IMAX Rejects Disney Request to Displace Dune 3 for Avengers
The Compound
CEO Rich Gelfond states IMAX will honor contractual commitments to directors over studio pressure while expanding into consumer merchandise and automotive audio systems.
## Background
Published on YouTube by The Compound on August 10, 2026, this episode of "Live From The Compound" features hosts Josh Brown and Michael Batnick discussing IMAX Corporation with its long-time CEO, Rich Gelfond. The video description highlights how IMAX accounts for roughly 4% of global screens yet routinely captures over 20% of opening weekend grosses for major blockbusters, exploring the company's director relationships, operational constraints, and future profit drivers.
## TL;DR
IMAX CEO Rich Gelfond outlines how the company transformed into an indispensable global curator that major Hollywood studios build their biggest tentpoles around, driving massive box office share for event releases like Christopher Nolan's *The Odyssey*. The discussion covers high-stakes studio scheduling conflicts over limited screens, the strict economics and hardware scarcity behind 70mm film projection, and efforts to diversify content with foreign releases, live events, and streaming partnerships. Gelfond also addresses expanding revenue streams through consumer merchandise and automotive audio/visual systems, while sharing his outlook on the 2026–2027 slate and IMAX's market valuation.
## Atmosphere & style
The episode has an energetic, sharp, and conversational financial-media vibe, blending institutional investment analysis with lighthearted pop-culture banter and theater-going nostalgia. Hosts Josh Brown and Michael Batnick maintain a quick-witted, peer-to-peer rapport with Rich Gelfond, who speaks with the candid authority of a veteran CEO who grounds his optimism in hard earnings and multi-year visibility. Listening to the exchange feels like an engaging insider deep-dive into Hollywood economics and brand strategy, shifting seamlessly from high-stakes studio turf wars to quirky anecdotes about dedicated moviegoers.
## Key takeaways
- [00:17](https://www.youtube.com/watch?v=gi4YHHJJO14&t=17s) IMAX is a global curator in the entertainment ecosystem, operating over 800 screens in China alone and routinely generating over 20% of opening weekend box office for major tentpole films despite representing only ~4% of global screens.
- [04:21](https://www.youtube.com/watch?v=gi4YHHJJO14&t=261s) Institutional loyalty to directors is a core IMAX brand tenet, demonstrated by prioritizing Christopher Nolan's Oppenheimer over Paramount's Mission: Impossible and selecting Denis Villeneuve's Dune 3 over Disney's request for Avengers: Doomsday.
- [08:00](https://www.youtube.com/watch?v=gi4YHHJJO14&t=480s) IMAX maintains strong revenue visibility locked through 2028 and 2029, integrating into studio greenlight decisions before films land distributors.
- [08:00](https://www.youtube.com/watch?v=gi4YHHJJO14&t=480s) IMAX is expanding into consumer merchandising, selling tens of thousands of film strips and camera popcorn buckets in minutes to capture additional profit margin.
- [14:48](https://www.youtube.com/watch?v=gi4YHHJJO14&t=888s) Major theater exhibitors underprice IMAX tickets through uniform pricing and discount days, while independent venues command $50+ per ticket and third-party scalpers resell prime tickets for up to $1,000.
- [17:26](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1046s) Christopher Nolan's The Odyssey shattered internal projections by reaching $300 million in IMAX box office with $40 million locked in pre-sales.
- [18:48](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1128s) IMAX is expanding its brand beyond theaters into consumer goods and automotive AV systems for autonomous vehicles in China.
- [21:29](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1289s) Scarcity and high economics—such as $50,000 print costs and hard-to-find projector hardware—limit IMAX's 70mm network to around 41 global locations.
- [23:49](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1429s) IMAX is diversifying content beyond Hollywood tentpoles with over 120 pieces of content annually, including anime, Indian cinema, alternative live events, and classic re-releases.
- [26:24](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1584s) Streaming services like Apple, Amazon, and Netflix partner with IMAX to eventize major releases, providing exclusive theatrical windows before home streaming.
- [27:47](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1667s) IMAX acts as a co-producer with top directors like Christopher Nolan, engineering custom noise-dampening camera blimps and optimizing aspect ratios.
- [34:47](https://www.youtube.com/watch?v=gi4YHHJJO14&t=2087s) Audience behavior has fundamentally shifted from casual weekend moviegoing to strictly event-driven visits, making IMAX a destination format.
- [37:40](https://www.youtube.com/watch?v=gi4YHHJJO14&t=2260s) IMAX's slate for 2026-2027 includes major titles like The Legend of Zelda, Star Wars, and Avengers, maintaining high predictability across a 120-film annual portfolio.
- [41:04](https://www.youtube.com/watch?v=gi4YHHJJO14&t=2464s) IMAX is not actively seeking an acquisition, but management remains open to discussions if a buyer offers a true blowaway price.
The episode opens with a mid-roll spot highlighting Betterment Advisor Solutions as a core operational platform for registered investment advisors (RIAs) looking to streamline smaller accounts and segment their book of business through automated, paperless onboarding and tax-efficient portfolio management. Following the sponsor message, hosts Josh Brown and Michael Batnick welcome Rich Gelfond, Chief Executive Officer of IMAX Corporation. Gelfond has served as CEO since April 2009 and a director since 1994, when he and Bradley Wexler originally acquired the company; he previously co-helmed IMAX as co-CEO (1996–2009) and co-chairman (1999–2009) after transitioning from a career in M&A law and investment banking.
The hosts frame IMAX as one of the single most pivotal hubs in the global motion picture industry, arguing that a dedicated IMAX opening weekend has become the ultimate lifeblood of big-budget theatrical releases. Gelfond accepts the premise, characterizing IMAX not merely as a theater network or camera supplier, but as a global curator situated right in the center of the entertainment ecosystem. He details how an IMAX release serves as the essential catalyst for turning event titles into runaway global blockbusters.
- **Key Corporate History:** Gelfond acquired IMAX alongside Bradley Wexler in 1994, serving as co-CEO and co-chairman through 2009 before taking over as sole CEO.
- **Stock Pitch Context:** Michael Batnick notes he pitched and purchased IMAX stock on May 14, 2024, at $17 per share.
- **Global Footprint:** IMAX operates over 800 screens in China alone.
- **International Hit Example:** IMAX carried the Chinese animated sensation *Ne Zha* (referred to as *Neha* in conversation), which went on to gross $1.2 billion USD worldwide.
---
[04:21](https://www.youtube.com/watch?v=gi4YHHJJO14&t=261s) Scheduling Conflicts, Director Loyalty, and Studio Turf Wars
The conversation turns to the intense rivalry between major Hollywood studios and A-list filmmakers for control over IMAX's limited high-margin screens. Gelfond recount’s Tom Cruise's relentless campaign to secure extended screen time for *Mission: Impossible – Dead Reckoning Part One* (*Mission: Impossible 7*). Cruise found his theatrical run abruptly truncated during its second week because IMAX had previously guaranteed exclusive screen access to Christopher Nolan for *Oppenheimer*. Despite mounting pressure from Paramount Pictures—who argued that a long-form, partially black-and-white biopic about a physicist was a foolish choice to prioritize over a marquee action franchise—IMAX refused to breach its contractual pledge to Nolan. Gelfond stresses that institutional loyalty to visionary directors is a core brand tenet that IMAX will not compromise.
This rigid commitment strategy is currently playing out in a high-stakes standoff surrounding Denis Villeneuve's upcoming *Dune 3*. When Disney and Marvel Studios shifted *Avengers: Doomsday* directly into the same holiday release window, they requested that IMAX accommodate or swap out *Dune 3*. Because Villeneuve shot portions of the film using IMAX cameras and committed to a massive 70mm film print distribution, IMAX declined Marvel's request to honor its pre-existing deal. In response, Disney announced "Infinity Vision," a proprietary branding effort that bundles third-party premium large format (PLF) auditoriums featuring "X" branding to sell advance tickets for Marvel titles. Gelfond remains unfazed by Disney's initiative, dismissing it as a re-labeling marketing trick rather than true hardware innovation.
- **The Oppenheimer Bet:** Paramount executives heavily pushed back on IMAX allocating prime summer screens to *Oppenheimer*, calling it a risk for a historical biopic.
- **The Dune 3 vs. Avengers Standoff:** *Dune 3* is taking the premier Christmas slot; IMAX turned down Disney's request to displace Villeneuve's title for *Avengers: Doomsday*.
- **Disney's Counter-Strategy:** Disney introduced "Infinity Vision" to group non-IMAX PLF auditoriums together after failing to secure primary IMAX screen allocation.
- **70mm Print Parity:** *Dune 3* is planned to receive an identical volume of physical 70mm film prints as Nolan's major releases (*Oppenheimer* and *The Odyssey*).
---
[08:00](https://www.youtube.com/watch?v=gi4YHHJJO14&t=480s) Revenue Levers, Future Slate Visibility, and Unlocking Merchandising
Examining the box office metrics, the hosts highlight how Christopher Nolan's *The Odyssey* generated $461 million domestically through its first 24 days, vastly outpacing *Oppenheimer*'s early $264 million domestic run over the same timeframe. Responding to skepticism regarding IMAX's valuation—which moved from a $1 billion market cap when trading at $17 to roughly $3 billion—and Wall Street's fear of cyclical box office slowdowns, Gelfond argues that IMAX enjoys far higher long-term revenue visibility than typical consumer or auto stocks. Due to an extensive hardware installation backlog and film slates locked in years in advance, IMAX operates with multi-year contract guarantees.
To expand margins beyond its core take-rate on box office receipts, IMAX is building out an in-house consumer merchandising vertical. Gelfond illustrates this explosive demand through recent physical product drops tied to *The Odyssey*: an initial run of 2,500 replica IMAX camera popcorn buckets sold out within two hours, a second batch of 2,500 sold out in under an hour, and a 2,500-unit release in China cleared in 60 seconds. Additionally, IMAX sold 20,000 authentic film-strip keepsakes in just 90 minutes. Beyond merchandise, IMAX is integrating directly into studio greenlight decisions—filmmakers now pitch Gelfond directly two to three years before production to lock in screen dates before even landing a distributor, as was the case with Jerry Bruckheimer and Joseph Kosinski's *F1*.
