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Imax Q2 Sales, Profits Dip But Still Clobber Estimates On June Box Office Surge, Sale Of Original Doc ‘The Blue Angels’
Imax saw softer revenue and profit but still blew away forecasts with a surge in June box office and the sale of an original documentary to Amazon.
The record-breaking performance of Inside Out 2 in particular led to a succession of recent box office hits that Imax says demonstrates “supply, not demand, depressed the global grosses of the early summer.” The slate in April and May was thin due to Hollwyood strikes last year, squeezing exhibitors. The Blue Angels, part of the company’s push into original docs, earned $2.2+ million in Imax and delivered the highest grossing theatrical documentary opening of the year to date. “With the strikes — and the lingering effects of the pandemic — firmly behind us, we are in an excellent position to fully realize the benefits of our strong, asset-lite business model,” said CEO Rich Gelfond.
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