IMAX, a name synonymous with high-resolution cinema, has undergone a remarkable transformation since its inception in 1967. Founded by Graeme Ferguson, Roman Kroitor, Robert Kerr, and William C. Shaw as Multiscreen Corporation, Ltd., the company later adopted the name IMAX, a term derived from "maximum image".
Early Beginnings and Technological Milestones
IMAX began its journey with multi-screen productions, such as *In the Labyrinth* and *Man and the Polar Regions*, showcased at Expo 67. This experience led the founders to develop a new technology that would enable films to be projected on much larger screens with exceptional quality. William Shaw, an engineer and key contributor, designed the first IMAX projector, which allowed films to be ten times larger than conventional 35mm picture frames.
The first permanent IMAX installation was at the Cinesphere theatre at Ontario Place in Toronto, debuting in May 1971 with the film *North of Superior*. Initially, IMAX theaters were mainly found in science museums and educational institutions, showing nature documentaries.
The Struggle and Transformation
In the 1990s, IMAX faced significant challenges as it attempted to transition from its niche market to mainstream cinema. Richard Gelfond and Bradley Wechsler acquired IMAX through a leveraged buyout in 1994, listing the company on the NASDAQ stock exchange. Despite their efforts, the company struggled, with its stock trading at just 55 cents a share in 2001 and bondholders attempting to force IMAX into bankruptcy. Even in 2006, Gelfond and his team considered selling the company.
However, a turning point came in 2009 with the release of James Cameron's *Avatar* in IMAX format, which generated $250 million in revenue and revitalized the company's prospects. This success marked the beginning of IMAX's integration into mainstream multiplexes worldwide.
Expanding into Multiplexes
To reduce costs and make IMAX more accessible, the company introduced the IMAX SR and MPX systems in 1998 and 2004, respectively. These systems allowed IMAX to be installed in existing multiplex theaters, although with some compromises on screen size and quality compared to the original GT theaters.
The introduction of Digital IMAX in 2008 further expanded IMAX's reach. This system, using two 2K digital projectors, enabled the conversion of existing multiplex auditoriums into IMAX theaters. By the end of 2015, IMAX had grown from 299 screens worldwide to over 1,000 screens, and as of September 2017, there were 1,302 IMAX theaters in 75 countries.
Current Developments and Future Plans
Today, IMAX continues to innovate. In March 2022, the company announced a collaboration with Kodak, Panavision, and FotoKem to develop next-generation IMAX film cameras. These new cameras, advised by filmmakers like Christopher Nolan and Jordan Peele, will be quieter, made of carbon fiber and titanium, and feature wireless capability and a five-inch color display.
As of December 2023, there are 1,772 IMAX theaters in 90 countries, with 1,693 located in commercial multiplexes. This expansion includes various IMAX formats such as IMAX 3D, IMAX Dome, and Digital IMAX.
Ownership and Distribution of IMAX Film Reels
The ownership of IMAX film reels is typically held by the studios. IMAX's company, DKP, produces the film prints that are sent to theaters. These prints are usually returned to the studios after the theatrical run, although some theaters may be allowed to keep them under specific contracts and conditions.
Navigating the Digital Age
IMAX's growth has also been influenced by the broader changes in the movie industry. The rise of digital technology and streaming services has forced theaters to adapt. IMAX has responded by integrating digital projectors and offering non-movie events like live sporting events and rock concerts to diversify their offerings.
In conclusion, IMAX's journey from its modest beginnings in nature documentaries to its current status as a Hollywood powerhouse is a testament to innovation, adaptation, and perseverance. As the company continues to evolve with new technologies and partnerships, it remains a significant player in the global cinema landscape.