- **Box Office Comparison (24-Day Domestic):** *The Odyssey* reached $461 million, compared to *Oppenheimer*'s $264 million.
- **Future Slate Commitment:** IMAX has locked film slates into 2028 and 2029, including Sam Mendes' four-part Beatles biopics for Sony Pictures.
- **Merchandise Velocity:** Sold 20,000 collectible film strips in 90 minutes; sold out multiple batches of camera popcorn buckets globally in minutes.
- **Studio Greenlight Role:** Major studios increasingly require a confirmed IMAX release agreement before greenlighting $200M+ tentpole projects.
---
[14:48](https://www.youtube.com/watch?v=gi4YHHJJO14&t=888s) Dynamic Ticket Pricing and the Economics of 70mm Film
The session concludes with an analysis of theater exhibition economics, ticket pricing inefficiencies, and the superior profitability of physical film projection. Gelfond points out that exhibition partners like AMC are significantly underpricing IMAX tickets by maintaining uniform pricing or including premium screens in discount programs—such as half-price Wednesdays in New York City ($14 per ticket)—even while third-party scalpers re-sell peak weekend tickets for upwards of $1,000. While venue operators like Las Vegas's Brendan Theaters successfully command $50 per ticket and routinely sell out, major chains have been slow to adopt dynamic pricing for high-demand cinematic events.
Gelfond highlights that expanding the 70mm film format remains a primary driver of higher occupancy, stronger utilization rates, and greater box office "indexing" (IMAX's percentage share of total movie grosses). IMAX currently maintains 40 specialized commercial theaters equipped with physical 70mm film projectors, with at least four major tentpole releases planned for film projection in the coming year. Although physical film prints involve higher up-front logistics and manufacturing costs than digital delivery, the resulting buzz drives higher box office concentration, pushing IMAX's market share past 20%—and occasionally above 30%—on major opening weekends.
- **Pricing Disparity:** AMC sells IMAX tickets for as low as $14 on discount days, whereas independent operators like Brendan Theaters in Las Vegas charge $50 and sell out weeks in advance.
- **70mm Projection Network:** IMAX maintains 40 functional 70mm film auditoriums globally, with four film-native releases scheduled for the upcoming slate.
- **Box Office Indexing:** IMAX screens account for roughly 4% of total worldwide screens, yet routinely capture 20% to over 30% of total opening weekend box office revenues on flagship releases.
[17:26](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1046s) Overdelivering on Box Office Expectations and the Global BFI Craze
Rich Gelfond shares an insider story about how IMAX internal projections often underestimate the true demand for massive theatrical releases. Right before the opening of Christopher Nolan's latest epic, *The Odyssey*, Gelfond gathered his management and film team. His team calculated an ultimate IMAX box office take of $190 million, whereas Gelfond personally predicted it would cross $300 million. When his executives scoffed at his optimism—thinking he was just an over-hyping CEO—Gelfond told them to act as if he knew what he was talking about and build an operational strategy to capitalize on that $300 million figure.
Ultimately, Gelfond's call proved too conservative. The film reached nearly $300 million in IMAX box office with an additional $40 million already locked in via advance ticket pre-sales, ensuring at least $340 million even without selling another ticket. Showings were extended through September, with iconic locations like London's BFI IMAX completely sold out through mid-September. The conversation starts off with light banter about local New York football rivalries, with Josh Brown teasing that there are "no Jets fans, only victims."
- **Original Team IMAX Projection for *The Odyssey*:** $190 million
- **Rich Gelfond's Prediction:** $300+ million
- **Actual Box Office + Pre-sales:** $300 million current box office plus $40 million in pre-sales ($340 million guaranteed baseline)
- **BFI IMAX London:** Fully sold out through mid-September
[18:48](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1128s) Valuing IMAX Against the Sphere and Expanding Beyond Theaters
Josh Brown raises a comparison between IMAX and Sphere Entertainment, noting that while the single-location Sphere in Las Vegas became one of the hottest stocks of 2026, IMAX boasts a globally recognized brand on par with Disney or Nike according to NRG brand studies. Despite this prestige, IMAX hasn't always received full equity market recognition for its brand equity. Brown points out the contrast between the $2 billion to $3 billion required to build a single Sphere venue versus IMAX's ability to retrofit existing multiplex screens worldwide.
Gelfond praises the Sphere's technology but remains skeptical of its underlying economics, questioning how a single venue can generate acceptable returns on a $3 billion capital outlay. In contrast to speculative tech or venue plays, Gelfond emphasizes that he grounds his leadership and personal investing style in hard earnings and cash flow. To better monetize its top-tier brand, IMAX is pushing into adjacent categories, including consumer merchandising and partnering on high-end in-vehicle audio/visual systems for autonomous cars in China.
> "I don't put my finger in the air and say, 'Hey, this is worth $2 trillion.' Not the way I invest. I like looking at earnings and cash flow."
- **Brand Equity Benchmarks:** NRG studies rank IMAX brand recognition alongside Disney and Nike.
- **Sphere Construction Cost:** Estimated near $3 billion for a single venue.
- **Stock Performance:** IMAX equity has appreciated substantially since 2024 lows, rewarding early investors like Michael Batnick.
- **New Revenue Streams:** Automotive AV systems for driverless cars in China and consumer brand merchandising.
[21:24](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1284s) The Economics and Scarcity of 70mm Film Projectors
The hosts discuss the unique allure of 15-perforation/70mm film—the "Rolls-Royce of moviegoing"—and why IMAX cannot simply deploy hundreds of these locations despite massive consumer demand. Josh Brown recounts visiting an IMAX 70mm screen in Fort Lauderdale inside what felt like an abandoned science museum, noting that while New York 70mm shows sell out instantly, awareness varies in smaller markets. Gelfond counters that their Fort Lauderdale venue actually turns solid numbers, but highlights a recent success story in Los Angeles: converting the screen at LA Live on January 1st generated $800,000 in its first six months, with the initial weeks driven by intense demand for film projection.
The core bottleneck preventing wide expansion of 15/70mm projection is pure economics and hardware scarcity:
1. **Print Costs:** A single 70mm film print costs roughly $50,000 to manufacture and ship to a single theater.
2. **Projector Costs & Scarcity:** The physical projectors cost far more than the prints. They were designed decades ago, are no longer mass-produced, and require IMAX to constantly scavenge the globe for spare parts and retrofits.
3. **Location Density:** The high upfront capital and print costs mean 70mm film setups can only break even in ultra-high-traffic flagship urban markets.
IMAX currently operates 41 70mm film screens globally (up from 30 during *Oppenheimer*'s run, with 25 located in the United States). Gelfond hints at a proprietary new operational initiative that could potentially add 10 more 70mm screens to the network in the near future.
[23:49](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1429s) Diversifying Content: Alternative Events, Foreign Films, and Anime
To smooth out the natural lumpiness of the traditional Hollywood theatrical box office, IMAX has aggressively expanded its content pipeline beyond mainstream domestic blockbusters. In 2025, IMAX programmed over 120 distinct pieces of content. International and local-language films have become a primary growth engine, experiencing a 24% CAGR from 2019 to 2025. Japanese anime brings in massive global receipts not just in Japan, but across China and Western markets. Upcoming Indian releases, such as the blockbuster *Raagman* (and its scheduled sequel *Raagman 2*), are receiving coordinated global IMAX rollouts.
In addition to local-language films, IMAX is experimenting with non-film events and alternative content:
- **Live Concerts & Events:** A remastered live release of Talking Heads' *Stop Making Sense* (introduced by David Byrne at the Toronto International Film Festival) performed exceptionally well.
- **Classic Rereleases:** Eventized anniversary runs, such as bringing Christopher Nolan's *Interstellar* back to IMAX screens, pulled in over $5 million in limited windows.
- **Sports & Television:** Testing live broadcast events including the NBA Finals in China, European NHL game screenings, and special HBO premiere episodes.
Gelfond notes that the primary barrier to doing more single-weekend classic re-releases is marketing expense; without a full studio promotional budget with plane banners and bus wraps, re-releases must be iconic titles to justify the localized advertising spend.
[26:24](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1584s) Partnering with Streamers and Eventizing Big Director Releases
IMAX has positioned itself as the premier theatrical partner for major streaming platforms (Apple TV+, Amazon MGM Studios, and Netflix) looking to "eventize" their flagship movie launches. Gelfond points to recent wins, such as Apple's *F1* (which grossed $100 million in IMAX alone out of its $600 million global total) and Amazon's *Project Hail Mary* (which also crossed $100 million in IMAX).
A major upcoming milestone is a direct distribution partnership with Netflix for David Fincher's upcoming film starring Brad Pitt (written by Quentin Tarantino and featuring his *Once Upon a Time in Hollywood* character Cliff Booth). Netflix is granting the film an exclusive theatrical window in IMAX between Thanksgiving and Christmas before it streams on their platform. Because Brad Pitt's career-highest box office success came via IMAX-supported releases like *F1*, the star actively pushes for exclusive IMAX release windows.
> "Brad Pitt... loves IMAX because we helped make that. So he's going to promote that, and it's exclusively in IMAX before running afterwards on Netflix streaming."
[27:47](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1667s) The Christopher Nolan Partnership and Director-Driven Filmmaking
Michael Batnick describes his experience watching *The Odyssey* in a digital IMAX location, calling it an unbelievable experience. Gelfond explains that IMAX acts almost as a co-producer when collaborating with top-tier auteur directors. For *The Odyssey*, Christopher Nolan presented IMAX with a list of 15 strict technical requirements before production. To make dialogue recording possible on set, IMAX engineered custom sound-dampening enclosures—known as "blimps"—around their famously noisy 70mm film cameras. This allowed actors like Matt Damon to perform emotional dialogue without the loud mechanical whirring of film gear in their faces. IMAX also pre-positioned replacement projector parts in regional hubs worldwide and personally trained dedicated projectionists to guarantee flawless playback.
This director-led approach has spread across the industry:
- **Ryan Coogler (*Sinners*):** Designed a custom aspect ratio guidebook sent to theaters to ensure exact visual presentation.
- **Denis Villeneuve (*Dune: Part Three*):** Designing camera setups and shots specifically around IMAX framing from early pre-production.
