax CEO noted that one of the best strategies to achieve their goals is to build more theatres.
He cited their experience in England where Imax had only eight theatres five years ago. Now, it operates at least 50 theatres.
“When the public understands how different the Imax experience is, they demand more of it,” he said. “Though it costs more, a little bit more, not a lot more but you get the best experience for a little bit more.”
Gelfond also revealed that they spent about $50mn over the last three years developing the next generation system which is based on laser technology.
He explained that this technology makes the image even brighter and could be placed on much larger screens. Designed for very large screens over about 33meters, its colours are more enhanced than the next generation sound system.
“We are discussing with Novo now whether it makes sense to put in laser systems. I hope we can both find the location where it does makes sense but it hasn’t been decided yet,” he said.
Imax is expanding rapidly in South America, the Middle East and Asia especially in China. From 13 theatres in 2010, Imax grew significantly and it is expecting to open its 200th by the end of this year.
While China is Imax’s second largest market outside of the United States, he said it will become their “largest market over a very short period of time.”
While Imax opens 110 to 120 theatres a year, he hopes to achieve a $1bn box office receipts next year amid their on-going expansion and with the opening of its thousandth screen, also in 2015.
Imax now has 880 theatres in 60 countries. It has presented some of 2014’s top movies including Interstellar, Marvel’s Guardians of the Galaxy, Godzilla, The Amazing Spider-Man 2, and Captain America: The Winter Soldier.
“Next year, we’ll be knocking on the door of the billion-dollar,” he said. “I don’t know it’s the movie business, you maybe a little short or you may get over there but I still think 2015 will be closed to a billion dollars on close to a thousand screens.”
