Markets

"The Eight Hundred" Is a Hit for IMAX in China

Movie theaters in China are returning to normal, with the newly released film The Eight Hundred getting off to a strong start. The movie began preview screenings on Aug. 14, and since then has racked up $116 million in ticket sales. This could be good news for the upcoming blockbuster Tenet.

The Eight Hundred's early success is also good news for entertainment-technology company IMAX (NYSE: IMAX). It was shot entirely with IMAX cameras, which has helped the company capture a large percentage of overall ticket sales.

A movie theater is crowded with people awaiting the start of the movie.

Unlike the crowd in the picture, movie theaters in China are still limited to 50% capacity. Image source: Getty Images.

In China, IMAX screens were closed for six months due to the COVID-19 pandemic, a strain on the media company. They started reopening on July 24, but only showed films that had been previously released. The Eight Hundred is the first new film released on IMAX screens in China since the coronavirus started.

IMAX has more than 700 screens in China. About 650 have reopened and are showing The Eight Hundred, a Chinese historical war drama. Theaters are still limited to 50% capacity, but there's clearly demand for a return to the movies. The film sold out its limited seating at IMAX screens more than 550 times in the first two days of release. For its part, IMAX has captured 6.5% of overall ticket sales so far.

This could point to strong box office demand when Tenet debuts internationally tomorrow and in the United States on Sept. 3. The film was produced by Warner Bros. Pictures, which is owned by AT&T

10 stocks we like better than IMAX
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and IMAX wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of August 1, 2020

 

Jon Quast has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

IMAX T

Latest Markets Videos

The Motley Fool

Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Learn More