News / Asia

IMAX to Launch $250,000 Home Theaters in China

Model stands in front of video presentation of deal between Chinese Wanda Group and AMC Entertainment, the world's largest operator of IMAX screens, Beijing, May 21, 2012.
Model stands in front of video presentation of deal between Chinese Wanda Group and AMC Entertainment, the world's largest operator of IMAX screens, Beijing, May 21, 2012.
Reuters
China's newly minted rich can now get up close and personal to the movies after mega-screen maker IMAX Corp signed a deal to produce luxury home theatres in the company's second largest market.
 
The fifty-fifty joint venture with Shenzhen-based TCL Multimedia Technology Holdings Ltd. will give Chinese the chance to watch IMAX-enhanced Hollywood blockbusters in the comfort of their homes, maybe even on the day of their world premieres.
 
The price? At least $250,000. The joint venture is targeting wealthy homeowners in Hong Kong, Russia, and the Middle East, but the main focus, IMAX Chief Executive Richard Gelfond said, is China.
 
"China now is our second largest market in the world, and our fastest growing market," Gelfond told Reuters on Friday. "We spend a lot of time concentrating on the Chinese market."
 
IMAX earns 16 percent of its revenue in China, and now has 131 screens installed there.
 
Like other global brands, IMAX is betting on the appetite of ultra-rich Chinese for luxury goods and unique experiences, which is also helping the sales of retailers like LVMH and Tiffany & Co.
 
The number of Chinese millionaires rose by more than 14 percent last year to 643,000, the most recent wealth survey by Capgemini and RBC Wealth Management shows. The country is now home to the fourth largest number of high net-worth individuals in the world.
 
Neither IMAX nor TCL Multimedia Chief Financial Officer Edmond Chen would forecast how many home systems the company expects to sell when it kicks of production in 2015. The deal was signed this week.
 
TCL estimates annual growth for home theatre sets is likely to exceed 20 percent in the next five years. It said the market for home theatres may be about 2,000 sets now.
 
In July, IMAX announced an agreement with local conglomerate Dalian Wanda Group Corp to build up to 120 new theaters in China. The deal would raise the number of IMAX theaters to about 400, with Wanda running around half.
 
Gelfond in September helped Dalian Wanda launch a $8 billion production, entertainment and real estate project in the coastal city of Qingdao, surrounded by stars including Nicole Kidman and Leonardo DiCaprio.

You May Like

US States Where Women Work for Free

Women earn less than men in all 50 states More

Video Seoul Sponsors Korean Unification Fair

At a recent even in Seoul, border communities promoted benefits of increased cooperation and North Korean defectors shared stories of life since the war More

Video VOA EXCLUSIVE: Iraq President Vows Fight to Death Against IS

In wide-ranging interview, Fuad Masum describes new type of fight that will take time to win More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Forced to Return Home, Afghan Refugees Face Increased Hardshipi
X
Ayesha Tanzeem
May 28, 2015 6:48 PM
Undocumented refugees returning to Afghanistan from Pakistan have no jobs, no support system, and no home return to, and international aid agencies say they and the government are overwhelmed and under-resourced. Ayesha Tanzeem has more from Kabul.
Video

Video Forced to Return Home, Afghan Refugees Face Increased Hardship

Undocumented refugees returning to Afghanistan from Pakistan have no jobs, no support system, and no home return to, and international aid agencies say they and the government are overwhelmed and under-resourced. Ayesha Tanzeem has more from Kabul.
Video

Video Britain Makes Controversial Move to Crack Down on Extremism

Britain is moving to tighten controls on extremist rhetoric, even when it does not incite violence or hatred -- a move that some are concerned might unduly restrict basic freedoms. It is an issue many countries are grappling with as extremist groups gain power in the Middle East, fueled in part by donations and fighters from the West. VOA’s Al Pessin reports from London.
Video

Video Floodwaters Recede in Houston, but Rain Continues

Many parts of Texas are recovering from one of the worst natural disasters to hit the southwestern state. Heavy rains on Monday and early Tuesday caused rivers to swell in eastern and central Texas, washing away homes and killing at least 13 people. As VOA’s Greg Flakus reports from Houston, floodwaters are receding slowly in the country's fourth-largest city, and there likely is to be more rain in the coming days.
Video

Video 3D Printer Makes Replica of Iconic Sports Car

Cars with parts made by 3D printers are already on the road, but engineers are still learning about this new technology. While testing the possibility of printing an entire car, researchers at the U.S. Department of Energy recently created an electric-powered replica of an iconic sports roadster. VOA’s George Putic has more.
Video

Video Al-Shabab Recruitment Drive Still on In Kenya

The al-Shabab militants that have long battled for control of Somalia also have recruited thousands of young people in Kenya, leaving many families disconsolate. Mohammed Yusuf recently visited the Kenyan town of Isiolo, and met with relatives of those recruited, as well as a many who have helped with the recruiting.
Video

Video US Voters Seek Answers From Presidential Candidates on IS Gains

The growth of the Islamic State militant group in Iraq and Syria comes as the 2016 U.S. presidential campaign kicks off in the Midwest state of Iowa.   As VOA’s Kane Farabaugh reports, voters want to know how the candidates would handle recent militant gains in the Middle East.
Video

Video A Small Oasis on Kabul's Outskirts Provides Relief From Security Tensions

When people in Kabul want to get away from the city and relax, many choose Qargha Lake, a small resort on the outskirts of Kabul. Ayesha Tanzeem visited and talked with people about the precious oasis.
Video

Video Film Festival Looks at Indigenous Peoples, Culture Conflict

A recent Los Angeles film festival highlighted the plight of people caught between two cultures. Mike O'Sullivan has more on the the Garifuna International Film Festival, a Los Angeles forum created by a woman from Central America who wants the world to know more about her culture.
Video

Video Kenyans Lament Losing Sons to al-Shabab

There is agony, fear and lost hope in the Kenyan town of Isiolo, a key target of a new al-Shabab recruitment drive. VOA's Mohammed Yusuf visits Isiolo to speak with families and at least one man who says he was a recruiter.
Video

Video Scientists Say Plankton More Important Than Previously Thought

Tiny ocean creatures called plankton are mostly thought of as food for whales and other large marine animals, but a four-year global study discovered, among other things, that plankton are a major source of oxygen on our planet. VOA’s George Putic reports.
Video

Video Kenya’s Capital Sees Rise in Shisha Parlors

In Kenya, the smoking of shisha, a type of flavored tobacco, is the latest craze. Patrons are flocking to shisha parlors to smoke and socialize. But the practice can be addictive and harmful, though many dabblers may not realize the dangers, according to a new review. Lenny Ruvaga has more on the story for VOA from Nairobi, Kenya.
Video

Video Iowa Family's Sacrifice Shaped US Military Service for Generations

Few places in America have experienced war like Waterloo. This small town in the Midwest state of Iowa became famous during World War II not for what it accomplished, but what it lost. As VOA’s Kane Farabaugh reports, the legacy of one family’s sacrifice is still a reminder today of the real cost of war for all families on the homefront.

VOA Blogs