Are Netflix and Apple Entering the Race to Acquire IMAX?
Surging Demand for Premium Screens
IMAX Shares Soar 14% on Sale News
IMAX, the premium screening partner for Hollywood blockbusters, is looking for a new owner.
On May 22 (local time), the U.S. daily The Wall Street Journal (WSJ) reported that IMAX, the Canadian film technology company, has entered acquisition talks with entertainment companies. Netflix, Apple, and Sony have been mentioned as potential buyers.
In particular, Netflix has recently shown interest in entering the theater business. A new film directed by David Fincher and starring Brad Pitt will be screened exclusively in IMAX theaters worldwide for two weeks in December, ahead of its release on Netflix's own platform. Netflix believes that the large-screen experience helps attract subscribers and generate buzz for its content.
The premium theater market is expanding. According to Entelligence, premium screens accounted for 16% of North American box office revenue from January to April this year, up 3% from five years ago. Last year, IMAX captured 5.2% of the total North American box office revenue.
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IMAX owns a screening system that maximizes the blockbuster experience with ultra-large screens, high resolution, and immersive sound technology. Its market capitalization stands at $1.85 billion (approximately 2.8 trillion won). After news of a potential sale broke, IMAX shares surged by as much as 14%.
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