New Delhi: IMAX, the large-format immersive cinematic experience, has exceeded its 2022 success in India, already boasting revenues surpassing $20 million (around ₹166 crore) this year. Blockbusters like Pathaan, Oppenheimer, and Jawan have contributed to these figures, accompanied by an expanded screen count, despite a few local titles, including Ponniyin Selvan: 2, falling short of expectations. In 2022, the company had earned $18.8 million from the Indian box office.
In contrast to 34 films released in the IMAX format last year, in 2023 it has been 39 titles, including six Indian films. Despite the challenges posed by the covid-19 pandemic, the company has increased its operational screens to 26 out of the installed 30, compared to 22 screens in 2022. The projected earnings of $20 million represent substantial growth compared to the pre-covid earnings of $15 million in 2019.
The company is also looking at standalone IMAX properties across the country while the average ticket price ranges around ₹360-370, a senior executive said. “The strong Hollywood line-up has played a big role in our business this year but from a local Indian perspective too, we’re asked for movies to be released in the IMAX format on an everyday basis and we try and accommodate all those that we can,” Preetham Daniel, vice-president APAC (Asia Pacific), theatre development, IMAX Corp., told Mint in an interview.
The upward trend began with James Cameron’s science fiction film Avatar-The Way of Water which made over ₹26 crore in the IMAX format when released last December. It was followed by Shah Rukh Khan’s Pathaan which earned over ₹12 crore but the game-changer was Christopher Nolan’s Oppenheimer which clocked in over ₹50 crore.
Khan’s second action film Jawan made over ₹13 crore in IMAX, while other hits this year include Mission: Impossible- Dead Reckoning Part One ( ₹10.14 crore), Guardians of the Galaxy Vol 3 ( ₹7.69 crore) and Spider-Man: Across the Spider-Verse ( ₹6.67 crore). The company is now looking forward to the release of Prabhas’ action film Salaar in December.
Despite the evident Hollywood dominance, Daniel said the company had ended 2022 with 30% of its box office coming from non-Hollywood titles, including Hindi, Tamil, Telugu, French and Japanese, among others. He estimates the share of non-Hollywood cinema to be higher in 2023 and said markets like India, Indonesia and Thailand will not be as affected by the likely shift in dates due to the actors’ and writers’ strikes in Hollywood given the number of local options on offer.
“In 2024, our focus is going to be on local content as we look closely at languages like Tamil and Telugu and go into regions that serve those markets. India is a highly under-screened country and while IMAX can definitely reach 100 or 150 screens here, the time frame for it is unknown because the pace of mall development and infrastructure dictates these things,” Daniel said.
IMAX which has opened standalone theatres along with multiplex chain PVR Inox in Delhi’s Priya Cinema and Paras Cinema, will launch the third such property in Mumbai’s Eros Cinema. Regular IMAX screens are also slated to come up in Pune, Ahmedabad and Mumbai, while the company is in discussion for markets like Jaipur, Jamshedpur and Surat.
“Prices are not a hindrance given the kind of visual experience we offer. Post covid, people are willing to pay extra if they see value in what they’re going out for,” Daniel said adding that compared to the average ticket price of ₹Sala160 in multiplexes, the company offers rates of Rs. 360-370, not making for a significant difference.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Download The Mint News App to get Daily Market Updates.
Updated: 15 Nov 2023, 11:29 PM IST