Imax Rides ‘Avatar’ Mania Past Wall Street Projections With $98 Million in Q4 Revenue

Cinemark Theatres, announced in January. An Imax representative could not be immediately reached for more details.Imax reported last month that it was once again profitable during the fourth quarter, thanks in large part to mega-hits “Avatar: the Way of Water” and Disney’s “Black Panther: Wakanda Forever.” Its success drawing key audiences had helped cement its role in the success of blockbusters.

Patrick Frater Asia Bureau Chief The recent reopening of the mainland Chinese box office, including a $1 billion Chinese New Year holiday season, has put a different complexion on the global theatrical industry. Few companies could be closer to that change in fortune than Imax China, a stock market-listed subsidiary of the Imax Corp. The company operates as both a supplier of screens, audio and projection equipment for premium cinemas and as a partner in making local Chinese films fit for exhibition in the giant format. During Chinese New Year, Imax was represented by “Avatar: The Way of Water” and four Chinese movies. Daniel Manwaring, CEO of Imax China, spoke to Variety in his first interview since taking on the top job in January.

Roberto Stabile, head of special projects, Directorate General for Cinema and Audiovisual-Ministry of Culture at Cinecittà, told Variety. “This support will increase the presence of Italian audiovisual content not only in cinemas, but also on streaming platforms, online distribution, television, everything,” he added.

Patrick Frater Asia Bureau Chief “Post-Truth,” a Chinese comedy film about a cemetery plot salesman trying to salvage his reputation in the face of online assaults, topped the cinema box office in mainland China over the weekend, ahead of another new release title “Revival.” Data from consultancy Artisan Gateway showed that “Post-Truth” earned $17.0 million between Friday and Sunday. Including preview, it has a cumulative of $20.3 million. Crime drama, “Revival” earned $10.3 million over the weekend and has a running total of $11.4 million including previews. The two newcomers dominated the box office and relegated Hong Kong-produced courtroom drama “A Guilty Conscience” to a distant third place. “Guilty” took $2.3 million (RMB15.8 million) for a cumulative of $23 million since releasing on Feb. 24.

Naman Ramachandran Director Siddharth Anand is jubilant at the continuing success of blockbuster “Pathaan,” starring Shah Rukh Khan. The film’s revenues have surpassed those of the Hindi-language dubbed version of S.S. Rajamouli’s “Baahubali 2: The Conclusion” in recent days. “Pathaan,” produced by Yash Raj Films (YRF), has grossed $126.7 million, beating the Hindi dubbed version of “Baahubali 2: The Conclusion,” which had grossed $98.8 million in 2017. “Baahubali 2,” which was made in the Telugu and Tamil languages, earned $278 million worldwide, making it the second highest grossing Indian film of all time behind 2016’s Hindi-language “Dangal” that collected $311 million globally (much of that from mainland China). “Dangal” collected $65.6 million in India and is now the fourth highest Hindi-language grosser in the country after “Pathaan,” and the Hindi dubbed versions of “Baahubali 2” and “K.G.F: Chapter 2.”

Patrick Frater Asia Bureau Chief Global streaming operation Netflix is forecast to spend $1.9 billion on local content in the Asia-Pacific region this year as group revenue from the region accelerates to 12%, according to a new report. The content investment spending figure represents a 15% hike. Netflix will grow revenues this year by 12% year-on-year to exceed $4 billion compared with 9% growth in 2022, says a new report published on Monday by Media Partners Asia.

At previous in-person editions of Filmart, Hong Kong’s major film companies, including Edko Films, Emperor Motion Pictures (EMP), One Cool Group, Universe Films and Media Asia, always anchored the trade show floor with huge, elaborate booths promoting the latest Hong Kong films, animation and TV series. 

TikTok.The House Foreign Affairs Committee’s 24 Republicans voted a bill through which could give the President powers to ban the video-sharing app over claims that it is a Chinese espionage tool, or any other app deemed a security risk.However, the 16 Democrats voted against the bill with Ranking Member Gregory Meeks saying he opposed the legislation because it would “damage our allegiances across the globe, bring more companies into China’s sphere, destroy jobs here in the United States and undercut core American values of free speech and free enterprise” [via The Independent]. Members of both parties have called for a ban on TikTok on the basis of its Chinese ownership, which means the company is legally obliged to turn user data over to the Chinese government upon request.The bill still needs to be passed by the full House of Representatives and the Senate before  it goes to Biden and it officially becomes law. Foreign Affairs Committee chair Michael McCaul said he expects the full House to vote on the measure this month.However, Jenna Leventoff, a senior policy counsel for the American Civil Liberties Union, criticised the legislation in a statement.“We’re disappointed that the House Foreign Affairs Committee voted to approve a bill that would effectively ban TikTok in the United States, in violation of Americans’ First Amendment rights.

