IMAX thinks it’s time to ditch the plastic glasses.
After releasing disappointing second-quarter earnings late Wednesday, IMAX Entertainment CEO Greg Foster said in a conference call the giant-screen company would cut back on 3-D releases to rejuvenate the business.
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Foster cited the strong early performance of Christopher Nolan’s WWII drama “Dunkirk,” which was filmed on IMAX cameras and generated nearly a quarter of its box office gross from IMAX theaters its opening weekend.
And it was not shot in 3-D — unusual for IMAX’s recent tentpole releases, but something Foster said to expect a lot more of going forward.
“It’s worth noting ‘Dunkirk’ was showing exclusively in 2-D, which consumers have shown a strong preference for,” Foster said on the call.
“Dunkirk” grossed more than $50 million domesticcally after its July 21 opening — impressive for a period war movie that does not involve the United States.
“We’re looking forward to playing fewer 3-D versions of films and more 2-D versions,” Foster added, mentioning that Warner Bros. “Blade Runner 2049” will be shown in 2-D exclusively at IMAX theaters when it opens in October.
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As it moves to ditch 3-D, IMAX has recently opened its first virtual reality centers, where people strap on eyewear of a different kind to jump into immersive VR experiences using high-end rigs like the HTC Vive. And while Hollywood produced a record 68 3-D releases last year, the MPAA reported an 8 percent drop in attendance to those films.
All entertainment goggles are apparently not created equal.
BraveSneelock on July 26th, 2017 at 22:47 UTC »
It's worth noting that Imax has recently changed its strategy and is offering both 2D and 3D options. In the US, 2D makes more sense since consumers here prefer it. However in China, for example, 3D is the norm, and China Film will rarely allow Imax bookings unless they are 3D.
But the bottom line is that Imax is in TROUBLE. Looking at their financials this past quarter, their revenue from the U.S. dipped slightly but in China it absolutely bottomed out. This mirrors the trend in global theatrical sales in general, but, unlike Disney or Universal or the other major companies, Imax gets all of its revenue from movie ticket sales and theatrical licensing, so dips in the market really hurt them. They've been planning on entering the in-home space for a while now. Better hurry.
TheUltimateInfidel on July 26th, 2017 at 21:39 UTC »
I'm not surprised. Cheap 3D film conversions that came out shortly after Avatar devalued the 3D experience and then there were so many 3D movies that 3D stopped being special. IMAX 2D allows you to appreciate the shots more and the wider field-of-view makes everything feel epic. IMAX 3D is immersive but IMAX 2D alternatives should be offered.
MrJudgeJoeBrown on July 26th, 2017 at 21:38 UTC »
My wish has been granted.