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Sathyam Cinemas to instal two Imax systems in multiplexes

MUMBAI: Canada's Imax Corporation and Sathyam Cinemas has reached an agreement to install two Imax and MPX theatre systems at Sathyam Cinemas' multiplexes in India. The deal is the third between Imax and Sathyam and marks the second time the exhibitor has doubled the number of Imax theatres it plans to open in the country.

 

 

Sathyam Cinemas now has a total of four Imax theatres scheduled to be installed in its multiplexes, with the first to open next year in Chennai, India and three more at locations to be announced. India remains one of Imax's fastest growing markets, with eleven Imax theatres now scheduled to be open in the country by 2008, stated an official release.

 

 

"India is a vast market that holds a great deal of growth potential for Imax," said Imax co-chairmen and co-CEOs Richard L Gelfond and Bradley J Wechlser. "We have been delighted with the success of the multiplex-based Imax theatres in this region and very pleased with exhibitor response to the Imax MPX value proposition. We are optimistic that Sathyam Cinemas doubling its commitment will fuel further interest and growth for Imax in India."

"We want to offer moviegoers a compelling reason to visit Sathyam Cinemas and The Imax Experience has proven to accomplish this, serving as a significant draw for commercial exhibitors in India," said Sathyam Cinemas MD Kiran Reddy. "Indian moviegoers are paying a premium ticket price for blockbusters in Imax's format, and we've been very impressed with the recent films' grosses in Hyderabad and Mumbai."

 

 

Sathyam Cinemas' first Imax theatre is anticipated to open in Chennai, India in March 2006 at one of the most heavily trafficked cinemas in the country, to be followed by another location that will open in Chennai in 2008. The other two Imax theatres will open in 2007 and 2008 at yet to be announced locations.

All of Sathyam Cinemas' Imax theatres will be capable of playing Hollywood event films converted into the unparalleled image and sound quality of The Imax Experience, as well as original Imax productions in 2D and Imax 3D. The Imax MPX theatre system was specifically designed to enable multiplex operators to more cost effectively enter into the Imax theatre business, by retrofitting an existing stadium seating auditorium or via an economical new build, the release added.

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