🍒 The CEO of IMAX on How It Became a Hollywood Powerhouse

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But at the time, most IMAX movies were nature documentaries shown in the about $, per screen—but the conversion was now fairly affordable.


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That was due in part to the technology constraints of the predigital era; it took years to find ways to make it easy and cost-effective to show IMAX movies in a large number of multiplexes. Very few movies were being offered in the IMAX format. The Hollywood movie industry is an interconnected system of studios, directors, and theaters that has evolved over years, and it has a traditional way of doing things. Iteration is key. From day one I recognized the significance of the IMAX name and communicating its values: quality, innovation, and providing exciting new entertainment experiences. When I meet with entrepreneurs who want me to invest in a start-up, the first thing I look for is how attached they are to their business model: Would they consider a plan B or plan C? At one point in our stock traded for 55 cents a share, and some of our bondholders began buying equity and trying to force us into bankruptcy. At one point in , the stock was trading at 55 cents a share, and some bondholders tried to force IMAX into bankruptcy. Competitive strategy. Related Topics:. This was huge. During the s and into the early s, IMAX was licensing its technology to theaters. By focusing on museums, it could get funding from the National Science Foundation and the National Film Board of Canada to build theaters.

The Idea: The company experimented with business models to grow from its modest roots in nature documentaries into a major player in multiplexes around the world.

This experience underscored the crucial role leaders play in inspiring and motivating teams through difficult situations. Running this company has had its share of thrills and has helped me lead a very interesting life, but none of it would have happened without experimentation and determination and a great management team.

We paid for the conversions ourselves, and in return the studios agreed to give us That means that even if the studio pays us And theater owners see that simply having an IMAX theater installed tends to increase overall attendance at their pc games 2020 casino. One of the studios would probably have beat us to it.

As newcomers we spent years trying and failing to persuade the industry to adapt to our model. The final development that propelled us to success was the shift to digital. When we bought the company, we thought we could send a few new people up to the Toronto headquarters and transform the culture into something nimble and entrepreneurial.

IMAX still carried a lot of debt as a result of the LBO, and sometimes we doubted whether we would earn enough to meet those obligations.

We finally began demonstrating real traction in Our results improved, and we had imax movies today to pay down some of our debt. But other disadvantages remained. We went through two or three periods of crisis along the way.

It includes footage of launches, landings, space walks, and living in space. In Gelfond and his team actively tried to sell it.

As our network has grown, so has the importance of our brand. Figuring out how to move into mainstream markets turned out to be far more challenging than Gelfond click here anticipated, however.

There was a lot of uncertainty about when to make the change, however, because it would entail high costs, and theater source had taken on a lot of debt building big multiplexes around that time.

Even after we began adapting our strategy imax movies today fit the Hollywood way of doing business, it took a while to find a model that benefited us and our partners. But finding the right way to finance that shift proved really challenging.

We also faced cultural challenges. Richard Gelfond knew little about the movie business when he and a partner acquired IMAX, back in At the time, most IMAX movies were nature documentaries, shown in the theaters of science museums, but he recognized that the entertainment experience the company provided had great potential.

That began imax movies today change inwhen Richard Gelfond brought in a new team intent on growing the company.

July—August Issue Ameristar event the Archive. The stock popped, we were given a new bank line, and doubts about our survival faded.

A partner and I had acquired the company through a leveraged buyout, and we took it public a few months later. To get more IMAX movies into theaters, the company produces its own film, designed to work in both science museums and mainstream theaters.

To increase the number of IMAX films available, at one point in the s we even tried producing movies ourselves.

Since the industry has been very concerned that as televisions become bigger, home theater systems become more affordable, and streaming allows viewers to access a wide range of movies anytime, people will become less inclined to pay to see first-run movies in theaters.

In we actively tried to sell the company, but our future was so uncertain that no one was willing to pay a reasonable price. When the theaters awaiting construction have been completed, we will have screens there, and demand is still exploding. I specifically recall a movie we made in called T-Rex: Back to the Cretaceous.

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Ultimately, we had to find a way to get both theater owners and moviemakers enthusiastic about the IMAX format. For many years people have wondered whether we could re-create the IMAX experience in a home theater system. So we decided to move aggressively into digital, and we began installing the new systems in Showing a film in the IMAX format became cheap and easy.

The first film shown in the new format: a minute feature called Tiger Child. During its first 25 years, IMAX installed its system in museums, and most of its films were nature documentaries. The bigger problem, however, was the business model. Abrams, and James Cameron are huge fans of our technology—they have come to view IMAX as the perfect canvas on which to execute their artistic vision.

Since our network of theaters has grown imax movies today to Directors such ma wynn boston Christopher Imax movies today, J.

In those years IMAX was run almost like a nonprofit. It was a classic chicken-and-egg problem. Partner Center.

My daughters are grown now, but for years I took them to movie premieres, which was very rewarding. The IMAX version was a global phenomenon. Our first break came in , when a computer scientist in our Toronto office figured out how to use computer algorithms to convert existing movies into the IMAX format. But I discovered that I really liked running this business, so I stayed. That success helped convince theater owners that IMAX could drive business. To ward off that threat, theater owners have tried to create a more differentiated experience with bigger screens and better sound systems. We attacked these problems as best we could. The huge up-front cost was an obstacle, but not the only one.