From fantasy to three dimensional reality, one film is pulling more cinema-goers into IMAX theaters than ever before. And it’s, of course, James Cameron’s “Avatar.
It’s the first film to sell more than $100 million worth of tickets at IMAX box offices and it’s still got several weeks to run. It recently snatched the title of highest grossing film of all time from another James Cameron movie, “Titanic.
There are more than 400 IMAX cinemas operating in 44 countries. And despite the deep global slump, IMAX took $100 million at the box office during the final three months of 2009, a milestone for the company – a massive 225 percent rise on the same period last year.
Richard Gelfond, the CEO of IMAX, sat down with CNN’s Richard Quest this week at the World Economic Forum in Davos, Switzerland.
Quest: Richard, I’m always delighted when you’re with us.
Gelfond: It’s great to see you, Richard.
When I last spoke to you, I was rather skeptical about the range and breadth of IMAX. You have the right to tell me I told you so.
I told you so, Richard.
I mean it – it’s been a very good year for us. And it’s not just “Avatar. Throughout the year, we had a number of hit movies. “Harry Potter was a big success. “Transformers, “Star Trek.
Our slate was great and our model is really proving itself out.
The model may be working, but how far can you extend it? Because if I know you, Richard, you’re already looking at what’s next and next and next.
Oh, and we’ve got a slate this year, Richard, that includes “Alice in Wonderland starring Johnny Depp. We’ve got a “How To Train Your Dragon, the new DreamWorks one, “Shrek, “Toy Story. It goes on and on.
So we feel great about our business model.
What about a shift, though, toward 3-D television, the 3-D and IMAX use of sporting events?
Well, I don’t know whether you saw this, but we teamed up with Discovery and Sony and we announced a letter of intent to create 3-D television. I think the public wants 3-D. The content creators are creating 3-D.
Look, not only Jim Cameron, Steven Spielberg, you know, some of the best filmmakers in the country, in the world.
Does it have potential for the sporting environment, as well, do you think? Or are there more challenges of that, in terms of live action?
I think what you call football and what we call soccer would work really well. I’m not sure about wider sports, like what we call football, because in soccer, you know the ball is coming toward the goal. So if you have it behind the goal, it gives you depth.
In a wider sport, I’m not sure it will work as well.
When you’re here in Davos, what is your agenda?
Because rethink, redesign – I’m tired of hearing this redesigning and rethinking and rebuilding.
My agenda is to find out what’s going on in the world. As you said, we’re in 40 countries. I want to understand what’s going on in those countries, how we can develop our business in them and how we can help the world order, as well.
You see, that’s the idea of all those countries and the investment that’s required within all those countries. Since you’ve had the “Avatar success, are you now finding more people wanting to shovel money at you?
Well, shovel may be a little hokey, but invest with us would be a better way to put it.
But you are finding that?
We are finding that, for sure. What – you know, there’s nothing like success. It breeds more success. And that’s what we’re seeing.
Did you ever have any doubts that the “Avatar would do well in the IMAX?
Well, as I said, it’s more than “Avatar but…
It is more than “Avatar, but that sort of is the one that a lot of people have pinned themselves on.
Jim Cameron showed me about 20 minutes, probably three or four months ago. And once I saw it, I had no doubts. It blew me away, Richard. It was like a first in life. Like you remember the first time you went to Paris, the first time you went to a sporting event?
When I saw “Avatar, it was fresh and new and I knew it would succeed.
Let’s talk a little more widely, because one of the great things about Davos is that it does bring this vast variety. Where else are we going to meet the CEO from IMAX along with a government minister from India and not one, but two. Are you optimistic about what’s happening- what you’re seeing in the global economy or do you believe that there is a potential for a second dip in the recession?
I’m optimistic, Richard. I mean I’m a victim of my own business, which has had a record box office. But I’m very optimistic. I think there are challenges, but we’ll get there.
Tune in to Richard Quest each weekday at 9 pm Cairo (9 pm Kuwait, 9 pm Riyadh, 10 pm Dubai) on Quest Means Business. For more information go to www.cnn.com/qmb.
