Between June and September, Imax screens accounted for 5.8 percent of worldwide box office receipts despite making up less than 1 percent of all cinema screens globally. That surge helped triple the value of Imax shares over the past three years. Richard Gelfond has led the company for 32 years after acquiring it from its Canadian founders, steering the giant-screen business through near-collapse and the COVID-19 pandemic before catching the Nolan effect.
The company’s recent momentum traces back to two major releases directed by Christopher Nolan. First came Oppenheimer in 2023, followed this summer by The Odyssey, which stands as the largest blockbuster in Imax history. Gelfond is now a grandfather, noting in an interview with The Economist that he initially thought he might enjoy the venture with his children before realizing it would take until he had grandchildren to reach this scale.
The Mechanics of Scarcity and the Nolan Effect
Only 41 of the company’s 1,800 screens are full-room giant screens projecting physical 70mm film, which is twice as wide as the standard 35mm format. Tickets for The Odyssey on those specific screens sold out a year in advance. That scarcity feeds the prestige of the remaining digital screens, allowing the company to charge higher ticket prices while maintaining a cost structure well below live concerts or sporting events.
The 4K UHD release of THE ODYSSEY will reportedly be IMAX Enhanced in 1.78:1.It won’t use the film’s original 1.43:1 IMAX ratio, but a TV-friendly version close to the 1.90:1 format used in most IMAX theaters.(Source: FlatpanelsHD and @dailypop__) pic.twitter.com/kLZqxxUTpK
Filmmakers have responded to that reputation by adopting specialized Imax cameras, a technique Nolan used for the entirety of The Odyssey. Next year brings Narnia: Het neefje van de tovenaar of Greta Gerwig, which will debut in Imax theaters before arriving on Netflix. Alicia Reese of brokerage Wedbush noted that Imax has a lead of several years over potential rivals, giving it an established moat in both consumer trust and filmmaker relationships.
Asset-Light Expansion and Global Logistics
The business model relies on partnerships rather than theater ownership. Imax sells or rents projection and audio technology to cinemas while taking a percentage of the box office revenue, with 60 percent of total sales originating outside North America, including China. Gelfond stated that the company has secured agreements to add 500 screens in the coming years. Expanding that footprint remains complex, requiring specialized logistics such as painting a giant screen for a Frankfurt-area venue inside a hockey arena before chartering a flight to deliver it.
The December Showdown and Market Tests Ahead
Competition is intensifying as Disney has launched Infinity Vision, a certification program that allows other giant-screen brands to carry a Disney seal of approval. The two ecosystems face their ultimate market test on December 18, when Dune: Part Three and Avengers: Doomsday launch. Wall Street analysts will watch the company’s progress closely, as some fear the success depends too heavily on a single maker of blockbusters, and the firm prepares to announce its third-quarter results next week.
