IMAX plans to build more theaters in China. (Photo : WordPress)
In an exclusive interview by China Daily, IMAX Chief Executive Officer Richard Gelfond said that by 2018, China will overtake the United States and will become the world's largest box office.
Gelfond, the top official of the world-renowned Canadian firm, said that China is also expected to house the most number of cinema screens.
The IMAX CEO also shared that his firm will team up with South Korean entertainment company CJ CGV to unveil 25 more IMAX Theaters in China. This partnership will increase the number of such cinemas in the country to more than 500.
"There are around 40,000 screens in the U.S. By 2017, the number of screens (in China) will surpass the U.S. The box office (in China) will surpass that of the U.S. by 2018," Gelfond remarked, describing the achievement as a "turning point" in the country's entertainment history.
"It's very important for the critical mass it shows. When a network reaches such a scale and size, it has more leverage," Gelfond added.
Currently, the Chinese mainland has over 31,000 screens, at least 350 of which are large screens of the likes of IMAX and the China-based private firm Dmax.
According to China Film News, a local newspaper, the country's box office has generated over 40 billion yuan in revenue this year as of Dec. 3.
Though Gelfond said that the growth of China's film market is still at an early stage, "there is no question that more screens will be needed in the next decade."
Furthermore, the IMAX executive said that more international moviemakers will take into account the needs of the Chinese market, from the storyline down to film casting.