These technical collaborations pay off in prolonged box office legs and massive advance ticket backlogs that extend long past traditional opening weekends.
[31:21](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1881s) Studio Mergers, Industry Prognosticators, and the Resurgence of Comedies
Addressing industry speculation surrounding major media consolidations—such as the ongoing Paramount and Warner Bros. deals—Gelfond remains unfazed by Hollywood punditry. He points out that industry "prognosticators" have been consistently wrong for decades, from predicting that radio and television would kill movie theaters to asserting during COVID-19 that streaming would keep audiences "chained to the couch with their kids screaming." While the potential loss or restructuring of legacy studios creates noise, new stream-backed slates (like David Ellison promising 30 films a year with traditional 45-day theatrical windows) keep the supply of eventized content strong.
The conversation turns to changing audience tastes in 2026. While pundits claimed indie movies were dead back in 2024, lower-budget hits like *The Backrooms* and *Obsession* proved horror and indie titles are thriving. Michael Batnick laments the decade-long drought of theatrical comedies—driven by cancel culture fears and ballooning talent costs—but highlights recently watching *The Invite* in a packed theater. The hosts and Gelfond agree that shared, communal experiences like group laughter or immersive IMAX scale cannot be replicated at home.
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[34:47](https://www.youtube.com/watch?v=gi4YHHJJO14&t=2087s) Changing Consumer Habits and the Eventization of Cinema
The hosts and Rich Gelfond dive into whether specific film genres, particularly comedies, can ever return to the box office dominance they once enjoyed. Addressing whether comedies could make a comeback in theaters, Gelfond jokes that while characters who "never leave the apartment" probably won't hit an IMAX screen, he "never says never about anything." He acknowledges recent romantic comedies like the Sydney Sweeney and Glen Powell hit *Anyone but You* as proof that the genre still holds life. However, Gelfond notes that for a film to warrant an IMAX release, it generally needs massive box office potential or heavy action scale, though IMAX can certainly elevate action-comedies.
Gelfond shares a funny anecdote illustrating audience passion, recounting how fans attending Christopher Nolan's *The Odyssey* built a wooden Trojan horse on a wagon. Two people hid inside while a third bought a single ticket and pushed the cart into the theater, only for the wagon doors to burst open and drop the two hidden fans onto the lobby floor.
Josh Brown points out a fundamental shift in how audiences view cinema compared to the 1980s. Growing up on Long Island, people would go to the movies on a rainy day simply to see whatever was playing; today, moviegoing is strictly event-driven. Consumers decide they want to see a specific event movie, and they specifically seek out the IMAX format to experience it. Gelfond enthusiastically agrees, sharing that IMAX's corporate strategy years ago was explicitly designed to turn IMAX itself into the destination. His own stepson goes to an IMAX theater almost every weekend based purely on format loyalty.
- **Genre Dynamics:** While rom-coms like *Anyone but You* demonstrate theatrical viability, IMAX prioritizes large-scale blockbusters to maximize screen utilization and revenue.
- **Audience Anecdote:** Dedicated fans built a Trojan horse setup to sneak into *The Odyssey* in IMAX.
- **Strategic Vision:** Shifted consumer targeting from "let's go see a movie" to "let's go to the IMAX."
---
[37:40](https://www.youtube.com/watch?v=gi4YHHJJO14&t=2260s) Directors as Stars and the Packed 2026–2027 Slate
The conversation shifts to the core elements required for modern blockbuster success: the format (IMAX), star power, and prominent directors. Josh and Michael argue that top directors like Christopher Nolan, Denis Villeneuve, and Paul Thomas Anderson have become the real movie stars drawing audiences. Gelfond agrees in part, though he notes that while auteur directors like Steven Spielberg, Martin Scorsese, or PTA hold immense prestige, their box office numbers often cap out lower than tentpole franchise films. Success requires a combination of star power, director vision, and strong general appeal.
Looking ahead at the upcoming slate for late 2026 and 2027, the hosts and Gelfond run through a heavy lineup of major theatrical releases coming to IMAX. Director Wes Ball reached out directly to Gelfond a year prior insisting that Nintendo's *The Legend of Zelda* must be shot for IMAX. Gelfond emphasizes that while individual box office returns are difficult to forecast, the overall business model is highly predictable because IMAX maintains clear visibility on theater installations, backlogs, and slate schedules.
- **2026–2027 Slate Highlights:** *The Legend of Zelda* (directed by Wes Ball), a new *Star Wars* film starring Ryan Gosling, *Frozen 3*, *Minecraft*, *Shrek 5*, *The Mummy*, *Dune* expansions, and the next *Avengers* sequel scheduled for Christmas 2027.
- **Financial Projections & Guidance:** Last year, IMAX guided to $1.2 billion in global box office and finished at roughly $1.3 billion. For the current year, they guided to $1.4 billion and are within ~$300 million of that goal with seven months remaining.
- **Content Portfolio Strategy:** Gelfond compares their 120-film annual slate to a diversified investment portfolio where individual misses are offset by major breakout hits.
---
[41:04](https://www.youtube.com/watch?v=gi4YHHJJO14&t=2464s) Buyout Rumors and Content Creation Ambitions
Addressing corporate strategy, Josh brings up persistent stock market rumors regarding buyout offers for IMAX. He points out the stark disconnect between IMAX's massive global brand recognition and its relatively modest market capitalization, asking Gelfond if potential suitors are constantly knocking on the door. Gelfond states candidly that while "people have been kicking the tires over a very long period of time," the best decision the company made was not selling out a decade ago, as it allowed them to capture enormous growth independently. He reiterates his stance to Bloomberg: if a buyer offers a true "blowaway price" that maximizes shareholder value, management will listen, but they are not actively seeking a sale.
Finally, the discussion touches on whether IMAX plans to produce its own commercial films. While IMAX historically produced documentaries—such as their recent collaboration with Amazon on *The Blue Angels* before sending it to institutional screens—Gelfond points to experimental theatrical releases like *Cliff Booth* (releasing exclusively in IMAX theatrically) as a template for testing non-traditional and original content partnerships. The interview closes with Josh and Michael expressing appreciation for IMAX's unique market position and strong stock momentum.
- **M&A Stance:** IMAX is not actively soliciting acquisition offers, but management remains open to discussions if presented with a premium takeover price.
- **Documentary & Alternative Content:** IMAX continues producing specialty non-fiction titles like Amazon's *The Blue Angels*, leveraging institutional screens post-theatrical run.
- **Closing Remarks:** Gelfond highlights that there has "never been a better time" to discuss IMAX's operational momentum as theater footprints and film slates expand globally.
## Notable quotes
> [18:48](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1128s) I don't put my finger in the air and say, 'Hey, this is worth $2 trillion.' Not the way I invest. I like looking at earnings and cash flow. — Rich Gelfond
> [26:24](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1584s) Brad Pitt... loves IMAX because we helped make that. So he's going to promote that, and it's exclusively in IMAX before running afterwards on Netflix streaming. — Rich Gelfond
> [17:26](https://www.youtube.com/watch?v=gi4YHHJJO14&t=1046s) no Jets fans, only victims. — Josh Brown
## Mentioned
IMAX Corporation, Rich Gelfond, Josh Brown, Michael Batnick, The Compound, Betterment Advisor Solutions, Bradley Wexler, Christopher Nolan, Denis Villeneuve, Tom Cruise, Oppenheimer, The Odyssey, Mission: Impossible – Dead Reckoning Part One, Dune 3, Avengers: Doomsday, Infinity Vision, Disney, Marvel Studios, Paramount Pictures, Sony Pictures, Apple TV+, Amazon MGM Studios, Netflix, F1, Project Hail Mary, Sam Mendes, David Fincher, Brad Pitt, Quentin Tarantino, Ryan Coogler, Sinners, Sphere Entertainment, BFI IMAX, Brendan Theaters, AMC, Ne Zha, Raagman, Stop Making Sense, Talking Heads, David Byrne, Interstellar, The Backrooms, Obsession, The Invite, Anyone but You, Sydney Sweeney, Glen Powell, Wes Ball, The Legend of Zelda, Ryan Gosling, Frozen 3, Minecraft, Shrek 5, The Mummy, David Ellison, Steven Spielberg, Martin Scorsese, The Blue Angels
IMAX CEO Rich Gelfond argues that the company has evolved from a hardware supplier into an indispensable gatekeeper and brand destination for the global box office. Supported by director loyalty, high-margin premium formats, and multi-year production commitments, the company asserts its business model offers greater financial visibility than standard consumer stocks.
Director Loyalty and Screen Allocation Turf Wars (4:21)
IMAX's limited premium footprint has created intense competition among major studios, leading the company to prioritize contractual commitments to auteur directors over studio pressure. Gelfond recounts refusing Paramount's push to extend Tom Cruise's *Mission: Impossible 7* because prime summer screens were guaranteed to Christopher Nolan for *Oppenheimer*. A similar conflict arose when Disney and Marvel requested that *Avengers: Doomsday* displace Denis Villeneuve's *Dune 3* for a holiday slot; IMAX declined, prompting Disney to market non-IMAX premium auditoriums under the 'Infinity Vision' label.
Box Office Indexing and 70mm Format Economics (14:48)
While IMAX represents roughly 4% of global screens, its venues regularly capture 20% to over 30% of total opening weekend box office receipts on flagship titles. This concentration is heavily supported by its 15-perforation/70mm film network, which currently numbers around 40 to 41 commercial locations worldwide. Although physical 70mm prints cost approximately $50,000 each to manufacture and ship, and projectors rely on scarce, vintage components, these screenings drive exceptional utilization, including sold-out multi-month runs at flagship sites like London's BFI IMAX.
Pricing Inefficiencies and Monetization Levers (14:48)
Gelfond identifies notable pricing inefficiencies among major theatrical exhibitors. Chains like AMC offer discounted tickets as low as $14 on specific weekdays, even as scalpers resell peak weekend seats for upward of $1,000 and independent venues charge $50. Beyond standard box office take-rates, IMAX is diversifying revenue streams through consumer merchandise—such as limited-edition film-strip keepsakes and custom camera popcorn buckets that sell out within hours—as well as automotive audiovisual partnerships for autonomous vehicles in China.
