IMAX China, a subsidiary of the Canadian movie-screen exhibitor, saw a significant growth in 2015 in the flourishing Chinese entertainment market. The company stated in its earnings report that it had a profit surge of 66.9 percent in 2015.
According to the Hollywood Reporter, IMAX China's box office reached $312.4 million â€“ a 53.8 percent increase over net grosses in the territory in 2014.
IMAX screened 31 movies in China in 2015, of which eight were local-language Chinese titles. The continuously growing per-screen average is definitely a good sign, and it has encouraged the company to install more IMAX screens in the upcoming years.
In fact, "Furious 7," which was one of the highest grossing movies internationally in 2015, was the reason for IMAX's success in China as well. Reportedly, it earned a record $39 million for IMAX box office. A local hit titled "Monster Hunt" also gathered a whooping $27 million in 2015 for IMAX.
IMAX is planning to celebrate these successes and many others, by opening 100 new screens across the country in 2016. In 2015, the company installed 74 screens, taking the number of screens in the country to current 307.
Meanwhile, Colin Low, one of the co-developers of IMAX format who was also a former head of animation at the National Film Board of Canada, died on Feb. 24 in Montreal. Low was 89 and is survived by wife Eugene and three sons, Alexander, Ben and Stephen.