IMAX eager to tap into China market

IMAX, the Canadian operator of large-screen movie theaters, is set to open 80 theaters in China over the next couple of years. And its overall goal is to open 250- 300 theaters in China. This will make China the second largest market in the world for IMAX, and allow IMAX to claim the title of largest foreign movie exhibitor in China.

Calling it a win-win situation for both China and IMAX, Rechard Gelfond, chief executive of IMAX Corp, told Xinhua in an interview that "I think there's enormous opportunity (for IMAX) to expand in China. We'll absolutely aggressively pursue that opportunity."

Two new trends in China's cinema industry have given IMAX impetus to pursue its ambitious business agenda, said Gelfond.

First, he anticipated that many more movie theaters of all kinds will be opened in China owing to the rapid growth of the cinema industry. For instance, on the regular screen side, there will be 20,000 cinemas in next five years in China, compared to the current 5,000 ones and 1,500 three years ago.

"The Chinese government has moved the responsibility for cinema from the cultural office to the commerce office," said Gelfond. " They set up very aggressive targets for the growth of cinema in China."