Content Diversification Across Streamers and Foreign Markets (23:49)
To hedge against Hollywood release lumpiness, IMAX programmed over 120 pieces of content in 2025. Local-language and international films achieved a 24% compound annual growth rate from 2019 to 2025, buoyed by Chinese releases like *Ne Zha* ($1.2 billion global gross), Japanese anime, and Indian titles. Additionally, streaming platforms have increasingly partnered with IMAX for theatrical windows to create prestige events for big-budget projects, including Apple's *F1* and a planned theatrical release for Netflix's upcoming David Fincher film starring Brad Pitt.
Multi-Year Slate Visibility and Valuation Skepticism (18:48)
Addressing equity market valuations, Gelfond contrasts IMAX's network model with capital-intensive standalone venues like the Las Vegas Sphere, which cost an estimated $2 billion to $3 billion to construct. Because directors now integrate IMAX technical requirements into pre-production years in advance, the company claims locked film slates and installation backlogs extending through 2028 and 2029. While acknowledging persistent buyout interest, Gelfond states that management is not actively soliciting an acquisition, remaining focused on meeting box office targets, such as its $1.4 billion global guidance.
While IMAX demonstrates substantial market share leverage and locked multi-year production slates, its operational expansion remains tightly constrained by the high capital costs and hardware scarcity of its marquee 70mm format, alongside exhibitor reluctance to modernize dynamic ticket pricing.
[18:48] Rich Gelfond: I don't put my finger in the air and say, 'Hey, this is worth $2 trillion.' Not the way I invest. I like looking at earnings and cash flow.
[26:24] Rich Gelfond: Brad Pitt... loves IMAX because we helped make that. So he's going to promote that, and it's exclusively in IMAX before running afterwards on Netflix streaming.
[17:26] Josh Brown: no Jets fans, only victims.
Original transcript
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[1:07] Thank you, Nicole. Ladies and gentlemen,
[1:09] welcome to live from the compound. We
[1:11] have a very special guest here. I've
[1:13] never seen Michael I've seen you this
[1:15] excited once. Eli
[1:16] >> Eli Manning is here. Um but you're very
[1:19] very very excited. Today we have a very
[1:21] special guest. Rich Galon has been CEO
[1:24] of IMAX Corporation since April 2009 and
[1:28] a director since 1994 when he and
[1:31] Bradley Wexler acquired the company. He
[1:34] previously served as co-CEO with Wexler
[1:37] from 1996 to 2009 and as co-chairman
[1:41] from 1999 to 2009. Before IMAX, Gelfon
[1:46] worked as an investment banker and M&A
[1:48] attorney. That's your official intro,
[1:51] but I actually had something a little un
[1:53] unofficial in mind. Are you okay with
[1:54] that?
[1:55] >> Well, you didn't mention that I'm a
[1:57] better quarterback than Eli Manning.
[1:59] >> Fair. Fair. We did leave that out. What
[2:01] I wanted to say is I think you preside
[2:04] over a company that right now is among
[2:07] the most important companies in
[2:09] Hollywood. I know you're not uh
[2:11] literally in Hollywood, but I I in my
[2:14] opinion, you can tell me if you think
[2:15] I'm right or wrong, I think nothing is
[2:18] more important to the livelihood of the
[2:21] movie business than an IMAX open and
[2:24] everyone is now figuring it out. I think
[2:26] the stock price reflects that and I
[2:29] think the casual fan understands that
[2:31] and now I'm assuming the executives all
[2:33] understand that. he arrived at that
[2:35] conclusion years ago in talking about
[2:38] your stock. But we'd love to hear from
[2:40] uh your perspective where you think you
[2:42] sit.
[2:43] >> Well, I really appreciate you saying
[2:45] that. We have felt that way for a while
[2:49] and the and the reason is we consider
[2:51] ourselves very much in the middle of the
[2:54] Hollywood ecosystem. And it's not just
[2:56] Hollywood, it's the global um content
[2:59] ecosystem. So, we're almost like a
[3:02] curator in a way. So if you have a big
[3:04] movie and you want it released in a way
[3:07] that it's going to turn into a
[3:08] blockbuster or it's going to break out,
[3:11] I think having an IMAX release is an
[3:13] integral um component of that. And we
[3:17] have thought that and our business plan
[3:20] probably since you bought the stock or
[3:22] >> May 14th, 2024, 17 bucks a share. was
[3:25] even before that was we our alliance
[3:29] with filmmakers our alliance with
[3:31] studios and again it's really important
[3:33] to underline on a global basis so we we
[3:36] have 800 theaters in China you know we
[3:38] did Neha in China which probably no one
[3:42] on this podcast has heard of but it did
[3:45] $1.2 2 billion dollars US a movie. If
[3:48] there's a big movie, we've been in the
[3:49] middle of it. And as that's happened,
[3:52] we've tried as a business strategy to
[3:54] say how can we use our new found
[3:57] position to strengthen it and to
[4:00] increase the value of the brand and to
[4:03] make us more integral to the system. And
[4:05] I think that's been happening as you
[4:07] said in your question. I think people
[4:09] waking up now and saying, "Wow, you
[4:12] really need IMAX in the middle of
[4:14] things." But I think we've known that
[4:16] for a while. And as I said, it's
[4:18] incredibly gratifying to see it happen.
[4:21] It feels incomplete if there's not an
[4:23] IMAX release concurrent with uh the
[4:26] theatrical release. It it feels almost
[4:28] like h how do they not get IMAX screens.
[4:32] And the first time I really started to
[4:33] feel that way was reading press reports
[4:35] about how voseiferously Tom Cruz was
[4:39] lobbying for more screens for the
[4:42] Mission Impossible two-parter and there
[4:44] were competing uh films coming out at
[4:46] the same time and he just felt like he
[4:48] couldn't get enough screens. Um so
[4:51] that's when it became apparent to me.
[4:53] Michael was talking about uh IMAX and
[4:56] now I feel like everybody sort of gets
[4:57] it. Well, it's nice of you to say
[5:00] competing for IMAX screens. Tom was on a
[5:03] mission, pun intended. It was Mission
[5:05] Impossible 7. And uh we had dated
[5:09] Oppenheimer with Chris Nolan. And um
[5:12] they they it was the second week of what
[5:16] they moved into. They weren't there. We
[5:18] picked that date. And the narrative that
[5:20] came out of Paramont, which was
[5:22] distributing the film at that time, was
[5:25] you guys are out of your minds. It's a
[5:27] biopic in black and white about a
[5:29] physicist.
[5:30] >> Why are you wasting screens on highway?
[5:32] What are you kidding me? And um you know
[5:35] it wasn't easy to stand by our
[5:37] principles and say we committed to it.
[5:39] And and you know Nolan's really one of
[5:42] few people who helped get us to where we
[5:44] are today. Loyalty is a big deal for us.
[5:47] So when we did it, we felt a lot of
[5:50] pressure around us, but we never
[5:52] flinched. And you know, I like that even
[5:54] today to stay um true to our principles.
[5:57] So, an example of something we're
[6:00] dealing with right now is Dune 3 comes
[6:03] out around Christmas time and we think
[6:06] it's going to be a very big movie. Deny
[6:08] Villanu filmed it in part with IMAX
[6:11] cameras. There's going to be the same
[6:13] amount of prints as the Odyssey. We did
[6:15] great on Dune 2 and
[6:17] >> we saw we saw Michael and I saw Dune 2
[6:19] at Lincoln Square here in Manhattan on
[6:21] the 70 millimeter.
[6:22] >> So it took us two weeks to get tickets
[6:24] and actually I think that's about when I
[6:25] first pitched the stock.
[6:26] >> So you must have known the CEO of the
[6:27] company to get
[6:28] >> now now we do.
[6:30] >> So Rich
[6:31] >> so no just just to finish his point. So
[6:34] Avengers was supposed Doomsday supposed
[6:36] to be this summer and they had some
[6:39] production issues and they moved it to
[6:41] Christmas time right against Dune and of
[6:44] course they called and said well can't
[6:46] you do Avengers and you know can't you
[6:49] do something about Dune and I said you
[6:51] know we love you guys and we love to do
[6:53] your movie but we have a commitment and
[6:55] that's the currency that we're made of.
[6:58] So, as a result, we're missing out on
[7:00] Avengers, which I'm sure will be a very
[7:02] good movie, but we're leaning into Dune,
[7:05] and I think we'll do really well on it.
[7:07] >> Disney said that they want to come out
[7:09] with uh a large format uh product. Do
[7:13] you think that's in response to not
[7:14] being able to get Avengers screens from
[7:16] you?
[7:17] >> Sure, it is. They've said it. I mean,
[7:19] you know, it's been all over the media
[7:21] and it's called Infinity Vision and they
[7:23] put the tickets on sale for Avengers
[7:26] Endgame and maybe Doomsday also. They're
[7:30] bringing back Endgame and um they the
[7:33] the first place to buy them is this
[7:36] thing, Infinity Vision. But Infinity
[7:38] Vision is a marketing technique that's
[7:41] they're not building new theaters.
[7:42] They're taking existing theaters with an
[7:44] X in them and they're bundling them and
[7:47] they're calling it Infinity Vision. And
[7:49] they've sort of said because we can't
[7:52] play IMAX, you know, again, I think um
[7:54] consumers will figure out whether IMMAX
[7:57] is different than that and I'm not
[7:59] losing sleep about it.
[8:00] >> So you guys have had a massive impact on
[8:03] the box office year to date.
[8:05] >> Through 24 days, Oppenheimer, which was
[8:08] a huge movie obviously did $264 million.
[8:11] I'm guessing that's just domestic
[8:12] >> Odyssey.
[8:13] >> I'm sorry. Oppenheimer. Oppenheimer. So,
[8:15] I'm about to compare.
[8:16] >> No, it didn't do two 264.
[8:19] >> So, I'm talking about Oppenheimer. So,
[8:20] through 24 days, just for comparison,
[8:22] the Odyssey has done $461 million.
[8:26] >> You talk about domestic robots. Sorry.
