Moviegoers have an appetite for blockbusters in a ‘premium way’: IMAX CEO
“Avengers: Infinity Wars,” “Black Panther” and other blockbusters have brought record numbers of people to the movies in the second quarter of this year, making it the biggest box office quarter in the history of the movie business, according to IMAX CEO Richard Gelfond.
“People think it’s somewhat of a stagnant industry,” Gelfond told FOX Business, “but it’s actually still growing.”
Gelfond’s company has grown globally, including in China where IMAX made over $100 million in the second quarter.
He told FOX Business’ Maria Bartiromo on “Mornings with Maria” that China has become a powerhouse in the industry.
“They’re not a disrupter, they’re the status quo,” he said Thursday. “They have more engineers than anyone graduating in the world, and I think they have to be a part of the world community.”
Gelfond predicted that President Trump’s tariffs will not hurt his company because of a good relationship between China and Hollywood.
“I don’t think China wants to poke an eye at Hollywood right now,” he said.
Gelfond said that the large revenue for IMAX was largely due to the company’s presence in the rest of the world, and the public’s appetite for movies that bring everybody together.
“We were firing on all cylinders,” he said, “I think the public has an appetite for these blockbusters in a premium way, and that’s where IMAX fits in.”
