Why IMAX Is Becoming Bigger Than the Movie

Summary

The Town with Matthew Belloni: Episode Summary

Episode Title: Why IMAX Is Becoming Bigger Than the Movie
Release Date: July 30, 2025
Host: Matt Belloni
Guest: Rich Gelfond, CEO of IMAX

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Introduction: The Ascendance of IMAX

In this episode of The Town with Matthew Belloni, host Matt Belloni delves into the burgeoning dominance of IMAX in the cinematic landscape. As IMAX branding begins to overshadow movie titles on billboards and marketing materials, Matt explores the factors contributing to this shift and its implications for the movie industry. To provide an insider perspective, Matt welcomes Rich Gelfond, CEO of IMAX, for an in-depth discussion.

IMAX's Growing Influence in Movie Marketing

Matt starts by observing the increasing prominence of IMAX logos in movie promotions. He notes, “more and more the word IMAX will be on those billboards, often bigger than the title of the movie itself” (Matt Belloni, 01:22). This trend signifies a strategic pivot where the cinematic experience offered by IMAX is marketed as a primary draw, sometimes even eclipsing the movie itself.

Rich Gelfond concurs, highlighting IMAX’s integral role in movie marketing: “We're very involved in the marketing materials and approvals... being part of the movie” (Rich Gelfond, 04:34). This collaboration ensures that the IMAX experience is seamlessly embedded into the film’s promotion from the outset.

Operational Model and Market Share

IMAX operates predominantly through licensing its proprietary technology to theaters rather than owning them outright. With approximately 1,800 screens globally and around 372 in the U.S., IMAX commands about 3.6% of the global box office—a figure that surges to 15-20% during the summer blockbuster season (Matt Belloni, 02:30). The company’s recent earnings report showcases impressive growth, with its stock price climbing 45% over the past year.

Collaborations with High-Profile Filmmakers

A significant factor in IMAX’s success is its collaboration with renowned directors like Christopher Nolan and Denis Villeneuve. Rich explains, “it was shot with IMAX cameras... the whole movie is or parts where the aspect ratio which as you know is different” (Rich Gelfond, 06:30). This partnership not only enhances the visual and auditory experience but also elevates the film into an "event" category, attracting larger audiences.

The partnership extends to technological advancements, such as the development of new IMAX cameras. “We built four new cameras, and the first time we use them is on the Odyssey” (Rich Gelfond, 08:04), showcasing IMAX's commitment to innovation and improving the filmmaking process.

Competitive Landscape and Theater Chain Rivalries

As IMAX's influence grows, other major theater chains like Cinemark, Regal, and Marcus are feeling the pressure to innovate. Bloomberg reported that these chains are considering jointly marketing a competitive big-screen format to counter IMAX's dominance. Rich responds confidently, “Not threatened at all” (Rich Gelfond, 15:21), emphasizing IMAX’s unique position anchored by proprietary technology and deep filmmaker relationships.

He further explains, “we have something called R and D. Yes. Money. We have a culture” (Rich Gelfond, 16:13), asserting that IMAX’s continuous investment in research and development keeps them ahead of potential competitors who may attempt to replicate the IMAX experience without the same level of technological integration.

Technological Innovations and Expansion Plans

IMAX isn’t resting on its laurels. The company is actively expanding its screen count globally, particularly in China, where they have approximately 800 screens out of 80,000 nationwide. Rich reveals, “the year has gone extremely well” (Rich Gelfond, 12:14), citing successful releases like “Fantastic Four” and “Sinners” that have performed exceptionally well in IMAX theaters.

Looking ahead, IMAX aims to double its current screen count to around 3,600 screens. Rich mentions, “We are at about 1800 now, so double where we are now” (Rich Gelfond, 20:24), indicating ambitious growth targets for the next decade.

IMAX’s Global Footprint and Diversified Content

A notable aspect of IMAX’s strategy is its diversification beyond Hollywood. With a significant portion of their box office revenue coming from international markets, particularly China, IMAX has successfully integrated local language films into their offerings. Rich states, “almost 40% of it is local language film... Demon Slayer” (Rich Gelfond, 27:53), highlighting the importance of catering to diverse audiences and not relying solely on Western cinema.

