In India, movies are big business. Estimates pegged the country’s film industry at $3.2 billion in 2010, a number that is expected to grow to $5 billion by 2014.
90% of those revenues are derived from non-English language movies, of which there are a thousand produced every year.
Today, IMAX announced the action thriller DHOOM:3 will be digitally re-mastered in the IMAX format and released in IMAX theatres across India. The offering is a partnership between the Canadian company and Yash Raj Films Pvt. Ltd., India’s largest film studio. IMAX says it has fourteen of its customized theatres open or contracted to open in India.
DHOOM:3 is the latest installment in one of the most popular franchises in Indian box office history. Dhoom 2, which was released in 2006, was the highest grossing Bollywood film of all time.
Greg Foster, Chairman and President, IMAX Filmed Entertainment said: “Our network growth in India has reached a point where we’re now able to present local-language films in IMAX, which is paramount to our success in the region,” adding: “We’re very excited to begin this partnership with Yash Raj Films and look forward to working with director Vijay Krishna Acharya and Yash & Aditya Chopra on this highly anticipated Bollywood blockbuster. With its riveting action set pieces, global locales and stunning visuals, DHOOM:3 is an ideal film to take advantage of our immersive format as we begin our initiative with Indian-language/Bollywood films.”
Mississauga-based IMAX originated at Expo ’67 in Montreal, when two of its co-founder’s films, which used multi-screen, multi-projector systems, did not work well. The pair decided to try and improve the technology, founding a company called Multiscreen, based on the technology of Australian inventor Ronald Jones. The technology eventually morphed into a large, single screen format and the company changed its name to IMAX. Today, there are more than 600 IMAX theatres in 52 countries.
At press time, shares of IMAX on the TSX were down .6% to $20.06.