[8:28] >> And and Oppenheimer was a massive
[8:30] massive hit. So you guys because of the
[8:32] pre-sale and the vision and and Nolan
[8:37] filming like you guys have had a massive
[8:39] impact on the increase of this. I saw
[8:41] that in 2024 that you guys were having
[8:43] that people were leaning into live
[8:44] events. They wanted a premier luxury
[8:47] experience which you guys deliver. And
[8:50] at $17 the the stock looks super
[8:53] attractive. It was a I I said you guys
[8:55] and I meant this respectfully. the
[8:57] amount of influence and brand
[8:59] recognition that you have compared to
[9:01] your market cap was a joke. I thought it
[9:03] was very lopsided at a billion dollars.
[9:05] At three billion dollars, I think what
[9:07] Wall Street is maybe discounting is they
[9:10] don't like uncertainty. And even though
[9:12] 2026 has been a massive year for the box
[9:14] office, you guys can't control what
[9:17] movies come out in 27 and 28. And it's
[9:20] very much transactional. No, like if the
[9:23] box office softens, your results will
[9:25] soften. So, how do we how do you what
[9:28] other levers can you pull? Is there
[9:30] maybe a subscription service in there?
[9:32] Like, how do you increase your take
[9:33] rate? How do we make more money?
[9:35] >> Well, I mean, you know, there are no
[9:38] businesses. Well, I I would argue that
[9:41] we have more visibility into the future
[9:43] than almost any other business cuz if
[9:45] you're a car company, you have zero
[9:48] sales on opening day. If you're IMAX, we
[9:51] have a backlog of theaters that we're
[9:53] installing. We make that public. We have
[9:55] numbers. We give guidance on that. We
[9:58] also now have an tremendous backlog of
[10:00] films. So we have films committed to us
[10:03] for um 28 and we probably have some for
[10:06] 29. I don't know. But in 28 we're doing
[10:09] the Beatles uh four movies that Sam
[10:12] Mendy's is doing. Um Bond is
[10:15] >> Oh, you guys are going to take all four.
[10:16] You committed to taking all that's
[10:18] because that's a big
[10:20] >> What studio is that?
[10:21] >> Sony. That's a big risk that people want
[10:23] four distinct biopic parts of a Beatles
[10:27] movie,
[10:27] >> but we figured out a way where they'll
[10:29] be released within a time period where
[10:32] we're we're protect protected.
[10:34] >> I'm going
[10:34] >> and I'm going too. And then well, you're
[10:37] from Long Island and I am. And you know,
[10:39] I begged my parents to go to Sha
[10:41] Stadium, but I was like 12 years old and
[10:44] they said, "You're not getting on the I
[10:46] never forgave.
[10:46] >> The sound quality was terrible. You
[10:48] didn't miss anything."
[10:48] >> Yeah. Okay. Did you go? Well, I wasn't
[10:50] born yet.
[10:51] >> Okay. Well, that's
[10:52] >> that was their, you know, that was their
[10:53] last that was the last straw. The
[10:55] Beatles never wanted to play live again
[10:57] after that.
[10:58] >> No, I didn't know that. That
[10:59] >> they would intentionally flub the lyrics
[11:02] or play the wrong chords just to see if
[11:05] they'd get away with it. The screaming
[11:06] was so intense that nobody knew the
[11:08] difference. And they said, "From now on,
[11:10] we'll focus on studio albums." They
[11:12] never tooured America again.
[11:13] >> I thought it was being on Long Island
[11:15] that turned
[11:16] >> Wasn't Long Island. It wasn't Long
[11:17] Island.
[11:17] >> It was Queens. It was Queens.
[11:19] >> Yeah, it's Queens. I could sort of can't
[11:22] you understand that a little
[11:23] >> so you know, right? If somebody's
[11:24] working on a blockbuster film that's not
[11:26] going to come out for 3 years, it's on
[11:28] your radar. You have
[11:29] >> somebody come to us way in advance. I'll
[11:31] use one example which was um last year
[11:35] F1 came out, you know, with Apple and
[11:38] they released it on IMAX and in
[11:39] theaters. And a year or more before it
[11:42] came out, um Jerry Brockheimimer, the
[11:45] producer, and Joe Kazinski, the
[11:47] director, called me up and they said,
[11:50] "We want to do a theatrical release."
[11:52] And we don't have a distributor yet, but
[11:54] it's important to us that we get an IMAX
[11:57] release slot. We want to shoot in an
[11:59] IMAX. So, could we make a commitment? We
[12:02] IMAX to a certain date. So, um, we went
[12:05] through a lot of what was entailed, had
[12:07] a film at an IMAX, and we agreed on a
[12:10] date. Then they went to a distributor
[12:12] and they they eventually got Warner
[12:15] Brothers, but we were the first stop.
[12:17] And one of the things that's happened in
[12:19] our evolution is we're getting pitched
[12:22] now direct directly by filmmakers. So
[12:25] filmmakers you and your audience has
[12:27] certainly heard of come by my office or
[12:30] we go see them and they I mean people
[12:32] have won Academy Awards and say we're
[12:34] thinking of doing this movie two years
[12:36] out you know we would you guys sign on
[12:38] to that and we ask who's the cast and
[12:41] who's the director and this and that and
[12:43] we sign up. So the business like you
[12:46] know we're part of the green light
[12:48] process now and I would say at most of
[12:50] the major studios an IMAX release is
[12:53] part of the green light. So when a
[12:55] filmmaker goes in there and says I want
[12:57] to make a movie in 27, they say I want
[13:00] to release in an IMAX and we'll sit down
[13:03] with the studio and the filmmaker and
[13:05] figure out what date works and how we
[13:07] could pull together the most marketing
[13:10] around it and you know and the studios
[13:12] will make marketing commitments. So for
[13:15] the next Mission Impossible, Mission 8,
[13:18] we committed to right when mission seven
[13:21] after it got done playing and Paramount
[13:24] agreed to put up a fair amount of money
[13:26] and they agreed to lean into the
[13:28] marketing and Tom agreed to lean into it
[13:31] in certain ways. So the the kind of
[13:34] short answer to your question is as we
[13:37] become more important in the ecosystem,
[13:40] we become more integrated and earlier on
[13:43] so we have a bigger runway. But the
[13:45] second part of the answer to your
[13:47] question where you going to get make
[13:49] more money is um we we never really had
[13:52] a merchandising effort and this year we
[13:55] started and we started small. So for um
[13:58] Odyssey we made popcorn buckets. I don't
[14:01] know if you guys have seen them or not.
[14:03] They look like an IMAX camera. And my
[14:05] team was fairly conservative. So, we put
[14:08] 2500 on sale and they sold in 2 hours.
[14:12] So, I said, "Put more on sale." They
[14:14] said, "We don't have them eBay."
[14:16] They said, "We don't have them." I said,
[14:18] "Put them on sale and deliver it
[14:20] whenever you can get them." So, we sold
[14:21] 2500 more in I think it was like less
[14:26] than an hour. And by the end of this in
[14:28] China, we put like 2500 on sale and I
[14:32] think we sold them in 60 seconds. So,
[14:35] um, we're selling film strips now for
[14:37] the Odyssey. We sold 20,000 in 90
[14:42] minutes. So, I think that's definitely
[14:44] an area where we're going to capitalize.
[14:46] >> You can't influence you can't influence
[14:48] ticket prices at all, can you?
[14:49] >> No. But that is an example of a place
[14:52] where we can do better. So, um, AMC here
[14:56] in New York is charging the same price
[14:59] for an IMAX film ticket as they are for
[15:02] a regular ticket. And as a matter of
[15:04] fact, on Wednesdays, which is half price
[15:07] days, they're selling it for half price.
[15:10] Meanwhile, you could buy them for $1,000
[15:12] on
[15:13] >> Can you talk to Adam and Aaron and just
[15:15] say, "Hey, Odyssey, if we sell Odyssey a
[15:18] year in advance in an hour,
[15:22] >> why aren't these tickets $100?"
[15:24] >> I I
[15:24] >> What is his response to that?
[15:25] >> So, he sets the price, not us. But I'm
[15:28] allowed to weigh in and I've said that
[15:30] makes no sense. And um when I have those
[15:33] discussions with exhibitors, they all
[15:36] say that's a really good point. But, you
[15:38] know, there's a guy in um
[15:39] >> Well, Live Nation is dynamic pricing.
[15:41] Now,
[15:42] >> Springsteen Springsteen says, "Whatever
[15:44] it's worth is what people will pay for
[15:45] it." And
[15:46] >> there's a guy in um um Las Vegas called
[15:49] Johnny Brendan. He has an IMAX film
[15:52] Theater, Brendan Theaters. He charges 50
[15:54] bucks and he sells out. AMC is charging
[15:58] 14 on Wednesdays. I mean, I can't tell
[16:00] you why they do what they do. And I
[16:04] think once I told Adam, he's he said,
[16:06] "The problem is they're sold out for
[16:08] months. I can't go back and recoup that.
[16:11] But hopefully for Dune and other things,
[16:13] that is an area of of of opportunity."
[16:17] Also, I think you'll see a lot more film
[16:19] prints around films. So, for next year,
[16:22] we haven't announced the names of them,
[16:24] but I think there's around four that are
[16:26] coming out on IMAX film. And um you know
[16:30] we have 40 theaters now that use film.
[16:33] So that's a really good revenue source.
[16:36] I you know when this film
[16:38] >> versus digital
[16:39] >> Yeah. cuz you higher occupancy
[16:41] >> film is more expensive
[16:43] >> right. Okay.
[16:44] >> Higher ticket price hopefully um more
[16:47] attendance higher utilization rates and
[16:51] um you know greater buzz greater
[16:52] indexing from us which means percentage
[16:55] of the box office. We do a higher
[16:58] percentage of the box office.
[16:59] >> Are you at the ceiling or can you get
[17:00] above 20?
[17:01] >> Like 26.
[17:03] >> 26. How high you think that can get? I
[17:05] mean, that's that's healthy.
[17:06] >> Well, it there are both sides, right?
[17:08] It's how many screens it opens on and
[17:10] what are what are the regular theaters
[17:12] doing? So, we've been higher. We could
[17:14] be higher, but when you're open in
[17:17] almost every screens, you know, that's
[17:19] pretty high. We've done over 30 on some
[17:21] movies, but again, the issue is in um
[17:24] indexing, it's how much money you make,
[17:26] right? And what your margins are and all
[17:28] of that. So, before this open, you like
[17:31] this cuz what football team do you guys
[17:33] root for? All right. Now, I could still
[17:35] talk to you. If you said the Jets, I was
[17:37] going to walk out of the studio. There
[17:38] are no Jets fans.
