Imax, Megarama Sign Three - Dalian HorizonSure Technologies Group

Imax and French exhibitor Megarama have expanded their business relationship with a new three-theater deal.

Megarama is set to launch two large format theaters with laser projection in France, in Givors and Boulogne-Sur-Mer, while opening a third location in Rabat, Morocco. The latest deal will triple Imax's footprint in France with Megarama and bring the number of Imax theater systems in that rebounding European market to 29.

That includes 23 Imax screens currently operating in France and another six set for installation. Paris-based Megarama recently opened its first Imax location in Bordeaux in Dec. 2022, just in time for James Cameron's Avatar: The Way of Water to play on its giant screen.

Imax is also targeting France with more local content, including Indochine's Central Tour, the first concert filmed live for Imax and released via its Filmed for Imax camera program, and the more recent release of The Three Musketeers: D’Artagnan.

The latest deal with Megarama, which includes a location in Morocco, follows increasing demand for Imax's giant screen theaters — including recent multi-system agreements in Japan and Indonesia and another with Cineplexx Austria — after Avatar: The Way of Water became the highest grossing release ever for the theater technology company.

"Imax continues to grow and diversify its global footprint, and this new agreement with our excellent partners at Megarama expands our presence in two key countries — including France, one of the world's red hot box office markets," Richard Gelfond, CEO of Imax, said in a statement on Tuesday.

His company saw a similar spike in theater sales and installations in the two years after the original Avatar movie from director James Cameron was released in 2009, and expects similar out-sized growth for its global theater network in under-penetrated markets, including in Europe.

France has become a top ten market overall for global box office for Imax, which just had its best first quarter ever at the box office in France with $9.3 million in ticket receipts in the first three months of 2023. That came close to Imax's record for the highest grossing quarter of all time with $9.5 million, which was set in the fourth quarter of 2022.

Besides Hollywood tentpoles enjoying a rebound in box office fortunes in France as the impact of the pandemic wanes, the French market has seen gains at the multiplex after Paramount Pictures’ Top Gun: Maverick and Warner Bros.'s rock biopic Elvis bet on the promotional power of a Cannes Film Festival premiere.

Both France and Morocco are also one of 48 countries worldwide where Avatar: The Way of Water stands as the highest grossing Imax release ever.

"We are delighted to join forces with Imax to bring our audiences an even more immersive and captivating cinematic experience. This strategic partnership reflects our unwavering dedication to offering our movie-goers the highest quality entertainment and pushing the boundaries of innovation in cinema industry," Jean-Pierre Lemoine, founder and president of Megarama, added in his own statement.

Imax had 1,716 large format theaters operating in 87 countries and territories worldwide at the end of 2022. Megarama has over 280 screens across Europe and North Africa, and is also involved in film distribution through its subsidiary Golden Film International.