IMAX China’s first live broadcast of the finals, 4 of the more than 50,000 viewers … [+]
It’s not been an easy year for IMAX China, the Chinese subsidiary of China’s box office and North American film technology icon IMAX. According to data company Maoyan, as of the end of November, China’s movie ticket sales in 2024 dropped 21% year-on-year to US$5.6 billion. IMAX China’s first-half profit fell 9% to US$12.6 million, with sales falling 3.1% to US$43.9 million due to a lack of big-name stars compared with last year.
But this has not weakened IMAX China CEO Daniel Manwaring’s confidence in the Chinese entertainment market. Underlying his optimism: a possible return of blockbusters after a pandemic lull and a Hollywood strike, the expanding content welcome to China’s IMAX theaters, and his firm belief in the country’s local storytellers.
“We are a destination for blockbusters,” Manvarin said in a video interview released this month by Forbes China, the Chinese version of Forbes. “I think the most important thing is that big movies are coming back,” especially related to the all-important Lunar New Year, which starts at the end of next month.
“This is a really good opportunity for us,” the 40-year-old leader said. “We’re going to be capturing huge experiences – whether it’s a gorgeous Hollywood movie or now a big local-language film with our certified cameras – or a concert experience and a live game. We’re in a lucky position where we can really bring immersive immersive experience into all forms of content. I’m very optimistic about the future and IMAX’s relationship with big productions and blockbusters.
Equity investors appear willing to follow suit. Shares of IMAX China, 79% owned by parent company IMAX, are up 15% year to date from 12 months ago.
IMAX’s history dates back to 1967, when it was known as Multiscreen Corp. It was renamed to its current name in 1970. Part of the success is due to close collaboration with government partners. IMAX’s first domestic customer was a government agency in Shanghai; its first movie was “China: Adventures of the Panda.”
The China business listed on the Hong Kong stock exchange in 2015 with great fanfare, but its share price fell during the coronavirus pandemic. The delisting action failed as the proposal did not receive sufficient shareholder approval.
Manwaring came to China in 2006 out of his interest in the Chinese language and his optimism about the Chinese economy. “I’ve been eager to come to China since I was a kid. I studied Mandarin and finance, so I originally wanted to do banking here,” he recalls. “At the time, China was growing really fast, and it seemed like an incredible environment.”
The Fort Lauderdale, Fla., native, who holds degrees in finance and Chinese from the University of Florida, founded an auto parts company, AF Design, and worked in finance before moving on to serve as an executive at Creative Artists Agency for nearly 10 years (CAA ) is a global talent agency headquartered in the United States. This opportunity brought him into contact with powerful people in the entertainment industry.
“It was a time when the Chinese film industry was starting to develop, and there were so many amazing Chinese filmmakers, writers and actors. I wanted to be a part of their representation,” he told Forbes China.
“I do feel that there are some incredible stories and storytellers out there who have the ability to tell stories not only within China, but outside of China,” Manwaring said. “I want to be a catalyst for talent. Part of going abroad.” Recent Chinese scripts that have performed well overseas include the sci-fi story “Trilogy,” which was adapted into a Netflix series, and the Sony-distributed comedy “Yolo,” which played in 200 theaters in North America.
IMAX China CEO Daniel Manwaring was born in Fort Lauderdale.
The film-loving executive was introduced by a friend to marry Zhang Mo, the daughter of Zhang Yimou, one of China’s most famous film producers. His father-in-law, the director of award-winning films such as “Raise the Red Lantern” and the choreographer for the 2008 Beijing Olympics opening ceremony, is “an incredible filmmaker and an incredible grandfather.” .I am so lucky to have such great people in my life.
Manwaring, who joined IMAX China as CEO on January 9 last year, recalled queuing for hours to get movie tickets when “Avatar” was released in Beijing in 2009. There’s incredible potential,” he said.
“In my years at CAA, obviously I’ve had a lot of ties to IMAX. But I think, at the end of the day, I sincerely believe that IMAX is one of the few companies in the world that has the responsibility of bringing audiences into theaters to watch blockbusters. In “In my opinion, no other company does a better job of truly creating an immersive experience that draws audiences in and out of the theater,” Manvarin said. “So to me, as a lover of movies and this industry, IMAX is not just a great company. Tech companies, and in this industry have a real purpose and serve a purpose. “
In his first year as CEO, IMAX China’s profits more than doubled to $27 million from $10.8 million in the COVID-19-affected 2022, while revenue rose nearly 19% to $87 million. The percentage of Chinese-language films in the IMAX format accounting for the group’s mainland China box office rose to 61.5% in 2023 from 58.8% a year ago.
Looking ahead to an era when Hollywood blockbusters “Gladiator 2” and “Wicked” are global hits, Manwaring is optimistic about the genre’s return to the big screen and its appeal to audiences. “The COVID-19 pandemic has put a lot of big productions on hold. There’s a lot of uncertainty about how productions will come back and how audiences will come back. The strike in Hollywood has had a very big impact on preparations for 2024, and we’re already starting to see big-budget, big-budget productions. Blockbusters are back, not just Hollywood movies, but Chinese-language movies as well.
Manwaring is also optimistic about the new content that IMAX theater audiences will welcome. “We are really working hard to bring new experiences to our theaters and attract new audiences,” such as IMAX China’s first live broadcast of the “League of Legends” online game championship finals. He said the game was held in London but was broadcast on 150 screens in China.
“It attracted over 50,000 attendees for an incredible experience with high resolution and high quality sound. Even more amazing is our average occupancy rate of 90%. It also shows that there is a segment of people who are willing to come to us of theaters to watch content other than feature films.
“In fact,” Manwaring continued, “we asked around the audience during the events and we found that more than 80% of the people who attend these events have not been to a movie theater in five years.” The CEO also expressed his hope for 2023 Satisfied with the New Year’s Eve screening of the Taylor Swift concert film “Taylor Swift: The Eras Tour,” which featured Chinese Swift singing. He said that by introducing new people to IMAX theaters to watch non-traditional events, “their chances of watching movies in IMAX in the future will be higher.”
Excited Chinese Taylor Swift fans stand on their feet during “Taylor Swift: Generation Tour” performance … [+]
Manwaring also sees technological advancements as bringing two major benefits to the film industry. “On the technology side, I think we are at the beginning of a revolutionary moment as the introduction of artificial intelligence helps the development process, helps writers, helps production and organizes the entire production process. Obviously, in post-production, we are already seeing this Advances and support in the field. I don’t believe that artificial intelligence will replace creative people. I think it is a supplementary tool that can make people’s work easier and more efficient, which is good for any industry.
He also believes changes in production and technology will help creators better track what audiences will like. “I think we’re going to continue to see audiences’ tastes become more discerning. I think we’ve seen over the past few years that the tastes of Chinese audiences have been changing.
“This is one of the exciting things about our business,” said the American expat who became an insider on China’s entertainment industry.
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