Latest News

Back to Latest News back

 

China’s Wanda Group commits to build up to 120 new Imax screens by 2021

China’s Wanda Group commits to build up to 120 new Imax screens by 2021
January 7, 2014

China's Wanda Cinema Line Corp. has signed a deal with Imax to build up to 120 new giant-format movie theatres in the country by 2021, making China Imax's biggest market in the world.

Wanda, the movie exhibition unit of real estate and media conglomerate Dalian Wanda Group, plans to open 20 new Imax theatres a year from 2016, in addition to the 82 Imax theatres that it already operates in shopping and entertainment centres in major cities across China.

In July, Wanda and Imax revised an existing joint venture agreement, stipulating that Wanda would build at least 40 and as many as 120 new theatres over the next 12 years. The new deal ups Wanda's commitment to 120 new theatres.

The Wanda deal also adds momentum to Imax's pivot towards brighter laser projection technology in its cinemas. Half of Wanda's new 80 Imax theaters will be outfitted with the new laser technology, giving moviegoers the highest-definition images.

This latest Wanda deal caps off an ambitious year in the entertainment sector for the conglomerate, led by Wang Jianlin, China's richest individual.

In September, the company announced plans to build an $8.2 billion film studio and entertainment facility in the eastern Chinese city of Qingdao. The company flew in a slew of Hollywood A-listers, including Leonardo DiCaprio, Nicole Kidman and Harvey Weinstein, to add glitz and lend credence to the announcement.

Also in September, Wanda donated $20 million to the Academy of Motion Picture Arts and Sciences for a wing of its new film museum in Los Angeles.

Wang has said his ambition is to build Wanda into one of the world's biggest players in the "culture industry."

A boom in cinema building has been under way in China since at least 2007, when the country had approximately 3,000 movie screens. According to film market research company EntGroup, today there are 17,740 screens in China.

15th December 2009 - IMAX EYES CHINA GROWTH


Support our industry news service
We hope that you value the news that we publish so while you're here can we ask for your support?

As an independent publisher, we need reader support for our industry news gathering so ask that - if you don't already do so - you back us by subscribing to the printed Australasian Leisure Management magazine and/or our online news.

 

supplier directory

The Complete Guide to Leisure Industry Products & Services.

See the directory see all

Links Modular Solutions

Links Modular Solutions was a leading provider of high-quality, innovative software solutions for aquatic and recreation facilities. Links Modular Solutions is now part of Xplor Technologies.

read more

Access / Billing / Finance / Fitness / Technology

 
 

Worldwide Sports Management

Principal Consultant Simon Weatherill has spent the last 20 years developing the world renowned Melbourne Sports Hub, as former Chief Executive Officer of the State Sports Centres Trust…

read more

Aquatics / Consultants / Recreation / Sport / Venues

 
 

Digonex

Digonex is a leading provider of customised dynamic pricing solutions to clients in arts and entertainment, sport, attractions, cultural institutions and retail sectors. Digonex’s technology is…

read more

Attractions / Entertainment / Sport / Technology / Ticketing

 
 

METRA Australia

With industry leading solutions in design and durability you can improve your facilities with our access control operations, payment systems and flexible personal locker storage solutions. Your…

read more

Aquatics / Attractions / Fitness / Recreation / Security

 
 

XBODY Australia Pty Ltd

PROVEN BUSINESS CONCEPTS WITH XBODY XBody’s goal is to see you and your EMS business succeed. That is why we don’t just sell equipment, we provide know-how, expert knowledge, business support…

read more

Fitness / Technology / Wellness

 
 

GREENEDESK

Track. Engage. Retain GreeneDesk is a suite of cloud based software solutions helping health clubs, leisure centres and swim schools to effectively track progression, improve customer engagement and…

read more

Aquatics / Billing / Education / Fitness / Technology

 
 

Myrtha Pools

Founded in 1961, Myrtha Pools® quickly became Italy’s première swimming pool company, and has since grown into one of the world's leading swimming pool construction…

read more

Aquatics / Design / Play / Waterparks / Wellness

 
 

Felton Industries

Felton Industries is Australia’s leading designer, manufacturer and supplier of quality outdoor furniture and has been supplying premium seating solutions for all sporting, commercial, community…

read more

Parks / Play / Recreation / Sport / Venues

 
 
 
 

get listed with our suppliers directory

Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!

list your business