(YicaiGlobal) Feb. 27 — The film technology corporation IMAX Corp [NYEX:IMAX] said it has signed agreements with one of the largest Chinese film distributers Bona Film Group Ltd. [NASDAQ:BONA], planning to add 30 IMAX cinemas in China, thereby causing China to exceed the US as its biggest market in the world.
Data shows that, by the end of last year, 149 Chinese cities had introduced 407 IMAX screens, and owned 334 contracted cinemas under construction.
A press release IMAX and Bona released on Feb. 27 says the latter plans to open five cinemas each year from 2017 to 2022. The assignment of this agreement means that the number of IMAX cinemas under Bona will rise to 35, up from an earlier five. Bona thus ranks among IMAX’s top five cinema cooperative partners in China.
In 2012, Bona established its first IMAX cinema in Tianjin, a city in eastern China, followed by another three in Beijing, followed by Taiyuan in Shanxi province and Wuhan in southeastern Hubei. The fifth is expected to be set up in Dalian, in northeastern Liaoning province.
Recent years have witnessed a robust development of China’s film market, and its box office revenue has experienced vigorous growth since 2008, with an annual increase of nearly 30 percent. However, due to a low point in growth and the fierce competition cinemas in large cities confront, the data analysis company Analysys International forecasts that total box office revenues in the Chinese film market last year will reach an estimated USD7 billion (CNY46 billion), up by only 4.6 percent over the previous year.
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