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

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.

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)

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.