Almost 1 yr after shutting down because of the VirusCasedemic, New York City movie theaters are reopened at 25% capacity.
The much-anticipated partial, return of NYC cinemas, a Key world movie market comes as politically mandated restrictions are easing across the United States.
IMAX (NYSE:IMAX) is an exhibitor that’s anxious to reap the benefits of the economic recovery. The company smashed earnings expectations in Q-4 of Y 2020 driven by strong box office performances across Asia.
As the restrictions are gradually relaxed and more people get vaccinated, some feel comfortable going back to theaters and some do not.
IMAX CEO Richard Gelfond has this to say, “What we are seeing is that it is safe to go to the theaters and people feel that way. They are not only coming back, but they are coming back in record numbers,” citing how IMAX was up 45% Vs. 2019 during its opening weekend on Chinese New Year.
In addition, Mr. Gelfond added that the Japanese film ‘Demon Slayer‘ brought in $27-M for the company, that was the largest IMAX release in Japan of all time.
It is an encouraging sign when it comes to pent-up demand in the United States. He expect films like ‘Black Widow‘, ‘Dune‘, ‘No Time to Die‘, and ‘Top Gun: Maverick’ all were pushed into y 2021 from last yr, as strong blockbusters to aid theaters’ reopening in all US markets.
“It looks like one of the strongest slates we have ever seen,” he said, adding he is confident that US consumers will see a “traditional blockbuster season this Summer.”
We are Bullish IMAX stock, the pattern is Very Bullish and the support is deep and the resistance is Nil in here.
Have a healthy week, Keep the Faith America will fully open up soon!