[17:39] >> Yeah. Only victims.
[17:41] >> Only my brother. And I hold it against
[17:43] them.
[17:43] >> But, um before this open, I got my
[17:46] management team together. And at IMAX,
[17:49] we had an ultimate of 190 for the movie.
[17:52] That's what my film team thought it
[17:55] would do. And I said it would do over
[17:57] 300. And they said, "Oh, you're crazy.
[18:00] You're hyping us. This, that." So, I
[18:03] went into the meeting and I said,
[18:05] "Pretend I'm the CEO and pretend I know
[18:08] what I'm talking about. And pretend
[18:10] we're going to put a plan together of
[18:12] how we're going to capitalize on that
[18:14] and what we're going to do with it." And
[18:16] they all, you know, the guy's old, he
[18:18] doesn't know what he's talking about.
[18:20] You we know what we So it pass. It's
[18:23] today it'll be close to 300 and we have
[18:26] $40 million in pre-sales. So if we never
[18:29] sell another ticket, we're at 340 and
[18:33] we've got it playing until September.
[18:36] And you know, film theaters, you can't
[18:38] get a ticket at the BFI until
[18:40] midepptember. So the I was wrong. I was
[18:44] probably way too low. Do you um do you
[18:48] think about uh the success of the sphere
[18:53] as sort of a a a guidepost? Like this is
[18:58] something that we know we're undervalued
[19:01] relative to a business like they have
[19:03] one location. You guys are global.
[19:05] They're talking about a second location.
[19:07] It cost them a billion dollars to build
[19:08] one of those or maybe two billion
[19:10] >> or maybe three.
[19:11] >> Maybe three. Um, you guys have uh a
[19:15] bigger brand name. Um, I would argue you
[19:19] guys have the potential to do more
[19:21] conversions. The sphere can't do any.
[19:23] So, you could go into existing theaters
[19:25] and you could say, "We're going to
[19:27] retrofit." I was pitching your stock to
[19:29] retail clients as a stock broker in
[19:32] 2005. I still have my script. Everything
[19:34] I was pitching 21 years ago turned out
[19:37] to be true, but the share price really
[19:39] hasn't done all that much. So, how do
[19:41] you think about like why aren't we
[19:43] getting the recognition of a sphere
[19:46] which became I think one of the hottest
[19:47] stocks of 2026? Um, arguably more people
[19:50] are aware of IMAX than they are of that.
[19:53] >> Well, we've done brand studies with NRG
[19:55] and our brand is on a level of Disney
[19:58] and Nike and people like that. This is
[20:00] not just us saying, "Hey, I think it's
[20:02] a" and I agree with you that we get very
[20:05] little recognition of what that brand
[20:08] value is in relative monetization, but
[20:11] that's why we're doing things like
[20:13] merchandising. Uh, I don't know if you
[20:15] saw, we're doing an an AV system in
[20:18] China with a company that's going to put
[20:21] it in autos, mostly driverless autos.
[20:24] So, we were slow to it, but we are
[20:26] trying to monetize that where we are
[20:28] now. In terms of the sphere, I've been
[20:31] there. I I think it's fantastic.
[20:33] Amazing. It's great technology. Um,
[20:36] again though, I I've heard it cost close
[20:39] to $3 billion. I don't know how you make
[20:41] money at that price. They're licensing
[20:44] some out now. That's probably a little
[20:46] bit better um business model than
[20:49] putting all that money into each one.
[20:52] But, you know, I personally, I wouldn't
[20:54] own that stock. I didn't buy SpaceX. I
[20:56] don't put my finger in the air and say,
[20:59] "Hey, this is worth $2 trillion." Not
[21:01] the way I invest. I like looking at
[21:04] earnings and cash flow. And and I think,
[21:06] you know, we're starting to return to
[21:08] the world of reality now where our stock
[21:11] has gone up tremendously in the last
[21:13] since 24 when you bought it. It's more
[21:16] than
[21:17] >> You have a hot You have a hot stock.
[21:18] That is true. Um and Michael was very
[21:21] early to it. People that listen to him
[21:22] made a lot of money. What are the what
[21:24] are the constraints around building more
[21:27] of the 70 millimeter experiences which
[21:29] obviously is I've heard you refer to as
[21:31] a Rolls-Royce um of movie going. I
[21:34] totally agree. I went to see one battle
[21:36] after another in Fort Lauderdale. You
[21:39] guys are located in like an abandoned
[21:41] science museum. Like I was saying to
[21:43] myself, this should be the hottest
[21:46] ticket in Florida. People should be
[21:48] lined up out the door. I was able to buy
[21:50] a same day ticket for 70 millimeter.
[21:53] That same experience in New York, sold
[21:56] out the second you put them up. I don't
[21:58] think people even know that that exists
[21:59] where it's located.
[22:00] >> Well, they do. We do pretty good numbers
[22:02] coming out of there. I don't think it
[22:04] was abandoned. Maybe it was closed that
[22:07] day, but I will agree with you. It's not
[22:09] the hottest.
[22:10] >> Felt aband felt abandoned. I was just
[22:12] saying to myself, can you imagine a
[22:14] brand new 70 mm IMAX in downtown Fort
[22:18] Lauderdale? Forget it. It would be like
[22:20] >> I can imagine one in downtown LA. It's
[22:23] called LA Live and we converted it on
[22:26] January 1st this year and the first 6
[22:29] months it did $800,000.
[22:33] The first few weeks it did more than
[22:35] that. We put a film projector in there
[22:38] and it sold out for a long time going
[22:40] forward. The issue is purely economics
[22:43] with more film projectors. So, one print
[22:46] at one theater, so think of the one that
[22:49] shows at 68th Street here in Manhattan,
[22:52] cost $50,000.
[22:53] >> The print itself,
[22:54] >> the print itself cost $50,000.
[22:56] >> And the projector is equally expensive.
[22:58] >> The projector is more expensive than
[22:59] that. Okay.
[23:00] >> And they were built 50 years ago and
[23:03] they don't really exist, but we're
[23:05] always scavenging and finding more. And
[23:08] I think this is a chance we can do that.
[23:10] But you it can only be in really hightra
[23:13] locations where you could advertise that
[23:16] cost of the print and make a return on
[23:18] it. So I know everybody says they want
[23:20] it, but you know it it it the model just
[23:23] doesn't work where you could have a lot
[23:25] of
[23:25] >> How many of the 70 mm theaters do you
[23:27] have in the United States right now?
[23:29] >> I think we have um
[23:30] >> 25.
[23:31] >> Yeah, something like that. And we have
[23:33] 41 globally. But keep in mind that's up
[23:36] marketly. When we did Oppenheimer, we
[23:38] only had 30 theaters. We're up to 41.
[23:41] And we have a clever new idea which we
[23:44] haven't proved out yet where we might be
[23:46] able to get 10 new ones.
[23:47] >> Okay. Could you share or No.
[23:49] >> No.
[23:49] >> All right. Well, let me ask you this.
[23:50] What What do we do when there's a l in
[23:52] the box office? Because it's lumpy,
[23:53] right? It's So, can we do Nick's watch
[23:57] parties, for example, during the
[23:58] playoffs? like are there other things
[24:00] that you can do to get asses in the
[24:02] seats when the box
[24:05] all of that so last year we had 120
[24:09] pieces of content which included not
[24:11] only movies you guys haven't talked
[24:13] about it but I mentioned at the
[24:15] beginning um foreign movies
[24:17] international movies so big business for
[24:20] us in anime and not just in Japan we do
[24:23] it in China look at that we're ready
[24:26] that's that's from your slide
[24:27] >> these are big foreign films that you
[24:28] guys.
[24:29] >> So 24% Kager since from 2019 to 2025.
[24:32] >> So um you know that's a big business for
[24:35] us and it's a big business um not just
[24:38] showing like anime in Japan but showing
[24:42] it worldwide. Um this year there's a big
[24:44] film coming out of Inda India called
[24:47] Rockman and I think there's a Rockman 2
[24:50] coming next year and we're going to open
[24:52] that on a global basis. So, some of
[24:55] these really big ones bleed over. And by
[24:57] the way, there's no theater chains
[24:59] playing them. It's out of the box. And
[25:01] then we've done the NBA finals um on a
[25:05] limited basis in China. Yeah, they do go
[25:08] for it. We've had a lot of concerts. Um
[25:11] we did a live stop making sense um
[25:14] concert with David Burn uh from the
[25:17] Toronto Film Festival that did really
[25:19] well. But we've had events that have we
[25:22] bring back movies all the time. We
[25:24] brought back Interstellar and I think it
[25:26] did over $5 million.
[25:28] >> Why do you guys do more than that? Is
[25:29] that is that the studio's decision? Like
[25:31] if you release Pulp Fiction or whatever,
[25:33] like I would go
[25:34] >> the the issue is really marketing costs.
[25:37] So when a movie comes out, obviously
[25:39] it's on um um bus.
[25:44] Yeah. And there's planes flying over and
[25:46] all that. So, if you have a limited
[25:48] release for one weekend, it's very
[25:50] expensive to market it. So, you really
[25:52] have to do iconic um titles. We've done
[25:56] tests with the NHL in Europe where we
[25:59] played a lot of hockey games. I think
[26:01] some there we showed here, some here, we
[26:04] showed there. We did an HBO um series
[26:08] where we did some episodes from last
[26:10] year and then this year and um that did
[26:14] pretty well. We're experimenting with it
[26:16] and we have a couple of really
[26:18] noteworthy projects in the skunk works
[26:21] where if you knew about them, you say,
[26:23] "Wow, that's a big deal."
[26:24] >> What are you doing with streamers with
[26:25] to you guys mentioned in the last call
[26:27] that you're doing something with like
[26:28] the the uh to eventize the launches?
