IMAX Shifts Focus to Asia & Diversifies Growth Beyond China – 2025 Results

Imax delivered a record $1.28 billion in global box office revenue in 2025, a 40% increase year-on-year, with the Asia-Pacific region accounting for roughly half of that total – a surge of nearly 80% compared to the previous year. The premium exhibition giant’s growth is no longer solely reliant on China, marking a significant strategic shift for the company.

China contributed $407 million to Imax’s 2025 revenue, its best-ever performance, surpassing the previous record set in 2019 by 5%. However, the broader Asia-Pacific region, excluding China, similarly reached a record $230 million, the highest ever for that grouping. This expansion across markets including Japan, India, Australia, Indonesia, Malaysia, Thailand and Vietnam represents a fundamental reorientation for Imax, according to company officials.

Giovanni Dolci, Imax’s chief commercial officer, stated that the era of a single market driving the majority of Imax’s growth is over, and this is a deliberate strategy. In 2025, agreements for approximately 163 Imax locations were signed with contributions coming in a balanced way from across Asia-Pacific, continental Europe, and other regions. Record theater-signing years were achieved in both Japan and Australia, alongside new agreements in Germany and multiple deals in France.

“Five years ago, if you asked me where Imax’s growth was coming from, the answer was China. Ten years ago, it was North America,” Dolci told Variety. “Now, no single market dominates, and that balance is something the company actively welcomes.”

Mainland China, with 797 Imax locations – representing nearly 44% of the company’s 1,796-strong commercial multiplex network – remains the largest market. The 2026 Lunar New Year holiday period generated $28 million in Imax box office revenue, with the racing thriller “Pegasus 3” accounting for $24 million, the strongest Imax performance for a Chinese film since 2024’s animated blockbuster “Ne Zha 2.” Imax’s China network captured 3.4% of the total holiday box office despite representing less than 1% of screens. “Pegasus 3” will also receive an exclusive North American Imax run, alongside select locations in the U.K., Australia, and New Zealand. Imax’s market share in China reached 5.5% in 2025, its highest on record.

While growth in China continues, Imax is now focusing on selectively pursuing new multiplex developments in high-tier cities and exploring retrofitting existing cinemas lacking Imax screens. A deal with Wanda, its top Chinese partner, specifically targets this retrofit approach, placing Imax systems in established venues where performance data justifies the investment.

Local language films are a key component of this strategy. Since 2020, Imax has released 15 Chinese Filmed for Imax titles. In 2025, six of the top-ten Chinese Imax titles were local language productions, and the Lunar New Year period alone saw Imax titles grossing over $180 million. This shift has impacted Imax China’s financial results, with content solutions revenue – driven by box office income – more than doubling from $15.5 million in 2024 to $33.9 million in 2025, largely due to the higher proportion of local language box office revenue.

Japan has emerged as a model for Imax’s current strategy. The country delivered its highest-ever Imax box office in 2025 at $90.7 million, a 23% increase over the previous record. This was driven by a mix of Hollywood tentpoles and local language titles, with five of the top-ten Japanese Imax releases being local productions. “Demon Slayer: Infinity Castle” finished as the fourth highest-grossing Imax title globally in 2025.

Imax now operates 62 locations in Japan, with 10 new sites opened in 2025, representing a roughly 20% expansion. Agreements have been signed for a record 13 new and upgraded locations. The company has focused on expanding into suburban markets beyond Tokyo and Osaka, a move enabled by a diverse local language slate. Imax will release its first-ever Japanese Filmed for Imax title later in 2026, a project that has not yet been publicly announced.

India represents a significant long-term opportunity, despite being severely under-screened with approximately 9,000 cinema screens for a population of 1.4 billion. Imax currently operates 35 locations in India, a network that has grown by roughly 60% over the past five years. The country posted its best-ever Imax box office in 2025 at $25.6 million, up nearly 75% from 2024. A record 11 Indian language titles debuted in 2025, with “Kantara A Legend: Chapter 1” becoming the highest-grossing Indian title of the year. International content also performed well, with “Demon Slayer: Infinity Castle” becoming the highest-grossing anime title ever in the country.

Imax is expanding into tier two cities in India, mirroring its strategy in Japan. While historically anchored by its partnership with PVR Inox, Imax is broadening its exhibitor base, with new partners Mirage Cinema and Rajhans already on board. The primary constraint is the availability of suitable sites, not audience demand.

Two Indian Filmed for Imax titles are confirmed: “Ramayana,” backed by Prime Focus, due around the Diwali festival, and “Varanasi,” a collaboration with filmmaker S.S. Rajamouli. The launch of the “Varanasi” teaser, screened in Imax format to an audience of around 50,000 in Hyderabad, demonstrated the appetite for the format in the market.

Indonesia and Vietnam are also experiencing dynamic growth, having surpassed their pre-pandemic box office levels. In Indonesia, Imax has doubled its network to 18 locations through a deal with Cinema 21. The market recorded its best-ever Imax performance in 2025 at over $6.5 million. Vietnam also delivered its best-ever Imax year at $5.8 million, with a Galaxy Cinema location recently added to the network. Imax released its first-ever Vietnamese-language titles – “Money Kisses” and “Hijack Siege” – in 2025.

Malaysia and Thailand also posted record Imax performances in 2025, at $9.8 million and $8.5 million respectively. Australia’s transformation has been particularly dramatic, growing from a single Imax location to 10, with six opening in 2025. The market delivered its best-ever Imax box office at over $12 million.

South Korea remains the one significant Asia-Pacific market where Imax’s performance has not followed the broader upward trend. The country’s overall box office has declined, but Imax has proven more resilient, holding largely flat while the industry has dipped. Imax remains optimistic about its prospects in South Korea, pointing to the CGV Yongsan location in Seoul, which consistently ranks among the top five highest-grossing Imax theaters globally.

Imax’s 2025 local language box office reached $405 million worldwide, 66% above the previous record. The company expects to expand its local language slate to 75 titles in 2026, reflecting a 24% compound annual growth rate since 2019. Concert films have also contributed to the format’s reach.

The 2026 global slate is headlined by Christopher Nolan’s “The Odyssey,” for which Imax built a new generation of film cameras. The film is expected to play across the majority of Imax screens worldwide, with exceptions for Japan’s historically deferred release windows and China’s standard importation rules. Denis Villeneuve’s “Dune: Part Three” is also being shot with Imax film cameras. Imax’s 2026 slate includes more than 12 Filmed for Imax titles.

Imax’s 2026 guidance calls for approximately $1.4 billion in global box office revenue and 160 to 175 system installations. The company closed 2025 with a record $127 million in operating cash flow and a contracted backlog of 434 systems, more than 200 of which are concentrated in the Asia-Pacific region.