Future Outlook: Sustaining Growth Amidst Challenges

Despite the positive trajectory, Rich acknowledges potential challenges, including the unpredictability of movie releases and their impact on box office performance. “I'm nervous about what I don't know about” (Rich Gelfond, 26:39), he admits, indicating a cautious optimism as IMAX continues to navigate the dynamic entertainment landscape.

Matt adds, “the number of movies, the size of the movies, the quality of the movies is out of your control” (Matt Belloni, 27:11), underscoring the reliance on studio partnerships and varied film releases to sustain IMAX’s market share.

Conclusion: IMAX’s Strategic Edge and the Future of Cinema

The episode concludes with a mutual appreciation for IMAX’s strategic positioning in the market. Rich emphasizes, “It's a better experience... people are going to line up to be part of it” (Rich Gelfond, 21:16), affirming the company’s belief in the enduring appeal of the IMAX cinematic experience. Matt Belloni wraps up by expressing enthusiasm for future IMAX releases, reflecting the strong industry momentum driving IMAX’s continued growth.

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Notable Quotes:

• Matt Belloni: “more and more the word IMAX will be on those billboards, often bigger than the title of the movie itself” (01:22)

• Rich Gelfond: “We're very involved in the marketing materials and approvals... being part of the movie” (04:34)

• Rich Gelfond: “we have something called R and D. Yes. Money. We have a culture” (16:13)

• Rich Gelfond: “I'm nervous about what I don't know about” (26:39)

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This episode offers a comprehensive look into IMAX's strategic maneuvers that have positioned it as a dominant force in the cinematic world. Through technological innovation, strategic partnerships, and an unwavering focus on enhancing the viewer experience, IMAX continues to redefine what it means to watch a movie in theaters.

Transcript

[Matt Bellany]

A reminder before we get to today's show that our next live taping of the Town will be on August 27th in Los Angeles with me and a very, very special guest. We'll be at the El Rey Theater in LA and tickets are on sale [e-mail] events. Again, that is Wednesday, August 27th. Just click on the link in this episode description to get your tickets. Hope to see you there. This episode is brought to you by FX's alien Earth. From creator Noah Hawley and executive producer Ridley Scott comes the first television series inspired by the legendary Alien film franchise. A spaceship crash lands on Earth, bringing five unique and deadly species more terrifying than anyone could have ever imagined. And a technological advancement marks a new dawn in the race for immortality. FX's Alien Earth premieres August 12th on FX and Hulu.

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[Matt Bellany]

It is Wednesday, July 30th. If you drive around LA, you'll probably see a billboard for a new movie. Fun. The studio marketing people often put their own billboards near their own studio lots so the executives can feel good about what they're working on when they're driving to work. I've always found that funny. Anyway, more and more the word IMAX will be on those billboards, often bigger than the title of the movie itself. It's pretty remarkable the format is now the bigger draw than the movie. We all know why that is. Movies aren't now considered theatrical unless they are special, and what signals to an audience that it's special more than imax, which costs a few bucks more and people associate with premium large, not your home screen. Even though there are far more premium large format theaters that aren't IMAX than those that are. For that reason, the business of IMAX has always been fascinating to me. Remember, IMAX mostly licenses its proprietary technology to theaters. They don't own the theaters themselves, and it's now at about 1800 screens around the world, 372 or something in the US. In total, IMAX captures about 3.6% of total box office now worldwide on only about 1% of screens. And in the summer that percentage goes way up. It could be 15 or 20% on some movies with the quote, filmed for IMAX label on it. We'll talk about that. IMAX reported earnings last week. Pretty good numbers. And its Stock is up 45% in the past year. There's been news on IMAX lately as well. Universal just did an interesting stunt with the Odyssey, the Chris Nolan movie. They're sold out 70 millimeter IMAX screenings a year in advance. And some of the non IMAX theaters are a little sick of all the attention and marketing that IMAX is getting. So some of the largest US theater chains like Cinemark, Regal, Marcus, they talked about jointly marketing a competitive big screen theater to blunt the influence of imax, according to Bloomberg. So what does that mean? These chains have their own brands like xd, but maybe if they all united it would be more powerful. An interesting question. So it's time to bring back Rich Gelfand, the CEO of imax. He's been on the show before. Always good. Today it's the latest on IMAX and can the other theaters build their own competitor? From the ringer and puck, I'm Matt Bellany and this is the town. Okay. We are here with Rich Gelfond, who's the CEO of IMAX and a returning champion on the show. Welcome back, Rich.

