IMAX Banks on China For Growth

IMAX Corp, Giant-screen movie operator, said on Tuesday that it was in talks with at least five film companies in mainland China as the company moves to make its presence in Asia permanent. “The U.S. has 300 million people with 35,000 screens. China has 1.3 billion people and 4,000 screens, the opportunity speaks for itself,” chairman and president of Filmed Entertainment Greg Foster told Reuters in an interview. IMAX announced a film deal with China’s biggest studio (Huayi Brothers), for IMAX’s first foreign language flick, “Aftershock,” which is scheduled for release in 2010. The Canadian company has 20 theaters in China, and Don Savant, senior vice-president and managing director, Asia Pacific, said that by 2013, IMAX would have more than 30 theaters in commercial multiplexes in China. If all goes well, we might have an IMAX theater right here in Qingdao.

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