As the Hollywood double strike continues and questions arise whether it will force films to move their fall release dates, Imax CEO Rich Gelfond believes the films set for release on his company’s screens will stay put.
“While there is some concern about release dates shifting due to the labor strikes, we believe nearly all of our second half slate has wrapped shooting,” Gelfond said during Imax’s quarterly earnings call on Wednesday.
“Additionally, given our surging indexing, we believe studios will be reluctant to move films on our slate — and potentially sacrifice an already agreed to Imax window,” he added.
Among the films that are set for Imax release in the fall and winter of 2023 are Warner Bros.’ “Dune: Part Two” and “Aquaman and the Lost Kingdom,” as well as Sony/Apple’s “Napoleon” from Ridley Scott and Paramount/Apple’s “Killers of the Flower Moon” from Martin Scorsese.
Studios are weighing potential release date moves as the ongoing SAG-AFTRA strike prevents them from holding promotional events with actors. Earlier this week, Searchlight Pictures moved Yorgos Lanthimos’ “Poor Things” starring Emma Stone from a September release to Dec. 8.
But when it comes to big-budget, Imax-supported films like “Dune: Part Two,” Gelfond told financial analysts that he believes that such a move is unlikely given that it would lead to carrying costs and sunk marketing costs that would make those films less theatrically profitable. Gelfond believes that a strike would only affect Imax’s theatrical slate if it extends to the point that films that are currently in production for a release in the latter half of 2024 are affected.
In the meantime, Imax has contingency plans. Should his prediction prove wrong and “Dune: Part Two” is moved, for example, Gelfond says Imax would pivot its screens to Marvel Studios’ “The Marvels,” which currently hits theaters a week after “Dune: Part Two.”
In terms of potential moves in 2024, Gelfond said Imax will turn to other offerings such as international and anime titles as well as alternative content like live concert broadcasts.
“Our diversified programming strategy will help offset the impact of a shifting Hollywood slate,” Gelfond said, pointing to the more than 40 local language films on Imax’s 2023 slate.
Imax has become a bigger force than ever at the box office, taking up larger shares of the ticket sales for event releases and adding to their grosses with ticket surcharges. This past weekend, Imax ticket sales accounted for 26% of the $82.4 million domestic opening of Universal’s “Oppenheimer,” the largest share ever for Imax.
