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Imax Welcomes WTO Agreement With China

IMAX Logo - H 2012

The change in Chinese policy on foreign media is good news for the giant screen exhibitor, which has spent 15 years establishing itself in the Asian market.

TORONTO - China agreeing to import more Hollywood movies has been welcomed by Imax, a key beneficiary of the loosening of policy on foreign media in that Asian market.

“We are pleased that the new agreement highlights Imax and allows for even greater flexibility to bring Imax films into China within a structure that fosters more growth and collaboration,” Imax CEO Richard Gelfond said on news of the WTO agreement with China.

The deal allows the U.S. to export more 3D and Imax movies to China.

That’s good news for Toronto-based Imax, which has taken 15 years to slowly build its presence in China, where it currently has 217 theaters already open or contracted to open.

“… we believe this significant development will help us further our network expansion efforts and enable Imax to continue providing Chinese consumers with great films from both Hollywood and China,” Gelfond said.

Conversely, Imax said it will bring Chinese films digitally remastered in its giant screen format into the U.S. market.

The Canadian-based exhibitor has had box office success in China with local language titles like Aftershock and Flying Swords of Dragon Gate.