Imax has expanded its revenue sharing agreement with CJ CGV Holdings that sees 15 new Imax theatres being installed in mainland China.
The pact unveiled Thursday brings CJ CGV’s Imax commitment to a total of up to 65 theatres in South Korea and China. CJ CGV Holdings is a subsidiary of Korean media conglomerate CJ CGV Company.
“We’re delighted to expand our Imax commitment and leverage this competitive advantage to support our aggressive expansion plans throughout China,” said the CEO of CJ CGV, Seo Jung, in a statement.
“Today’s agreement underscores the continued momentum for Imax in China, where we’re seeing more property developers looking to add Imax theatres as the anchor entertainment attraction in their new commercial developments,” said Don Savant, senior VP and managing director, of Imax’s Asia Pacific operations.
Greater China – the region that includes the mainland as well as Hong Kong, Taiwan and Macau – is Imax’s second-largest and fastest-growing market.