IMAX's Oppenheimer Breaks Records With $35 Million Global Debut
IMAX IMAX has experienced massive success with Christopher Nolan's Oppenheimer at the global box office, as the film's explosive $35 million debut on only 740 screens worldwide marked one of the company’s biggest weekends ever.
Moreover, Oppenheimer achieved a record-breaking feat for IMAX by capturing 20% of the total receipts, which is the largest share the company has ever secured from a film's global opening weekend. Shot with IMAX Film Cameras and distributed by Universal Pictures, Oppenheimer set several noteworthy IMAX records at launch.
Oppenheimer was mainly shot using IMAX 65mm and 65mm large-format film photography and some portions of the film were captured in IMAX black and white analogue photography for the first time. The movie will be shown across the worldwide IMAX network, both domestically and internationally, during its three-week window run.
Despite being shown on only 329 screens, the film enjoyed an impressive international debut, grossing $13.9 million, which accounted for 14.8% of the total box office. The film achieved a top-five all-time IMAX opening weekend in 34 international markets, showcasing its strong performance globally.
For the second quarter, the Zacks Consensus Estimate for IMAX revenues from the United States is currently pegged at $32.51 million, indicating a decline of 3.4% year over year.
IMAX Corporation Price and Consensus
IMAX Corporation price-consensus-chart | IMAX Corporation Quote
Recent Blockbusters to Aid IMAX’s Top-Line Growth
Blockbusters like Paramount Global’s PARA Mission: Impossible- Dead Reckoning Part One and Warner Bros. Discovery’s WBD Barbie have recorded huge box office collections. Sony’s SONY Gran Turismo is expected to continue this great run at the box office in the coming month.
The Zacks Consensus Estimate for IMAX’s 2023 earnings is pegged at a profit of 73 cents per share, indicating year-over-year growth of 1116.67%. The consensus estimate for 2023 revenues is pegged at $372.5 million, indicating a year-over-year increase of 23.83%.
IMAX recently revealed that Mission: Impossible- Dead Reckoning Part One, released by Paramount, achieved the largest global opening ever for the series, grossing an impressive $25 million in ticket sales. This is the highest opening for a Mission Impossible movie.
According to Warner Bros. Discovery, the Barbie movie has claimed the title of the highest-grossing film of the year in the United States and Canada to date. It collected approximately $155 million (£120 million) during its opening weekend, surprisingly beating Oppenheimer, which also premiered on Friday and generated $93.7 million (£72 million) in the United States.
IMAX's highly anticipated movies are likely to attract audiences to theaters and contribute to its overall revenue growth in the rest of 2023. The company expects to record $1.1 billion in global box office for the year 2023. It also expects adjusted EBITDA margin in the mid-30s range.
Shares of this Zacks Rank #3 (Hold) company have gained 14.1% year to date compared with the Zacks Consumer Discretionary sector’s rise of 13.8% in the same time frame. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Neill Blomkamp's Gran Turismo, the video game adaptation, portrays the incredible real-life tale of Jann Mardenborough. The film follows the journey of a talented teenage player who uses his extraordinary gaming abilities to conquer Nissan competitions, leading to a transformation into a professional race car driver. Scheduled for a worldwide release on Aug 10, the movie is anticipated to achieve a notable box office performance.
Such highly anticipated movies encourage viewers to go to cinema halls in the age of online-streaming platforms and boost the overall revenues of theaters.
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