IMAX to Present Its New Stream Smart Technology at IBC 2023
IMAX Corporation IMAX has announced its participation in the International Broadcasting Convention (“IBC”) in Amsterdam to present its next-generation streaming technology, Stream Smart, as part of its global technology platform strategy.
Representatives from the company will also discuss the ongoing advancements in streaming technologies and their significance in enhancing the direct-to-consumer streaming and broadcast industry.
IMAX's presence at IBC underscores its vision, known as IMAX 3.0, to expand the boundaries of storytelling and deliver premium entertainment experiences on various screens beyond traditional theaters and advancing streaming technologies. The company’s acquisition of the Emmy-winning streaming technology company SSIMWAVE in 2022 played a pivotal role in this vision.
During the event, IMAX will host the demonstrations of Stream Smart, an enterprise software developed through a combination of groundbreaking scientific research, advanced engineering, trusted studio relationships and collaboration with Disney DIS Streaming Services and SSIMWAVE. It focuses on delivering the highest-quality video content at reduced distribution costs.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
IMAX to Boost Top-Line Growth Through Recent Partnerships
IMAX's strategy of forging partnerships aligns with its goal of delivering premium entertainment experiences beyond traditional theaters. These partnerships not only contribute to top-line growth but also strengthen the company's position as a leader in the entertainment technology industry.
Shares of this Zacks Rank #3 (Hold) company have gained 26.9% year to date compared with the Zacks Consumer Discretionary sector’s rise of 9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
As the company continues to collaborate with key players in the cinema and entertainment sectors, it is well-positioned to capture a larger share of the global box office market and provide audiences with unparalleled cinematic experiences.
The Zacks Consensus Estimate for IMAX’s third-quarter 2023 profit is pegged at 14 cents per share, indicating year-over-year growth of 380%. The consensus estimate for 2023 revenues is pegged at $386.68 million, indicating a year-over-year increase of 28.55%.
The company expects to achieve $1.1 billion in global box office revenues for the year 2023. These projections reflect IMAX's confidence in its ability to deliver high-quality entertainment experiences and attract audiences to its theaters.
IMAX's technology like Stream Smart has already improved the viewing experience for more than 170 million subscribers across billions of viewing minutes, thanks to partnerships with major streaming media and consumer electronics companies, such as Disney, Paramount Global PARA, Warner Bros. Discovery WBD, Philips and Sony.
Cineplex and IMAX have enjoyed a long and successful 25-year partnership in the Canadian market. A recent deal adds an additional five new IMAX systems across the country, as well as two upgrades to IMAX with Laser. Inclusive of this new deal, the two companies now have a total of 29 IMAX locations in top-tier cities across the country, with agreement terms expanded through 2028. With this expanded partnership, the company has signed agreements for 84 new or upgraded IMAX systems around the world so far in 2023.
In May, the company announced an expansion of its long-standing partnership with Kinepolis for eight IMAX systems across Europe and North America. It collaborated with EVO Entertainment for eight new IMAX locations across Texas and Florida and Cinemex for six new IMAX locations in Mexico.
The company signed an agreement with Galaxy Cinema for two state-of-the-art IMAX in Vietnam. This partnership will bring the Imax Laser Technology for the first time in the market. It is also expanding its partnership with Megarama for installing three new IMAX systems in Morocco and France.
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