Imax continues to dig out of the global pandemic that has ravaged the film business by publishing its best quarterly results since COVID-19 became part of daily life. At the same time, the big screen company has made it clear that it is setting its horizons behind the latest new releases, talking about the opportunities it sees in launching special events with filmmakers and music artists.
The company’s revenue exceeded $ 108.6 million, up 94% from the same period last year, while the company reported earnings of 17 cents a share compared to a loss of 36 cents a year ago. Imax also reported a net profit of $ 10.1 million compared to a loss of $ 21.2 million it recorded about a year ago. These figures exceeded Wall Street forecasts, with shares rising more than 7 percent in non-business trading.
Imax was backed by some popular successes on the big screen, including “Spider-Man: No Way Home,” which surpassed the chances of a pandemic and became one of the most popular films in history. But the company was also working to expand the range of offerings in late 2021. In December, Imax teamed up with Amazon Music to broadcast Kanye West and Drake gave a concert at several venues in North America, and offered to watch Joel Cohen’s “The Tragedy of Macbeth” for just one night along with questions and answers from director and star Francis McDormand, which aired from Lincoln Square at 22 theaters around the world. Imax also screened Peter Jackson’s famous Disney Plus documentary “The Beatles: Come Back” along with an interview with the director.
Speaking to analysts, Imax CEO Richard Gelfond said live events similar to those organized by Imax with Drake and West would be crucial to the company’s future strategy. West was so pleased with the results that he teamed up with an exhibitor at another concert on Tuesday. Imax offers its cameras and technology to record music in a more exciting way and as bait for fans who may not be geographically close to the latest Ye show.
“We believe that this is a significant opportunity for us – musical events in a live cinema, which exponentially expands the coverage of the performer, without sacrificing the quality and intimacy of personal experience,” said Gelfond. “In fact, in a sense, we are at the forefront of this personal experience – with crystal clear, stunning visuals and sonic capabilities approaching how it is to sit in the front row of a live event.”
The decision can be critical as studios produce fewer films in the theater and spend more resources on their streaming services. Imax has been weakened by these shifts, in part because it seeks to highlight the kind of superheroes and action movies that major film companies still produce for cinemas. However, cash fees have not yet returned to pre-pandemic levels.
Imax reported a balance of cash and cash equivalents of $ 189.7 million and a debt of $ 233.6 million.