IMAX plans to build more theaters in China. (Photo : WordPress)
IMAX is targeting China's high-end market with the launching of its new $400,000 home theater system, according to its chief business development officer, Robert Lister.
The company executive told China Daily that IMAX is eyeing three particular market segments: wealthy individuals, home designers and high-end real-estate developers.
"Before we even launched the product, a lot of the market research we did were on things like Bentleys and Ferraris--things that are the very, very high-end of luxury goods and there seems to be a great appetite for that in China as more capital flows to the middle class and the upper class," Lister revealed.
The product was unveiled in June. Lister said that IMAX is optimistic about the product's sales performance.
IMAX China, the firm's subsidiary, has partnered with TCL Multimedia Technology Holdings Ltd. to manufacture the 20-feet-by-10-feet screens. The product will allow consumers to play IMAX movies at a time the titles are available for theater release.
However, the price homeowners must pay for the movies is still under negotiation.
The luxury home theater system was unveiled at Le Royal Méridien Shanghai. It features audio-visual content from IMAX, wall treatments, sound isolation and acoustics.
During launching, Lister lauded its partnership with TCL.
"Our strategic partnership with TCL, one of the world's leading entertainment technology manufacturers, strengthens both companies' positioning in China, with its rising demand for premium entertainment, and creates an ideal launch-pad for global expansion in the home entertainment sector," he shared.
Currently, IMAX has 252 screens in China and eyes to build 217 more in the world's second largest film market.
