Imax Odyssey ticket prices may rise after $1,000 resale frenzy
Imax CEO Rich Gelfond said exhibitors have room to charge more as The Odyssey drives record presales and box-office sales.
By Sal Moretti · Money Reporter
3 min read
Imax Odyssey ticket prices are getting a hard look from the company’s top boss after demand for Christopher Nolan’s new film spilled into four-figure resale listings.
Rich Gelfond, chief executive of Imax, told analysts on the company’s Thursday earnings call that premium pricing may have room to climb for films drawing intense demand. He pointed to tickets at New York’s Lincoln Square being resold for $1,000 and said exhibitors, rather than Imax, set ticket prices.
Gelfond said Imax has told theater operators it sees room for higher prices in the film business, while adding that the final call belongs to those exhibitors.
Why could Imax Odyssey ticket prices rise?
The argument from Imax is direct: fans are already paying far above face value in resale markets to see “The Odyssey” in prized Imax formats. Gelfond said the company sees pricing as one area where the business model could be improved.
“The Odyssey,” which opened in U.S. theaters on July 17, is the first feature-length film shot entirely with Imax cameras, according to the company. The film is based on Homer’s ancient Greek epic and stars Matt Damon, Anne Hathaway and Tom Holland.
In this case, Imax 70 millimeter refers to the premium large-format presentation that Gelfond said has people traveling long distances to experience. He told analysts fans are flying across countries, and in some cases continents, for the Imax 70 millimeter screenings.
The movie has already given Imax a monster start. Chief Financial Officer Natasha Fernandes said Imax box-office sales tied to “The Odyssey” had topped $80 million in less than a week, across Imax and other formats.
Imax said the film delivered a $52 million opening weekend for the company, a record. Management said early sales trends pointed to what it called a historic Imax run for the movie.
Gelfond also said advance sales for “The Odyssey” and Imax overwhelmed major U.S. ticketing platforms. He said the film produced Imax’s biggest presales on record by a multiple of three.
The frenzy has not stopped at seats. Limited-edition popcorn buckets designed to resemble the Imax camera used by Nolan on the movie have appeared with markups on eBay, according to MarketWatch.
What did Imax report in earnings?
Imax reported second-quarter revenue of $103 million, up 12% from the same period a year earlier. The figure beat Wall Street estimates of $95.5 million, according to MarketWatch.
The company posted adjusted earnings of 43 cents a share, compared with 26 cents a year earlier. Analysts had expected 28 cents a share, MarketWatch reported.
Imax shares rose nearly 12% on Thursday and traded just under $44. MarketWatch reported the stock remained slightly below last month’s highs near $45 and was up nearly 19% for the year.
Gelfond said Imax still expects to reach a record $1.4 billion in box-office ticket receipts this year. He cited “The Odyssey” and December’s “Dune: Part 3,” which he said was partly shot with Imax cameras, as key drivers.
Executives said “The Odyssey” opened 47% ahead of Nolan’s 2023 film “Oppenheimer” in Imax box-office trends. Gelfond said Nolan’s success with “Oppenheimer” led the filmmaker to want to shoot a full movie in Imax, after which the company built new cameras and a new camera sound blimp for the production.
Gelfond also pointed to other filmmaker interest in Imax, including “Sinners,” which used some Imax cameras, and Greta Gerwig’s “Narnia: The Magician’s Nephew,” which the company said will open exclusively next year in Imax theaters before a wider release.
This story draws on original reporting from MarketWatch.