[Rich Gelfond]

It's great to be here. Matt, you're our good luck charm.

[Matt Bellany]

I know you guys are having a good summer. I feel like this is your time and your recent earnings were very good and I haven't had you on since. The trend that I have started noticing around la, which is for many of these movies now, the IMAX branding in the posters and the billboards and the pre show cards and everything is now bigger than the title of the movie itself. And it's so funny to me that this is where we are in the movie going experience, that the experience itself is what the studios are marketing now above the movies. Do they consult with you at all before they do that?

[Rich Gelfond]

Yeah, sure. We're very involved in the marketing materials and approvals. And the other thing is, you know, that a lot of people don't realize is, you know, we're involved a long time in advance, not just with the marketing. So it's a lot more than just, you know, a distribution window. It's actually being part of the movie and the studios recognize how important to audiences the IMAX of it is with kind of like a global Curator of some of this content and they lean in and it works well.

[Matt Bellany]

You're coding for event and that increasingly is what the studios are selling when they are selling movies in theaters. I first noticed it for real on I think I actually emailed you a picture on the amateur, that Rami Malek movie. That is not a typical event style movie, but 20th century fox or 20th century now they leaned into IMAX because they were trying to make it an event and now everybody is doing that. It's just funny to me because it sometimes it reads as desperate in my book. Sometimes when they do it.

[Rich Gelfond]

Fortunately though, Matt, the results don't come out as desperate. So Godzilla, they did it in a big way. Aliens versus Romulus, they did in a big way and both of those movies exceeded the box office predictions going in. So I think the reason they do it is it works.

[Matt Bellany]

Yeah. Okay. What does a filmmaker have to do to get the quote filmed in IMAX moniker in the marketing? Because we know there are mult. There are different shades of IMAX and there's different shades of what is done in the filmmaking process. There's different shades of how IMAX is presented. There's the quote from fake IMAX, there's the real IMAX, there's 70 millimeter IMAX. What does filmed in IMAX actually mean now?

[Rich Gelfond]

It means it was shot with IMAX cameras. It means that we give it a special at least two week run if it was filmed in imax. And it means the studio and the talent is going to lean into it on the marketing side and you know, the fact that it's filmed with our cameras and either the whole movie is or parts where the aspect ratio which as you know is different, it opens up into kind of a different world. It has a different look to it on the camera side. There are two ways you could qualify. One is either you could shoot with the film cameras, which obviously Chris Nolan does and Denis Villeneuve is going to do in the new Dune 3 coming up.

[Matt Bellany]

What about Bond? Has he committed to IMAX for Bond?

[Rich Gelfond]

We haven't had discussions yet, Matt, but obviously he's a big fan so we're hopeful. Or you film it in a digital camera, which. So for certain kinds of digital cameras we've created proprietary add ons that make the filming special and make the aspect ratio special.

[Matt Bellany]

But it doesn't have to be the whole movie. It can be a portion and still get that moniker. Filmed in imax.

[Rich Gelfond]

Yes, exactly.

[Matt Bellany]

And the Odyssey is the first movie to be filmed entirely with this new film. Version of the camera. Correct. There's a digital version and then there's a film version. And the Odyssey is getting a new IMAX film camera. If I got that correct. Right.

[Rich Gelfond]

Yeah. We built four new cameras, and the first time we use them is on the Odyssey. And they have, you know, different features, so they allow more flexibility. They're somewhat quieter. They allow different kinds of shots.

