Why IMAX Stock Keeps Rising
Key Points
Fans are traveling from all over the world to watch the blockbuster movie displayed in IMAX's most premium format.
The film is generating "staggering" sales results for IMAX.
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Shares of IMAX (NYSE: IMAX) furthered their ascent this week, as excitement surrounding the record-breaking performance of The Odyssey continues to build.
Image source: Getty Images.
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Blockbuster results
People are traveling tens and even hundreds of miles to see Christopher Nolan's latest masterpiece, which was filmed entirely with IMAX's cameras, on giant screens designed to maximize the viewing experience.
In turn, the limited number of theaters that have the equipment to show The Odyssey in IMAX's 70-millimeter format are enjoying stunning box-office results.
"Fans are flying across countries, if not continents, to experience The Odyssey in IMAX 70mm, selling out screenings around the clock," Imax CEO Richard Gelfond said during the entertainment technology provider's second-quarter earnings call.
Fans can't get enough
Ticket sales are so good that IMAX extended 70 mm screenings of The Odyssey into mid-September. And with new screenings selling out quickly, showings might need to continue even later into the year.
Across all screen formats, the film helped IMAX follow its record-breaking $52 million opening weekend with a $48 million second weekend.
"We knew Christopher Nolan's The Odyssey would continue to play exceptionally well in IMAX, but these results are staggering," Gelfond said. "The film has crossed over from hit blockbuster to global cultural event, and audiences around the world will continue lining up to experience this one-of-a-kind film in IMAX for weeks, if not months, to come."
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Joe Tenebruso 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.
