CinemaxX rides 3D wave to record results
German multiplex group invested $9 mil in technologyCOLOGNE, Germany -- The 3D boom helped German multiplex group CinemaxX move into a new dimension -- that of profitability. The exhibitor, which is controlled by Herbert Kloiber's Tele-Munchen Group, posted record results for 2009, with sales climbing 16% to €195.4 million ($263 million) and the company booking a net profit of €20 million ($27 million) compared to a €5 million loss in 2008.
3D was a key factor in the CinemaxX turnaround. The group invested close to $9 million last year outfitting around 60 of its screens with 3D technology ahead of the "Avatar" boxoffice explosion.
CinemaxX says it expects the investment in 3D to continue paying dividends this year. Many of Germany's smaller exhibitors have not yet upgraded to 3D, giving larger groups like CinemaxX a competitive advantage with hot 3-D titles such as "Alice in Wonderland" and "How to Train Your Dragon."