[Matt Bellany]

Oh, does that mean no more mumble dialogue in Nolan movies?

[Rich Gelfond]

I'm not going near that one.

[Matt Bellany]

Does he call you if there's, like, a problem with the camera? Is there, like, a button he can push and the technician shows up like a plumber?

[Rich Gelfond]

Actually, on some of the shots, we have technical people on the shot, so they work it. And you know, what I can add in color to it is that with this new generation of cameras that we built, we were hopeful they would work perfectly. But they're being field tested. And as you know from Chris, he's not a guy who doesn't take chances. So they're being dropped from high places, they're being put in weird environments, and they've worked incredibly well in terms of the way he used them.

[Matt Bellany]

That's good to hear. Can't wait to see the Matt Damon scraggly beard in as big a format as possible.

[Rich Gelfond]

Yeah. Thinking of those hairs coming out really makes me excited.

[Matt Bellany]

Okay, were you guys involved in this stunt to sell tickets a year in advance to the opening in 70 millimeter? I mean, it's kind of brilliant. I don't know why nobody thought of this, but before, because it all of a sudden took a movie that was already an event. People thought it was gonna be an event, and now I feel like it's been supercharged. And the nerds got their ticket for opening night and everyone else is like, oh, this is the kind of movie that people are buying tickets for a year in advance. I probably wanna see this.

[Rich Gelfond]

Well, you say involved. It was all IMAX theaters that sold the tickets, so of course we were involved.

[Matt Bellany]

No, but whose idea was it? I heard it was the Universal marketing people. Is that right?

[Rich Gelfond]

I believe Universal are the ones that came up with the idea, but I wasn't personally involved, so I'm not sure. But the reason you could do it, Matt, is because IMAX in general and IMAX particularly, where Chris makes a movie an event, people don't look at it like, oh, it's a movie opening. They look at it like it's an event happening.

[Matt Bellany]

Yeah, but there's lots of those coming. I mean, why haven't you done it? For Doomsday Avengers Doomsday. Yet.

[Rich Gelfond]

I just think there's a special audience and a special magic around IMAX and Chris Nolan. And I think the audiences know that. And you probably know, like, in Lincoln Square in New York, in four minutes, it sold out.

[Matt Bellany]

Oh, yeah.

[Rich Gelfond]

So it's more like a concert kind of pattern Scalpers.

[Matt Bellany]

There's, like, people reselling them for 400 bucks.

[Rich Gelfond]

Yeah, I've heard 1500 bucks.

[Matt Bellany]

So you guys got to get in on that. You got to do dynamic pricing like Taylor Swift and capture that money.

[Rich Gelfond]

Well, the exhibitors sell them, so that's their fishing.

[Matt Bellany]

Knockout, have others reached out to you about doing something similar?

[Rich Gelfond]

Not yet.

[Matt Bellany]

They're going to. No one in Hollywood lets an original idea go to waste. They're all going to copy.

[Rich Gelfond]

There is a trend towards doing that, and it works. So it wouldn't shock me if people tried it again.

[Matt Bellany]

Yeah. What was the ultimate growth from the sales of those tickets? I read 1.5 million. I don't know if that's the final number.

[Rich Gelfond]

You know, it's a limited number of shows and a limited number of theaters, so I don't think the objective was to build a gross.

[Matt Bellany]

No, no, no. Although I'm sure my good friend Adam Aaron at AMC would like the money a year in advance for whatever debt refinance they have to do now.

[Rich Gelfond]

Well, Adam's a financial wizard, as you.

[Matt Bellany]

Know, marketing wizard also, and a Twitter wizard.

[Rich Gelfond]

I'm sure he's figured out how to use this in some way.

[Matt Bellany]

Yes. So the trajectory on imax, give us an update. What has been the growth trajectory over the past year since we last spoke? How many new theaters? Where are you seeing growth? Did you guys get a windfall from that Chinese animated movie that grows $2 billion without doing much outside the country? Like, give us an update.

[Rich Gelfond]

So first on the last part of your question, nejatu, we did $160 million on it.

[Matt Bellany]

Oh, my God. So what percentage of the total was that?