[26:31] >> So, I mentioned F1 where we did 100
[26:33] million in that was an Apple release and
[26:36] it was big and it was the biggest Apple
[26:39] release ever. They did 600 million. So
[26:42] they recognized having an IM IMAX was a
[26:45] big thing. We do a lot with Amazon. Um
[26:48] we, you know, we release a lot of their
[26:50] films. We did Hail Mary this year, which
[26:53] again did 100 million in IMAX. Really
[26:55] big success. Great movie. Um with
[26:58] Netflix, we're doing the sort of sequel
[27:01] to Once Upon in Time in Hollywood. It's
[27:04] directed by David Fincher, written by
[27:07] Tarantino, Cliff Booth, and um um Brad
[27:11] Pitt stars.
[27:12] >> That's gonna get an IMAX. That's gonna
[27:13] get an IMAX release
[27:14] >> between Thanksgiving and Christmas this
[27:16] year. And remember, Brad Pitt, you know,
[27:18] was the biggest movie he ever did. And
[27:20] he loves IMAX cuz we helped make that.
[27:23] So, he's going to promote that. And it's
[27:26] exclusively in IMAX. And then it's
[27:29] running um afterwards Netflix streaming.
[27:32] Yeah. Yeah.
[27:32] >> You better be there. We'll be there in
[27:34] the sweet spot.
[27:35] >> We'll go to the premiere. I don't know.
[27:36] I don't know if if you're interested in
[27:38] having us. Um, can I ask can I ask you
[27:40] about
[27:40] >> where my stock is and how much you own.
[27:42] >> Fair. Can I ask can I ask you about uh
[27:45] uh some Nolan stuff?
[27:47] >> Sure.
[27:47] >> Okay. So, I saw it in IMAX, but I didn't
[27:50] get to the 70 mm cuz those were sold out
[27:52] a year ago. So, I saw it in like one of
[27:55] the retrofitted theaters that you guys
[27:57] have
[27:58] >> digital theater.
[27:59] >> Dig. Yes. I It was amazing. It was the
[28:02] unbelievable experience and uh I think
[28:04] everyone I think that's a universal
[28:07] sentiment that you're hearing from
[28:08] people coming out of it. Um you guys
[28:11] worked with Chris Nolan to invent
[28:13] special cameras to allow him to film the
[28:16] entire movie with IMAX. You did some
[28:19] technological stuff where one of the
[28:22] constraints was that it used to be
[28:23] really noisy. You created something
[28:26] called the blimp so that the actors
[28:27] could look at each other and emote and
[28:30] not have something clicking and worring
[28:32] in between them. So you went to great
[28:34] lengths to make this movie. You're
[28:36] almost like a co-producer of the movie
[28:38] at that stage when you're getting that
[28:40] in that deep. What else did you learn
[28:42] from that experience with the Odyssey,
[28:45] both the technological side of actually
[28:47] filming it and then the release? What do
[28:50] you take away from that experience
[28:51] that's going to be meaningful for IMAX
[28:54] in the future?
[28:55] >> Well, the first thing is when Chris
[28:56] Nolan asks you to do something, you just
[28:59] do it. And the camera and the blimp were
[29:02] just part of it. He had a list of 15
[29:04] things. He wanted like a parts dump all
[29:08] over the world. So, if the projector
[29:10] broke, there were parts nearby. He
[29:12] wanted us to train projectionists. He
[29:15] had a lot of things to do and we did all
[29:18] of them.
[29:19] that proved to be a really good thing.
[29:21] We also learned from him that it has a
[29:24] lot to do with the director leaning in.
[29:27] So, we did Sinners um with with Ryan
[29:30] Cougler and um he did an incredible job
[29:34] leaning in. If you remember, he invented
[29:36] this little aspect ratio book which he
[29:40] sent all over the place. And you know,
[29:42] Denise is leaning very much into um um
[29:46] Dune 3. So, it's not just the technology
[29:50] and you need the filmmaker to say this
[29:52] is the way I made it and this is what
[29:54] the way they're thinking about IMAX as
[29:57] they're like in pre-production for the
[29:59] film. It's not a oh yeah, we'll also do
[30:01] IMAX central to the shots and as they
[30:05] think about how it looks. And you made a
[30:07] very good point which a lot of people
[30:09] don't know is that, you know, part of
[30:11] Chris's motivation um for the blimp was
[30:14] getting more out of the actors cuz you
[30:17] know, think about the Odyssey when Matt
[30:19] Damon went through the the um the the
[30:22] singing of the sirens. You know, he was
[30:24] in the middle of a boat in the middle of
[30:26] the water strapped to it. I mean, the
[30:29] last thing he needed was a camera that
[30:31] was screeching in his face. That
[30:33] actually might have killed him. I don't
[30:34] want to give away a spoiler, but he
[30:36] survived it.
[30:37] >> Worse than the sirens, right?
[30:39] >> And so what we're doing now is we're
[30:41] really leaning into the economics of it
[30:44] to studios and filmmakers and we're
[30:46] saying, you know, look how how long the
[30:50] pre-sales, the tail was, look how long
[30:53] in advance um everything sold out. Look
[30:56] at the legs. So you you know, let's talk
[30:58] about that for a second. So today we'll
[31:00] be around 300 million in the movie and
[31:03] with the 40 in backlog and it's going to
[31:06] be around till September. So you know
[31:09] someone called me yesterday and said wow
[31:11] this movie could do 350. I said you know
[31:14] why don't you get a calculator and add
[31:16] up the numbers. You know that's sort of
[31:18] the bottom of the range.
[31:20] >> Yeah.
[31:21] >> Do you have any thoughts on um what's
[31:24] happening in Hollywood with Paramount
[31:25] and Warner? Um,
[31:28] uh, Adam Aaron just came out in favor of
[31:30] it. I think so did the CEO of Cinemark.
[31:33] Um, is that going to be good for the
[31:34] movie industry? What do we think?
[31:37] >> You know, the future is so uncertain in
[31:39] the movie industry, but the number of
[31:42] prognosticators is not uncertain. There
[31:44] are more and more every week. So,
[31:47] remember during co when the
[31:49] prognosticators
[31:50] kind of fueled by Netflix said no one's
[31:53] ever going back to the theaters. um you
[31:57] know that everybody's going to sit in
[31:59] their living room chained to the couch
[32:01] with their kids screaming and um eating
[32:04] leftovers. You know, the
[32:05] prognosticators, if I could say one
[32:07] thing about them, they've almost always
[32:09] been wrong about the future of the movie
[32:11] business. Like when television came out
[32:14] and radio, that was the end of the movie
[32:17] business. and you could find all the
[32:19] research and the people who said that,
[32:21] you know, I think it evolves and you
[32:23] just don't know where it goes. So,
[32:26] you're right, the loss of Warner
[32:27] Brothers is an obvious, you know, loss
[32:30] on the one hand of some of the creative
[32:33] talent and movies. On the other hand,
[32:36] the introduction of um of all the
[32:39] streamers in as a source of a lot more
[32:41] content. And as I just told you with F1
[32:45] and with Hail Mary, they're both from
[32:47] streamers. They've been among the best
[32:49] content we've had. And David Ellison has
[32:52] promised 30 movies a year. This morning
[32:55] it came out and they said 45day window.
[32:58] So he always was more competitive. I
[33:00] remember when remember Universal had its
[33:03] 17-day SVOD window. There are too many
[33:07] pieces that evolve where I can predict
[33:10] and say this is good or bad, the
[33:13] beginning or the end. I think it's
[33:15] almost organic and I think it'll depend
[33:18] as much on the merger as the way people
[33:21] respond to it. So, one of the
[33:23] settlements I read might happen is they
[33:26] might sell one of the lots off. So, you
[33:29] know, who's the buyer of the lot? What
[33:31] happens there? You know, I think it's
[33:33] too easy to say, you know, it's bad. I
[33:36] think we'll see.
[33:37] >> The movie business, as you put pointed,
[33:39] is incredibly hard to predict. It's like
[33:40] the stock market. I mean, William
[33:42] Goldman wrote the adventures of screen
[33:43] trade in, and I think the 80s talking
[33:45] about how nobody knew what was going to
[33:46] succeed or not. Matter of fact, in the
[33:48] video that I made when I pitched uh IMAX
[33:51] for the first time in 2024, I said that
[33:53] indie movies are dead, and they were.
[33:56] And I said that you guys are in a unique
[33:58] position because movies are an event and
[34:00] when there's an event, people go to
[34:01] IMAX. Of course, in 2026, indie movies
[34:04] are very back, right? Like there's uh
[34:06] Back Rooms was huge and Obsession
[34:08] monster movie. One of the things that we
[34:10] as movie goers lost over the last
[34:12] decade, which makes me very sad as a as
[34:14] a fan, are comedies. I think comedies
[34:16] died for two reasons. Josh and I were
[34:18] talking about this. One was cancel
[34:19] culture, and two was these movie stars
[34:22] were getting like Appetiz Crew. just
[34:23] getting too expensive and the economics
[34:25] were upside down and people weren't
[34:26] going to the movies. There was that,
[34:27] too. I saw The Invite uh a month ago.
[34:30] Did you see that movie?
[34:31] >> I haven't. Amazing.
[34:32] >> I know about it, but I haven't seen it.
[34:33] >> Amazing. I I knew nothing about it. And
[34:36] it's the hardest I've laughed in a
[34:38] theater in 10 years. And it was a packed
[34:40] audience. And there's nothing like being
[34:43] in a theater with other people having
[34:45] that belly laugh. You know, you you
[34:47] don't get on your couch. So because
[34:49] movies are back and you would you you
[34:51] would see this like can we get comedies?
[34:53] Could comedies make a comeback or they
[34:55] just dead forever?
[34:55] >> Not that particular comedy though.
[34:57] >> They never leave the apartment.
[34:59] >> I don't know if that's anxious.
[35:01] >> It's probably not an IMAX.
[35:02] >> Can comedies as a genre come back.
[35:04] >> So you reminded me of something when you
[35:06] said you made a movie. So, some of our
[35:08] fans after Odyssey came out um went to a
[35:11] theater and they built a little Trojan
[35:14] horse on a wagon and two of them hid in
[35:17] this box in the wagon and one went in
[35:20] and bought a ticket and snuck the other
[35:23] two in and then while they were going
[35:25] the doors open and they fell out, the
[35:27] two guys. But the so the answer is the
[35:30] amount of creativity is so strong. You
[35:33] know, I never say no never about
[35:36] anything. I I think sure comedies could
[35:38] come back and succeed and you know you
[35:40] named one of the examples of that and
[35:43] even what's the one with Glenn Pal the
[35:46] romcom he did?
