Silent Bob
04-23-2003, 08:19 PM
Imax Says Matrix Film Deal A 'Watershed Event' >IMAX
http://biz.yahoo.com/djus/030423/1108001165_1.html
Wednesday April 23, 11:08 am ET
By Andy Georgiades, Of DOW JONES NEWSWIRES
TORONTO (Dow Jones)--Imax Corp.'s latest deal with Warner Bros. Pictures is a giant leap forward in the company's crusade to make its large- format cinemas a release window for Hollywood blockbuster films.
Earlier Wednesday, Imax and Warner Bros., a division of AOL Time Warner Inc. (NYSE:AOL - News) , announced that the second and third chapters of "The Matrix" trilogy, to be released in the spring and fall, will be digitally-remastered using Imax DMR - a technology that upgrades live-action 35mm films into the Imax experience.
Imax has said that the simultaneous release of first-run Hollywood event films in its theaters is the "holy grail" for the company, and it's something investors have been anxiously anticipating for some time.
Although "The Matrix Reloaded" will open in Imax theaters two or three weeks after its general release May 15, "The Matrix Revolutions" will open Nov. 5 in both conventional and Imax cinemas, marking the first time that a live-action Hollywood film is released concurrently in both large- and standard-sized formats, known in the industry as a day-and-date release.
Richard Gelfond, co-chief executive of Imax, said the deal is a "watershed event" for the company, as securing "The Matrix" sequels begins to answer Imax customers' questions about content.
He explained that ensuring a steady supply of content from the studios, especially commerical Hollywood blockbuster films, is an integral part of the overall business strategy - selling Imax theater systems. The other component is the development of a product that will lower the costs to exhibitors of installing an Imax system in their multiplexes, which has already been accomplished with the Imax MPX system, announced in February.
'A Visual Spectacle'
Gelfond said that "The Matrix" movies met all of the criteria for the first Imax DMR day-and-date release. "It's a visual spectacle, it has the kind of soundtrack that will take advantage of our 12,000-watt sound system," he told Dow Jones. "And most importantly, they're really the franchise movies of the year. There wasn't a better film than The Matrix, and in fact, we got a little lucky that there were two of them."
He said Imax had been negotiating with Warner Bros. for the third installment only, but when certain executives saw the tests, they were so impressed by the " visual splendor" that it turned into a two-picture deal.
Unlike the Imax DMR releases last year of "Apollo 13" and "Star Wars: Episode II - Attack of the Clones," "The Matrix" films won't have to be shortened, as Imax reel units can now support film lengths of 150 minutes.
This isn't the first time Imax and Warner Bros. have made a deal. In February, the two announced a collaboration on a new Imax 3-D documentary film about auto racing. Imax has previously announced film deals with Walt Disney Co. (NYSE:DIS - News) , Universal Pictures, a unit of Vivendi Universal , and 20th Century Fox, a unit of Fox Entertainment Group Inc. (NYSE:FOX - News) .
"If ever there was an indication that our business is migrating to Hollywood, I think the fact that more than half the studios will have released Imax films in a one-year period of time validates our strategy," he said.
Gelfond said research shows customers love Imax, and are willing to pay a premium and drive further for the experience, which is another incentive for studios to adopt Imax DMR.
In a statement, Dan Fellman, president of domestic distribution for Warner Bros. Pictures, called the project a landmark in motion picture distribution, " and one that we look forward to repeating in the near future."
On Nasdaq Wednesday, the stock is up 49 cents, or 8.1%, to $6.55 on about 463, 000 shares.
Company Web Site: http://www.imax.com
-Andy Georgiades, Dow Jones Newswires; 416-306-2031; andy.georgiades@dowjones.com
==========
For info on how IMAX works:
http://entertainment.howstuffworks.com/imax1.htm
http://www.superspeedway.com/eng/imax1.html
http://www.imax.com/
http://biz.yahoo.com/djus/030423/1108001165_1.html
Wednesday April 23, 11:08 am ET
By Andy Georgiades, Of DOW JONES NEWSWIRES
TORONTO (Dow Jones)--Imax Corp.'s latest deal with Warner Bros. Pictures is a giant leap forward in the company's crusade to make its large- format cinemas a release window for Hollywood blockbuster films.
Earlier Wednesday, Imax and Warner Bros., a division of AOL Time Warner Inc. (NYSE:AOL - News) , announced that the second and third chapters of "The Matrix" trilogy, to be released in the spring and fall, will be digitally-remastered using Imax DMR - a technology that upgrades live-action 35mm films into the Imax experience.
Imax has said that the simultaneous release of first-run Hollywood event films in its theaters is the "holy grail" for the company, and it's something investors have been anxiously anticipating for some time.
Although "The Matrix Reloaded" will open in Imax theaters two or three weeks after its general release May 15, "The Matrix Revolutions" will open Nov. 5 in both conventional and Imax cinemas, marking the first time that a live-action Hollywood film is released concurrently in both large- and standard-sized formats, known in the industry as a day-and-date release.
Richard Gelfond, co-chief executive of Imax, said the deal is a "watershed event" for the company, as securing "The Matrix" sequels begins to answer Imax customers' questions about content.
He explained that ensuring a steady supply of content from the studios, especially commerical Hollywood blockbuster films, is an integral part of the overall business strategy - selling Imax theater systems. The other component is the development of a product that will lower the costs to exhibitors of installing an Imax system in their multiplexes, which has already been accomplished with the Imax MPX system, announced in February.
'A Visual Spectacle'
Gelfond said that "The Matrix" movies met all of the criteria for the first Imax DMR day-and-date release. "It's a visual spectacle, it has the kind of soundtrack that will take advantage of our 12,000-watt sound system," he told Dow Jones. "And most importantly, they're really the franchise movies of the year. There wasn't a better film than The Matrix, and in fact, we got a little lucky that there were two of them."
He said Imax had been negotiating with Warner Bros. for the third installment only, but when certain executives saw the tests, they were so impressed by the " visual splendor" that it turned into a two-picture deal.
Unlike the Imax DMR releases last year of "Apollo 13" and "Star Wars: Episode II - Attack of the Clones," "The Matrix" films won't have to be shortened, as Imax reel units can now support film lengths of 150 minutes.
This isn't the first time Imax and Warner Bros. have made a deal. In February, the two announced a collaboration on a new Imax 3-D documentary film about auto racing. Imax has previously announced film deals with Walt Disney Co. (NYSE:DIS - News) , Universal Pictures, a unit of Vivendi Universal , and 20th Century Fox, a unit of Fox Entertainment Group Inc. (NYSE:FOX - News) .
"If ever there was an indication that our business is migrating to Hollywood, I think the fact that more than half the studios will have released Imax films in a one-year period of time validates our strategy," he said.
Gelfond said research shows customers love Imax, and are willing to pay a premium and drive further for the experience, which is another incentive for studios to adopt Imax DMR.
In a statement, Dan Fellman, president of domestic distribution for Warner Bros. Pictures, called the project a landmark in motion picture distribution, " and one that we look forward to repeating in the near future."
On Nasdaq Wednesday, the stock is up 49 cents, or 8.1%, to $6.55 on about 463, 000 shares.
Company Web Site: http://www.imax.com
-Andy Georgiades, Dow Jones Newswires; 416-306-2031; andy.georgiades@dowjones.com
==========
For info on how IMAX works:
http://entertainment.howstuffworks.com/imax1.htm
http://www.superspeedway.com/eng/imax1.html
http://www.imax.com/