[Rich Gelfond]

I don't know. Probably seven or eight, something like that.

[Matt Bellany]

So not, you know, not 20%. Not Oppenheimer, but pretty big.

[Rich Gelfond]

Yeah, it was very big. But in China, remember, there are 80,000 screens.

[Matt Bellany]

Yes, but you have a particularly big footprint in China. Don't you have a thousand screens there?

[Rich Gelfond]

We have about 800.

[Matt Bellany]

800. Okay. So you have about 1% of the screens there.

[Rich Gelfond]

So, you know, the year has gone extremely well. It, you know, wasn't only Naja. And by the way, you find it interesting. Nature is being released in the US in August A24 bought the distribution rights and we're playing it. And I think A24 is leaning heavily into IMAX's success in China as part of their distribution pattern. But on a broader scale, we had eight film for IMAX movies that were released this year, including Fantastic Four, which just opened. And on those eight, we've done about 15% of the box office. And on three of them, we've done 20% of the box office. And keep in mind, in our history, There are only five other movies. We did 20% of them and three of them were in the last quarter.

[Matt Bellany]

Oh, wow. So, F1, Mission Impossible and what else?

[Rich Gelfond]

Sinners.

[Matt Bellany]

Sinners, right. Wow. Yeah, I saw Sinners in imax. Interesting.

[Rich Gelfond]

There's kind of been a kind of marked shift in how much people are seeking out the IMAX experience, and that's led this year. We've signed 123 new theaters so far, and last year, for the whole year, we did 130. We're installing theaters at a higher pace. We've guided on the street to a box office of about 1.2 billion, and we've done over $700 million so far. So things are going extremely well for us, not just in tickets sold, but in all aspects of our business.

[Matt Bellany]

So there is this movement that Bloomberg reported on a few weeks ago by the non AMC theater chains. Most of your theaters in the US are AMC theaters. Not all, but a lot of them are. And a lot of the other theater chains apparently feel like they are threatened by this IMAX marketing that the studios are doing. And I'm sure they are getting customers coming up to their box office and saying, two tickets for Sinners in imax. Oh, we don't offer imax. We offer XD or one of the other formats. And there's confusion and there's disappointed fans. And these other theater chains, like Regal and Marcus and Cinemark, they are talking about putting together a rival brand where it would be, you know, super screen or whatever they call it, that they would also try to get the studios to market. What is this? And are you threatened?

[Rich Gelfond]

Not threatened at all.

[Matt Bellany]

I knew you were gonna say that, but tell us what it is. And did you know this was coming?

[Rich Gelfond]

Well, the reporter doing the story called me to comment before it came out, and I said I was thinking of announcing that IMAX was making AI chips to compete with Nvidia. And I saw this as like, a similar kind of threat as that threat.

[Matt Bellany]

Well, but don't you feel for them a little bit like their customers are asking for IMAX because it's in the studio. Posters and billboards see it in Imax and then they go to their local multiplex and IMAX isn't available. What are they supposed to do?

[Rich Gelfond]

Well, Matt, I don't feel sorry for them because anybody could be in the IMAX business. Not like a closed business. I mean, people make choice in business and the ones who are doing IMAX made the right choice.

[Matt Bellany]

Yeah, it's like Coke and Pepsi.

[Rich Gelfond]

Well, it's not like Coke and Pepsi because we also have proprietary technology, which you can't just say, oh, we're going to get together and have.

[Matt Bellany]

Well, you're talking to a Coke fan here. I believe the Coca Cola and Diet Coke formula to be the superior product in every way.

[Rich Gelfond]

Well, and in this case, it's not only the technology and it's not only the marketing as we talked about. It's also we're embedded with the filmmaker. You know, we talk to them a year, two years in advance. Most exhibition chains, you know, they meet filmmakers at IMAX's forum.

[Matt Bellany]

Yeah. And you guys spend a lot of money cultivating those relationships. And it is proprietary because these other chains and these other formats would say we're just as good. They don't have anything special. They are trying to position themselves as being special and proprietary, but it's not really proprietary.

