IMAX extends venture with Tokyu for five new systems in Japan

IMAX has expanded its joint-venture partnership with Tokyu Recreation to install five new digital IMAX systems. The companies have already worked on four IMAX theatres installed in 2009.

The companies said those four theatres (in Kawasaki, Nagoya, Minoh and Shobu) had been highly successful thanks to strong performance by the likes of Avatar and Alice in Wonderland.

The new five systems will be installed by June 2012. The first two, in the greater Tokyo area, should be finished by November 2010.

IMAX and Tokyu will share the cost and profits of the new theatres.

IMAX Chief Executive Office Richard L. Gelfond joined executives from Tokyu Recreation in Tokyo, Japan to announce the new theatre signings.

“The performance of our four joint venture IMAX theatres has been very strong, increasing our market share and delivering an incredible consumer experience that is simply the best way to see event films,”said Hitoshi Sato, President of Tokyu Recreation. “We are pleased to further our commitment to IMAX by adding five new theatres that will serve even more consumers in key markets throughout Japan.”

IMAX Chief Executive Office Richard L. Gelfond added: “Our Tokyu joint venture theatres are among our highest performing IMAX locations, and this success, combined with being associated with a top Japanese exhibition brand, is contributing significantly to the increased visibility of our own brand with consumers and exhibitors in the market.”