The summer box office is booming as "Deadpool and Wolverine" crossed the $1 billion mark globally, and Pixar’s "Inside Out 2" became the highest-grossing animated movie of all time. IMAX (IMAX) CEO Richard Gelfond joins Wealth! to discuss the state of the industry and consumer trends.
"During the pandemic and during the writers’ strike, everybody was talking a narrative around streaming, around different kinds of things, and they kind of forgot about theatrical… So the first half of this year was a little touch and go. But I think these forces have finally lifted off. And as I say, it’s somewhat ironic that the part of Hollywood that’s really working now is the good old-fashioned movie business," Gelfond explains.
He notes that IMAX is focused on delivering experiences alongside the traditional movie offerings. He points to the Taylor Swift concert, the Olympics opening ceremony, and NBA finals as examples of bringing experiences to fans and driving them to theaters for out-of-home experiences.
Following the success of films like "Oppenheimer" and "Dune: Part 2," more films are being shot on IMAX cameras. Fourteen films shot in IMAX will be released in 2025, Gelfond says, and he expects that number to continue to rise as more people "seek out the IMAX experience."
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