[Rich Gelfond]

Yeah, I mean, Matt, we have something called R and D. Yes. Money. We have a culture. I mean, Most of the PLF's, they take a regular projector and they put it on a bigger screen. You know, I guess the audience doesn't get fooled by that.

[Matt Bellany]

Some don't, some do. But the nerds, the people who are buying a year in advance, they notice.

[Rich Gelfond]

Well, I think more than the nerds, I just told you, the indexing is an awful lot higher. So I, you know, I think the audiences know and maybe most importantly, the filmmakers know and the filmmakers lean in. So I don't think if a bunch of exhibitors got together and put a new brand on old technology and didn't make the experience significantly better and weren't involved with the filmmakers, I don't think it would really make any difference. And remember, these guys have been competing with us for 15 years with different offerings, some better than others and. But there's still not imax and the audience knows it. So I think using your analogy, you know, taking colored water and putting the name Coke on it doesn't make it Coke.

[Matt Bellany]

No, but Pepsi has a pretty good business and they succeed in part as the alternative to Coke. And as much as you guys get marketed as see it in IMAX and see it in large form, the other large formats do benefit from that. I think they're just frustrated. They want the benefit of that marketing specifically.

[Rich Gelfond]

Hey, you know Matt, I'm five foot six and I wish I was six foot three. I'm not. So I guess they have to live with their choices.

[Matt Bellany]

We could make a Trump south park joke, but we won't.

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[Matt Bellany]

What is the perfect percentage of IMAX screens you want in the world? According to your earnings report, you guys are about 1% of screens globally and then you get 3.6% of the global box office. So what percentage of screens do you think is the goal and reasonable for the next 10 to 15 years for IMAX?

[Rich Gelfond]

So our total addressable market now is about 3600 screens and we're at about 1800 now, so double where we are now. However, we revise that number frequently and we revise it upward at some point towards the end of the year.

[Matt Bellany]

And I think the percentage of box office is likely going to go up in greater proportion as more people gravitate towards these large format screens. That's my sense of it. Is that yours? I mean obviously it is.

[Rich Gelfond]

I pull it. One thing you said as they as IMAX gets more popular. The other guys, they could do what.

[Matt Bellany]

They want unless these guys suddenly strike a deal with the studios, where all of a sudden the billboards say, you know, come watch the amateur in super duper screen format across all these other theaters.

[Rich Gelfond]

As I said before, I don't think it's a marketing issue. I think that's part of it, but it's being embedded with filmmakers and it's being involved in the creative process and it's having. You know, I don't know if you know this, Matt, but we monitor every theater in the world in real time. So if the sound is too low in the Philippines, we call them and we tell them to turn it up. If the bulb is too dull in Peoria, we go and change the bulb. It's so much more than just a marketing gimmick. And as long as these guys think it's a marketing gimmick, they're going to be left behind. I think, you know, it's just a better experience.

[Matt Bellany]

What if someone like me is nodding off in a screening, as I often do, and snoring? Will someone from IMAX come and tell me to stop snoring?

[Rich Gelfond]

We're working on that AI project, but.

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[Matt Bellany]

Greta Gerwig, she is now doing her Narnia movie. You guys have a deal with her to release it for two weeks in imax. Will the theaters commit to play it? I had the Regal CEO Eduardo Acuna on a panel at Cinemacon, and he wouldn't commit to playing Narnia in his theaters. And that's a problem potentially for you guys if I know they're a small footprint. But the whole premise of Greta Gerwig getting two weeks in theaters from Netflix for her movie was that these theaters would actually play it because they don't normally play Netflix movies. And now there seems to be a pushback on that. Where are we with Greta Gerwig's Narnia?

[Rich Gelfond]

We're in a really good place, by the way. Even Eduardo, he's told me personally, he goes, look, I haven't decided. I'm not against playing it. So what I think, and I know a lot more about this movie than has been made public, but the story, the way it's being filmed, the distribution pattern, the way Gret is leaning into it, and, you know, by the way, you know, a little bit of new news, Matt. I think Netflix is leaning into it. I mean, I think Netflix is really excited about this release.

