New Agreement Spans France, Belgium, Spain, the United States, Canada, as well as the First-Ever IMAX Location in Luxembourg
CANNES, France, May 17, 2023 /PRNewswire/ -- Kinepolis and IMAX Corporation (NYSE:IMAX) today announced a global expansion of their longstanding partnership with eight state-of-the-art IMAX with Laser systems across Europe, Canada and the U.S. The agreement includes four new locations across Europe — including France, Belgium, Spain, and the first-ever IMAX system in Luxembourg — as well as a new location in Michigan and Ontario and two upgraded systems in Ontario.
The announcement was made today from the 2023 Cannes Film Festival.
The new agreement nearly doubles IMAX's footprint with the Belgium-based international exhibitor and its subsidiaries, including a first-time collaboration with MJR Cinemas, a U.S. subsidiary of Kinepolis. At present, IMAX partners with Kinepolis and its subsidiaries on seven locations currently in operation across Belgium and Canada. Under the agreement, IMAX will enter new territories with Kinepolis in Canada, Belgium, France and Spain, and Luxembourg.
"This agreement shows our continued commitment to invest in the ultimate movie experience, allowing more film lovers the opportunity to watch films in IMAX," said Eddy Duquenne, CEO of Kinepolis Group. "Moviegoers increasingly expect premium movie experiences and we know from our customers IMAX meets those expectations in every way. We are happy and proud to announce this extended partnership, which we believe will bring value to everyone involved."
"In a year in which IMAX continues to drive very strong sales activity, this agreement marks our biggest multi-territory deal to date — underscoring the surging demand for the IMAX Experience across regions and even into new markets," said Rich Gelfond, CEO of IMAX. "Kinepolis is an outstanding international exhibitor and we look forward to serving more of their customers across the world as the company deepens its commitment to providing the best possible cinematic experiences."
The deal was established as an amalgamation of signings with Kinepolis and their wholly owned subsidiaries, MJR Digital Cinemas and Landmark. MJR Digital Cinemas operates locally in the Metro Detroit area in Michigan, while Landmark operates theatres across several provinces in Canada.
Many of the countries where theatres will be opened as part of this agreement are top markets for IMAX with significant box office momentum, including red-hot France and the United States.
The eight new and upgraded locations for Kinepolis and its subsidiaries will be equipped with IMAX with Laser, IMAX's most advanced theatre experience. Immersive by design, IMAX with Laser has been developed from the ground-up to deliver crystal clear, lifelike images and precision audio for a moviegoing experience unlike anything else. The experience is set apart by a ground-breaking 4k laser projection system that features a new optical engine, custom designed lenses, and a suite of proprietary technology that delivers brighter images with increased resolution, deeper contrast, and the widest range of colors exclusively to IMAX screens.