[35:47] >> Oh Sydney Sweeney Sweeney.
[35:49] >> Yeah there are some Yeah sweetie right?
[35:52] Um that that one that one came back. So
[35:56] I think yeah there'll be comedies. I'm
[35:58] I'm not sure how many will be in IMAX
[36:01] because again you've got to do big box
[36:03] office and you know I it you know IMAX
[36:06] might make a comedy funnier. We know
[36:09] that it'll make a big movie
[36:12] action comedies. You you guys can um I
[36:15] think one thing that the prognosticators
[36:17] were right about um I agree with you.
[36:19] They're always saying this is the end of
[36:20] whatever. People don't go to the movies
[36:23] anymore. And I think this plays into
[36:25] your favor actually. They go to a movie.
[36:29] So, I remember growing up in the 80s on
[36:31] Long Island and if it was raining, we
[36:33] would say, "Let's go to the movies and
[36:35] you would go and whatever was playing,
[36:37] you'd pick something." Um, I don't think
[36:40] people think that way now. I think the
[36:42] way they think is, "I need to see that
[36:44] movie that is an event to Michael's
[36:47] point and I want to see it in IMAX." So,
[36:49] I actually think the consumer
[36:53] tastes have changed and they think about
[36:55] movies as an event. And what a what
[36:58] better way to experience that than IMAX.
[37:01] >> Well, you I mean you were leading right
[37:03] into our corporate strategy is we did
[37:05] like a mission statement years ago and
[37:08] we said rather than people saying you
[37:11] know let's go see that movie. We thought
[37:14] people would should wake up and say
[37:16] let's go to the IMAX. And I know some
[37:18] fans who just think whatever you're
[37:20] showing because of the way that it's
[37:22] displayed it's going to be a worthwhile
[37:24] event. My stepson is one of those. Every
[37:27] weekend he's going to an IMAX uh movie
[37:31] somehow and that's that's kind of my
[37:33] dream when they wake up say let's go to
[37:35] the IMAX and I think this time with
[37:38] Odyssey it's definitely playing out that
[37:40] way.
[37:40] >> Well it definitely is. So I think right
[37:41] now for for movies to make it there's
[37:43] three ingredients. One is IMAX. I mean
[37:46] you guys are at the top of the list.
[37:47] Like when you're on a movie poster
[37:49] you're above the director and the the
[37:50] actors. So you're one leg of the stool.
[37:52] The other is the movie star and maybe
[37:55] most importantly is the director. I feel
[37:57] like with Nolan and Denise, like
[37:59] directors are the new movie stars.
[38:01] People show up to see Paul Thomas
[38:02] Anderson. Yeah, it's great that the cap
[38:04] is in the movie, but they're there for
[38:05] the director. I think you're partly
[38:07] right. I mean, definitely with Chris and
[38:09] with Denise and PTA also, but he has a
[38:13] smaller base. You know, you could count
[38:15] on one hand, but you know, showing up
[38:18] for the director and how well they do.
[38:20] uh Spielberg, Scorsesi's
[38:23] Spielberg and Scorsese, but yeah, those
[38:26] movies, you know, kind of cap out at a
[38:28] lower number. So, I think they they'll
[38:31] get you something, but I think you need
[38:33] a really good movie. You need the star
[38:35] >> als
[38:38] 2027 like I think Zelda is going to be a
[38:40] monster.
[38:41] >> Yeah, we I met um the I forget the
[38:44] director's name. He's very cool. He's a
[38:46] great guy. That's an example. The guy
[38:48] called me out of the blue like about a
[38:50] year ago and um he said it has to be an
[38:53] IMAX and I
[38:54] >> The Legend of Zelda which is the
[38:56] Nintendo IP.
[38:57] >> Exactly. That guy did the the um the the
[39:00] Last Planet of the Apes movie I believe.
[39:02] >> Yeah. It's a it's a great example and we
[39:04] you know that's next year.
[39:06] >> That's next year.
[39:07] >> What else do you have?
[39:08] >> We have the new um we have the
[39:10] >> It'll make it easy for you. Thomas Crown
[39:12] affair.
[39:12] >> This is not an IMAX unfortunately.
[39:14] >> Thomas Crown is film Primax. There's a
[39:17] new Star Wars and I know you're rolling
[39:19] your eyes because of Mandalorian, but
[39:21] this one I was on set. Ryan Gosling. It
[39:24] reminds me the the Harrison Ford kind of
[39:27] Star Wars. I think it's going to be a
[39:29] big movie. Frozen is out next year.
[39:32] >> Minecraft will be big.
[39:33] >> And then there's um the sequel to
[39:35] Avengers is out next Christmas at the
[39:38] end of next year. I think Dune's going
[39:40] to play in to next year. Chinese New
[39:43] Year. Um, this year a lot of movies
[39:46] weren't made. Next year a lot of movies
[39:48] were made. So I think we're going to do
[39:50] very well. Um,
[39:52] >> it's hard for me to read that thing. Um,
[39:54] >> The Mummy, Frozen 3, Great Beyond. So
[39:58] this is visibility. You don't know which
[39:59] of these will be the biggest hits.
[40:01] >> Strike five. Shrek five is going to be a
[40:02] monster.
[40:03] >> Yeah. You know, you don't know which of
[40:05] these are the biggest hits.
[40:06] >> Mana tomorrow,
[40:08] >> but you know, you're going to have
[40:08] product people want.
[40:10] >> And most of them already signed up. We
[40:12] know the dates. it's already dealt with.
[40:14] That's why I was saying in response to
[40:16] your question before that it's not a
[40:18] predictable business. I think it's more
[40:21] predictable than almost any business
[40:23] because we know the theaters are in
[40:24] backlog. We're installing. We know the
[40:27] movies that are coming out. Um, you
[40:29] know, we have great visibility. We don't
[40:32] know the box office, but you guys are
[40:34] like this. It's like the market. You
[40:36] know, I have 120 pieces of content. If
[40:38] you have enough diversification,
[40:41] you know, you know, you're going to hit
[40:43] on some and you're going to miss on
[40:44] some, but you can, you know, last year
[40:47] we guided to 1.2 billion and we came in,
[40:51] I think, around 1.3 billion. Um, this
[40:54] year we guided to 1.4 and I think at the
[40:58] moment we're about 300 million away with
[41:01] 7 months to go, maybe a little bit more.
[41:03] So, but you know, we have good
[41:04] visibility. So, I heard you respond to a
[41:07] Bloomberg reporter earlier this year.
[41:10] Uh, there were rumors going around about
[41:12] IMAX being for sale or being acquired or
[41:15] whatever the case may be. And, uh, you
[41:18] said if there's something to say, I'll
[41:20] say it, you know, but right now there's
[41:21] nothing to say. I can't believe that you
[41:24] haven't been bought out yet. Given how
[41:26] long IMAX has been around, how big the
[41:28] brand is, the point that Michael made,
[41:30] the brand versus the market cap might be
[41:33] one of the most lopsided situations like
[41:35] that in the whole stock market. Um, I
[41:39] know you're not going to tell us, yes,
[41:40] we're selling the company, but like you
[41:43] must get offers, I don't know, every
[41:45] week, every month, or is it not that
[41:48] way? There have been people kicking the
[41:49] tires over a very long period of time.
[41:53] Um, and you know, if someone puts the
[41:56] right number out there, like I told
[41:58] Bloom Bloomberg, you'll be the second
[42:00] stop on the tour if you'd like.
[42:01] >> Okay. But um you know we just don't talk
[42:04] about I mean you know the best thing
[42:06] that's happened to this company is that
[42:08] it didn't sell 10 years ago because
[42:10] we've said we have so much promise in it
[42:13] and we run it to maximize shareholder
[42:15] value and if someone comes along you
[42:18] know at a blowway price we'll talk
[42:21] >> but we're not actively to you know
[42:23] seeking out anybody.
[42:24] >> Okay. You're not asking people hey what
[42:26] would you pay for this but you're
[42:28] listening if people come to you. I think
[42:31] I answered the question.
[42:32] >> Yeah. Okay. Fair. No. Fair. Fair enough.
[42:34] Understood. Uh would you ever get into
[42:36] making your own content
[42:37] >> now that you've had this taste of
[42:39] working directly with Nolan?
[42:40] >> Well, we do. I mean, as you know, we
[42:42] make we used to make whale seals
[42:46] documentaries. Now, um we did one with
[42:48] Amazon, which is very interesting. We
[42:50] did Blue Angels with Amazon and they we
[42:53] opened it fairly wide and um then it
[42:57] went on the streaming service later. But
[42:59] then we brought it into the
[43:01] institutional market after that. So we
[43:03] make those kinds of movies. I think you
[43:06] know your question was more about
[43:08] commercial movies. I I think you'll be
[43:11] very interested it'll be very interested
[43:13] to see what happens with Cliff Booth cuz
[43:16] it's being released exclusively in IMAX
[43:20] theatrically. So, you know, like with um
[43:23] alternative content, I like doing things
[43:25] and seeing how the world reacts and then
[43:29] we'll see.
[43:30] >> Okay. Uh any anything else?
[43:32] >> I'm good.
[43:33] >> Which this has been so much fun for us.
[43:34] We're uh fascinated by um the story, the
[43:38] the obviously the stock price, um but
[43:41] more importantly, uh the amazing content
[43:44] that you guys continue to put out. We
[43:45] just think it's such an interesting um
[43:48] company, such a fascinating story, and
[43:50] we really appreciate the chance to ask
[43:52] you questions about it. So,
[43:53] >> well, thanks. It's my pleasure. Uh
[43:55] there's never been a better time to talk
[43:57] about it. So, good timing, guys. Thank
[43:59] you.
[43:59] >> I agree. Thank you so much. Thanks
[44:01] everyone for watching. Thanks for
[44:02] listening. Uh I guess immac.com for more
[44:06] information.
[44:06] >> Sure.
[44:07] >> All right. Go to iMac.com to learn more
[44:09] and see that whole list of upcoming
[44:11] films and more. So, thank you guys so
[44:12] much.