[Matt Bellany]

You're telling me. Ted Sarandos is excited about theaters? Mr. Theaters are not the preferred method of distribution for most customers. They've moved on.

[Rich Gelfond]

I'm telling you, the Netflix organization is excited about it and leaning in. And when you see the marketing, which is much more like a traditional theatrical.

[Matt Bellany]

Release, well, that's in her contract. She got that in her deal that they had to market it in the same way they would market a theatrical.

[Rich Gelfond]

Release, but to not overstate it. You know, we're in contact with Netflix about how this is going, and we've only gotten really good vibes from them. And nobody's walking around our meeting room with contracts and they're thinking about it, how hard to lean into it. And I think people don't know the scope of it, the story. And I have insight into some of that.

[Matt Bellany]

Please share.

[Rich Gelfond]

Yeah, I think you got to dial 1-800-GRETA to get that one back.

[Matt Bellany]

That number doesn't work on my phone.

[Rich Gelfond]

But once it's unveiled what this looks like, how it's going to be, I think people are going to line up to be part of it. And I think, you know, anybody who isn't a part of it, I think is going to miss out in a significant way.

[Matt Bellany]

They should do a year in advance ticket sale.

[Rich Gelfond]

Great idea. Maybe I'll put it on sale this afternoon.

[Matt Bellany]

That would be great. I'm sure Netflix would be excited. I mean, honestly, if they do this, first of all, it'd be contractual. They have to market it this way. And it's an interesting experiment for them to see if eventizing a movie for two weeks in theaters will juice numbers on the service, because they haven't done that in a while. You know, the second Knives out movie got a week in theaters and did very well a month later on the service. Maybe this will help them. I've always said the top movies on the biannual reports on Netflix are typically movies that got theatrical releases from other studios and then appeared on Netflix because they got the full marketing campaign. People knew them and then they clicked on that. So I've never understood why Netflix doesn't at least do nominal theatrical releases, but they are doing them. Ted has his feelings, and this will be an interesting experiment.

[Rich Gelfond]

So, Matt, look at it. You're talking about Narnia today. It's over a year away. Lots of people are talking about Narnia.

[Matt Bellany]

Well, I'm talking about it because it's an interesting business issue. Are real people in the real world talking about the Narnia movie?

[Rich Gelfond]

Yes, a lot of people are talking about it, and it's Going to create an event. And that's what IMAX does and is create events. And it's not just one movie, as you know, it's a series of movies. And I think IMAX is an ideal way to launch an event. And I know you like doing over unders. I'm giving you some inside information. Take the over on Narnia and you'll.

[Matt Bellany]

Win a year in advance. You're telling me to take the over?

[Rich Gelfond]

I am.

[Matt Bellany]

Okay, what are you nervous about? You say you're not nervous about the rival format challenge, you're not nervous about Narnia, you're not nervous about Odyssey. What are you nervous about?

[Rich Gelfond]

I'm nervous about what I don't know about, but in a way, I think of IMAX like the old pinball games. So I get a lot of pleasure of playing pinball when all the things are set up and when the ball goes into play, you know, you just keep it bouncing around. And when you look at our backlog for 26 of movies, including Denise Dune, including Nolan's Odyssey, is Spielberg filming an.

[Matt Bellany]

IMAX or no, I don't think he's.

[Rich Gelfond]

Filming an imax, but it seems set up better than I've ever seen it.

[Matt Bellany]

What I'd be nervous about is the same thing for everyone in the exhibition business is that you don't control, ultimately your product. The number of movies, the size of the movies, the quality of the movies is out of your control. And you can do whatever you do to raise your, you know, increase your footprint around the world and increase your share of the box office and market better and have the filmmaker relationships. But if the studios decide to pull back on titles, you ultimately will suffer. And your recent quarter was great in part because there were more movies. And that's what I would worry about if I were you.

[Rich Gelfond]

So if you look at our year to date box office, almost 40% of it is local language film. In the last couple years, it was in the 20s, and that's a trend that's growing.