Film at Lincoln Center and the Museum of Modern Art have set Savanah Leaf’s Earth Mama and Vuk Lungulov-Klotz’s Sundance Special Jury Award winner Mutt, both debut features, as opening and closing film at the 52st edition of their collaboration, New Directors/New Films, running March 29–April 9 in NYC.

Patrick Frater Asia Bureau Chief Maoyan, the Chinese film ticketing agency and film distribution company, has issued a warning that profits for 2022 are set to take a steep dive. Revenue for last year is expected to come in at RMB2.27 billion and RMB2.37 billion, representing a decrease of up to 31% compared with 2021. Profit attributable to the owners of the company will range between approximately RMB70 million and RMB120 million, representing a decrease of approximately 67% to 81% compared with attributable profit in 2021, which had been RMB369 million. The company’s fortunes are closely allied to the trend of the mainland Chinese box office. Nationwide theatrical grosses took a huge tumble in the second half of the year as the government stepped up its battle against the COVID outbreak, causing the full year box office to fall by 36%.

A highly sought-after rare 50p coin is allowing people to turn a tidy profit following a bidding war.

Shalini Dore Features News Editor Before there was “RRR,” director S.S. Rajamouli had box-office smashes like the two-part “Baahubali,” which proved how adept he is at making hits. But among Indian audiences, there is a deep divide between those who applaud that the rest of the world is waking up to his brilliance and those who are horrified that a “dubba” — or hollow film — is being lauded. I’ve heard it from my own Indian friends and relatives who have been reaching out to ask: what are they missing? Reports of viewers dancing at Hollywood’s iconic Chinese Theater to the Oscar-nominated song “Naatu Naatu” horrify these purists. But if you embrace what Rajamouli is doing, “Naatu Naatu” — which is not really the best song in Indian or Telegu films, or even in “RRR” — has somehow captured the zeitgeist, just as the film itself has. 

One year since Russia launched its invasion of Ukraine, networks continue to rotate reporters in and out of the country. Media outlets reassess security precautions as the nature of the battle changes. Correspondents are preparing for the possibility of an even longer and more brutal war, perhaps with even more risks and uncertainties.

Brent Lang Executive Editor Sometimes it takes more than a pair of global blockbusters to shake off the lingering impact of a devastating public health crisis. Quarterly sales and profits fell at Imax despite the commercial success of “Avatar: The Way of Water” and “Black Panther: Wakanda Forever.” The big screen company recorded revenues of $98 million, a 10% drop from the $108.6 million that Imax recorded in the year-ago period. The company also recorded profits of $2.6 million, compared to the $10.1 million that Imax logged in the year-ago period. That came out to earnings of 19 cents a share, which failed to match the profits of the 31 cents that Imax recorded in the same period in 2021.

Imax chief executive Rich Gelfond said blockbuster titles will probably be back on Imax screens later this year, as per Top Gun: Maverick last year and, more recently, Titanic’s 25th anniversary re-release.

Imax said today it expects return to pre-pandemic gross box office level of $1.1 billion in 2023.

Ant-Man and the Wasp: Quantumania,” Disney/20th Century’s “Avatar: The Way of Water” has reached one last box office milestone in its tenth weekend in theaters by passing the lifetime gross of “Titanic” with a global total of $2.24 billion. This means that the Best Picture Oscar-nominated sequel sits only behind the first “Avatar” and “Avengers: Endgame” in third on the all-time global box office list before inflation adjustment.

Despite Disney/Marvel Studios’ Ant-Man and the Wasp: Quantumania soaking up the global box office with $225M start, the studio’s sister 20th Century Studios/Lightstorm James Cameron sequel Avatar: The Way of Water refuses to stop, despite the fact that the former title has all the premium tickets. Avatar: The Way of Water‘s running worldwide total now stands at $2.243 billion, making it the third highest movie ever, sending Cameron’s own Titanic (which recently had a re-release) to fourth with $2.242 billion.

Rebecca Rubin Film and Media Reporter James Cameron’s blockbuster epic “Titanic” has relinquished its spot as the third-highest grossing movie in history to another James Cameron blockbuster epic, “Avatar: The Way of Water.” The sci-fi sequel has generated $2.2433 billion globally, enough to overtake “Titanic” with $2.2428 billion at the worldwide box office. Now, “The Way of Water” trails only “Avatar” ($2.92 billion) and “Avengers: Endgame” ($2.7 billion) on all-time box office charts. Cameron, the sole filmmaker with three movies to gross $2 billion or more, has directed the first, third and fourth biggest releases ever. Like the original “Avatar,” the follow-up’s success is attributed to its generation-spanning appeal as well as the incentive to watch the film in premium and 3D formats. On Imax screens, the movie has crossed $250 million. That’s more coinage than many films manage to earn in their entire theatrical runs.

“Ant-Man and The Wasp: Quantumania” is already getting fans buzzing at the box office.