Imax, the cinema technology company specialising in
immersive 3D screenings, is to offer home cinemas for China's wealthy elite in
a joint venture with Shenzhen's TCL Multimedia.
"China now is our second largest market in the world,
and our fastest growing market," Imax chief executive Richard Gelfond
said.
The company is also targeting Russia, Hong Kong and the
Middle East.
China's burgeoning wealthy class is hungry for luxury goods
of all kinds, with TCL estimating that the home theatre market will grow 20% a
year over the next five years.
Three-D films are also growing in popularity, with more than
80% of audiences for the recent blockbuster film Gravity opting for the 3D
format thanks to the film's ground-breaking special effects.
Luxury, immersive home cinemas are now possible - albeit
only for the rich - thanks to advancements in 3D and large-screen technology.
Shooting a film with dedicated Imax cameras used to cost
more than £6m before the company developed a way of converting standard films
to Imax format using algorithms for less than £1m.
Producers started making films specifically for 3D, with
James Cameron's Avatar in 2009 proving to be the first mainstream 3D box office
success, taking about $250m in Imax theatres.
Imax already earns 16% of its revenue in China, and now has
131 screens installed there.
In July, it announced an agreement with China's Dalian Wanda
Group Corp to build up to 120 new cinemas in the country, building on its 2011
deal with the group.
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