[Matt Bellany]

That's foreign movies for foreign audiences in their territory.

[Rich Gelfond]

Not only in their territory, but Demon Slayer, which just set a record the past week in Japan as our number one title ever released in Japan, including Hollywood films we're distributing in 40 other countries, so it's not just in their territories. And Netflix learned this lesson in streaming. A lot of what they program comes from outside their territory. So we have 150 pieces of content this year. So we did learn a lesson from the pandemic, which is don't put all Your eggs in one basket. So we're diversified the way studios and exhibitors traditionally aren't in North America.

[Matt Bellany]

All right, well, thank you for coming on. I appreciate the time. I am looking forward to all of my IMAX experiences for the rest of the year.

[Rich Gelfond]

Thanks, Matt. Talk to you soon.

[Matt Bellany]

We are back with the call sheet. We are taping this early because I'm out of town. I have seen the Naked Gun. I went to a Tastemaker screening at Paramount a couple weeks ago. You have not seen it, though. When this airs, you will have seen it, correct?

[Greg Horlebeck]

I'm seeing it soon.

[Matt Bellany]

Give me your excitement level.

[Greg Horlebeck]

I'm excited. I mean, I love the Naked Gun.

[Matt Bellany]

You do? See, that is the quintessential movie that I loved as a kid and watched 100 times and went opening night to the sequels, everything.

[Greg Horlebeck]

Yeah. I mean, Airplane, all of those, like, spoof comedies I'm a huge fan of. I find them to be actually really smart and they don't make comedies like that anymore. So I'm excited for this. And I also think Liam Neeson is the perfect choice.

[Matt Bellany]

Yeah. At the tastemaker screening, Seth MacFarlane said his contributions as a producer was basically to say, Liam Neeson would be great for this.

[Greg Horlebeck]

Yeah, I trust Seth to make that call.

[Matt Bellany]

Yes. The budget on naked gun was 42 million, which about what I would expect for that. You know, you gotta pay Liam Neeson. Pam Anderson. The question is the business prospects for this movie. Because even as I was laughing, the whole thing felt so out of another era. They just don't make movies like this anymore, and they certainly don't make them for theaters. And is the Naked Gun branding and marketing, which is very good, going to make up for the fact that Most people under 45 are not familiar with even this style of comedy?

[Greg Horlebeck]

Yes. I also think one area that might hurt the movie is there's not really any young people in it. There's not a lot of draws that young people can recognize and would bring them to the theater. It's Pamela Anderson, it's Liam Neeson, and that's kind of it.

[Matt Bellany]

They're both in their 60s. Right.

[Greg Horlebeck]

So that might hurt it. Also, older people in general aren't going to the movies as much. So this might be a real, like, I'll wait till this comes out on streaming. I hope it's not.

[Matt Bellany]

It's dudes in their late 40s and their buddies. Can they get them to the theater on opening weekend?

[Greg Horlebeck]

That's you. Are you going to do that with your buddies?

[Matt Bellany]

Well, I've already seen it, would you? I probably would have. I probably would have. Would have gone with a couple friends. Yeah. Yeah. But I'm pretty highly motivated. I don't know about average person. The tracking is 15 for this movie. You know what? Just because I want this to succeed, I will take the over. It's a very nervous over.

[Greg Horlebeck]

Yeah, let's just will it into existence. I really want it to succeed.

[Matt Bellany]

And that's the NRG tracking. And we are a little early. It could have gone up or down in the couple days between when we're taping. But on 15, I will take the over very nervously.

[Greg Horlebeck]

What's a bummer is that if you showed this to a 28 year old and they watched it, they'd probably love it and think it's really funny.

[Matt Bellany]

There is stuff in this movie that young people will find funny and it's got, you know, it's the lonely island guy, Akiva Schaefer. So I think, you know, if you grew up with SNL in the 2000s, you probably like this style of humor too. So we'll see. It's just, it's, it's a throwback. All right, that's the show for today. I want to thank my guest, Rich Gelfond, producer Greg Horlebeck, artist Jesse Lopez, and I want to thank you. We'll see you one more time this week.

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