With the release of "The Batman" in China and its continued solid performances in other markets, the world's leading entertainment technology company IMAX has gone beyond $10 billion in its lifetime grosses.

On Sunday, IMAX announced that it crossed a $10 billion milestone in its lifetime global box office sales. The news comes just after the exhibitor, and specialty camera corporation returned with a record share of the 2021 box office and its best Q4 since 2019.

Out of the $598 million global box office total made by "The Batman" since its debut in many markets three weeks ago, $47.6 million was from IMAX theaters. $28.5 million of that contributing to North America's $300.1 million total so far. The film debuted on 440 IMAX screens in China this past weekend and took in $2 million, 17% of the film's $12.1 million (74.53 million yuan) opening in the country. The number would be higher if not for the COVID-19 pandemic resurgence, which has already shut down half of the total cinemas nationwide.

After over three decades of being a documentary platform and network in science museums and other institutions with movies, IMAX then transformed their business, developing proprietary post-production techniques and bringing Hollywood movies to their giant screens in auditoriums with the re-release of Ron Howard's "Apollo 13" in 2002. This promoted a demand from filmmakers, studios, exhibitors, and moviegoers, so IMAX later expanded its global network to more than 1,664 screens in cinemas across 85 countries and regions.

In 1998, IMAX opened its office in China and installed the first IMAX theater in 2001 at The Shanghai Science and Technology Museum. The enthusiasm for the premium movie-going format started to grow significantly in 2010 when Hollywood juggernaut "Avatar" hit China, and at that time, China only had 14 IMAX theaters. Since then, the company rapidly expanded to meet Chinese audiences' demands. Unfortunately, the global pandemic closed most of the world's cinemas from 2020-21, but that didn't stop IMAX, especially in China. Audiences remain eager to enjoy films on giant screens once again.

In late February, IMAX China reported full-year 2021 Greater China revenue of $113 million, up 116% year-on-year, driven by strong box office recovery and increased installation activities. Adjusted net profit reached $42 million, compared to $4.6 million net loss in full-year 2020. 

Record local Chinese language box office of $150 million was underpinned by a record-breaking Chinese New Year opening weekend and National Day Holiday box office and 5 titles from the "Filmed for IMAX" program. In addition, the company reported significantly increased indexing across both local language and Hollywood blockbusters, including "Detective Chinatown 3," "The Battle at Lake Changjin," "Dune," and "No Time to Die."

"We ended with full-year revenue and earnings almost recovering to pre-pandemic levels despite a limited Hollywood slate," said Edwin Tan, CEO of IMAX China. "As theatrical entertainment becomes increasingly blockbuster-driven, IMAX China is uniquely positioned to benefit given our premium brand, network, and technology. In addition, our strengthening footprint in local language programming demonstrates the largely untapped potential for IMAX China to gain market share further as local content gravitates towards high-production-value genres. We look forward to building on the momentum as we capitalize blockbuster movie-going and a strong pipeline empowered with IMAX DNA in the upcoming years."

The IMAX China network had reached 783 systems as of Dec. 31, 2021. Upcoming IMAX films for the Chinese market and worldwide include "Detective vs. Sleuths," "Moonfall," "Fantastic Beasts: The Secrets of Dumbledore" and "Jurassic World: Dominion."

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