IMAX inks ‘largest new theatre deal ever’ with Wanda

The company has extended its relationship with China's Wanda Cinema Line Corporation.

Imax2-1IMAX has signed the largest new theatre deal in its history, announcing an agreement with Wanda Cinema Line Corporation to build 150 new theatres in China over the next six years.

Under the agreement, 110 theatres are expected to be installed by 2020, with production on the theatres slated to begin next year.

The 150-theatre deal is in addition to a 2013 agreement between the two companies to build 120 theatres by 2020. According to a release, Wanda expects to have those 120 cinemas installed by the end of the year.

Including this deal, IMAX has this year signed agreements to open 284 more theatres internationally, with 229 in China.

China has a significant impact on IMAX’s business, generating roughly one third of the company’s global box-office sales. As of June 30, there were more than 335 IMAX theatres in China and, according to the release, IMAX’s per-screen average has held at $1.2 million to $1.3 million for the past four years.