IMAX (IMAX) The Bank of America 2024 Media, Communications and Entertainment Conference summary

Business model and market positioning

• Operates as a technology platform, licensing to 1,800 theaters in 90 countries, with two-thirds of revenue from outside North America.

• Asset-light model with no concessions, leases, or debt, differentiating from traditional exhibitors.

• Revenues remained flat in 2023 compared to 2019, despite a 30% industry decline.

• Market share has increased 33–40% since the pandemic, with premium experiences driving growth.

• Premium ticket pricing is seen as an affordable luxury, with a $5 or 40% premium over standard tickets.

Industry trends and growth drivers

• Theatrical business is outperforming other media segments, with strong momentum into 2025–2026.

• Global exhibition is growing, especially in developing regions like the Middle East and Asia.

• Western markets are shifting from building new screens to investing in premium formats.

• 100 new IMAX systems signed year-to-date, returning to pre-pandemic levels.

• Install guidance increased to 130–150 for the year, above 2023’s 128 installs.

Content strategy and leverage

• Fourteen films shot with IMAX cameras are set for release next year, double previous years.

• Films shot with IMAX cameras perform 20% better on average; blockbusters like Oppenheimer and Dune delivered multiples more.

• Studios and top-tier directors increasingly prioritize IMAX for major releases.

• Alternative content, such as concerts and live events, is expanding capacity utilization and margins.

• Local language and foreign content now make up about 20% of programming, with potential for further growth.