Imax China Stock Skyrockets By 90% as Box Offices Hit New Revenue Record $1.6 Billion During Lunar New Year
March 1, 2021 (Investorideas.com Newswire) Imax set a new box-office revenue record in China during the Lunar New Year weekend. According to the research data analyzed and published by Stock Apps, the company generated $25 million in revenue during the Lunar New Year weekend 2021. Compared to a similar period in 2019, that marked a 45% increase.
Based on data from Reuters, Imax China Holding shares soared by 87.9% on Tuesday, February 16, 2021, following the holiday weekend. That was their highest level since June 2018.
Detective Chinatown Grossed $398 Million
During the holiday weekend, Detective Chinatown was Imax's highest grossing film. The movie also made history by becoming the biggest opener in China's box office.Furthermore, it made history for having the biggest opening weekend in a single market.
In the three-day period, Detective Chinatown grossed an estimated 2.57 billion RMB ($398 million). That was higher than Avengers: Endgame's 2019 five-day debut in China which grossed 2.2 billion RMB. It was also higher than Endgame's 2019 North American launch which grossed $357 million.
Overall, China's box office revenue reached 10 billion yuan ($1.55 billion) by February 16, 2021 according to ticketing platform Dengta. Comparatively, the pre-pandemic high set in 2019 was 5.9 billion yuan.
Imax revenue sank by 74% YoY in 2020, compared to the global box office market decline of 71%. According to Comscore and Gower data, worldwide ticket sales in 2020 amounted to $12.4 billion against 2019's $42.5 billion.
China generated 20.4 billion yuan ($3.13 billion) in box office revenue in 2020. Though this was 68.2% lower than the 2019 total, it made China the top box office market globally. North America grossed $2.09 billion, plummeting 80% from $11.32 billion in 2019.
The full story, statistics and information can be found here: https://stockapps.com/blog/2021/02/26/imax-china-stock-skyrockets-90-as-box-offices-hit-new-revenue-record-1-6-billion-during-lunar-new-year/
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