IMAX Corp. and Saudi Cinema Co., operating as AMC Cinemas, have announced plans to further expand their longstanding partnership with an agreement for six new state-of-the-art IMAX with Laser systems in key entertainment complexes throughout the country. IMAX and AMC Cinemas already have three locations in operation in Saudi Arabia, and the new deal will grow their partnership to a planned 18 screens in 12 cities across the country.
“IMAX continues to be a remarkably strong draw in bringing audiences back to theaters around the world, and we’re excited to offer AMC guests in Saudi Arabia even greater access to the best of the theatrical experience,” said Andrew Such, interim CEO of AMC Cinemas. “AMC is focused on bringing the best in entertainment technology to its many movie lovers around the world.”
“The resilience of moviegoing in Saudi Arabia has been one of the most prominent global success stories for cinemas over the past two years, and a key indicator of the pent-up demand for blockbuster filmmaking,” said Rich Gelfond, CEO of IMAX. “We’re excited to grow our successful, global partnership with AMC and further strengthen our ability to deliver The IMAX Experience to fans in this fast-growing market.”
Saudi Arabia continues to drive strong box office growth and capture a greater share of the global market, growing to nearly $240 million in 2021. Saudi Arabia was a top 10 global market for IMAX in terms of box office last year, with a per screen average of more than $1 million annually. The company grew its footprint of open theaters from two to seven since the beginning of 2020, and its Saudi network routinely captures more than 15 percent of opening box office on major Hollywood releases, despite accounting for less than 6 percent of overall screens in the market.
Saudi Cinema Co., operating as AMC Cinemas is a joint venture between AMC Entertainment Holdings, the world’s largest movie exhibition company, and Saudi Entertainment Ventures, known as SEVEN, a leading national investor, developer, and operator of the Kingdom’s diverse entertainment eco-system. In this partnership, SEVEN and AMC aim to open 50 cinemas, offering 500 screens across the Kingdom.
SEVEN was established by the Public Investment Fund to serve as the investment and development arm for the entertainment sector — a key pillar of the ambitious social and economic plans undertaken in the Kingdom supporting Vision 2030.