News Brief: IMAX Outshines Peers in Shifting Cinema Landscape
Summary
IMAX’s stock soared over 44% in 2025, buoyed by a record $1.28 billion global box office, while major theater chains like AMC, Cinemark, and Marcus saw steep declines. The divergence highlights a shift toward premium large-format (PLF) experiences as overall film output shrinks and consumer habits change.
Key Points
- IMAX’s Record Year: Global box office reached $1.28B in 2025, up 40%+ from 2024 and 13% above the 2019 record. The company forecasts a new record of $1.4B for 2026.
- Theater Chain Struggles: AMC shares fell over 60%, Marcus dropped ~28%, and Cinemark declined 25% in 2025. All posted net losses in Q1, with AMC remaining unprofitable in subsequent quarters.
- Industry Shift to Premium: PLF screens (like IMAX) accounted for over 16% of 2025 domestic tickets, up from 15% in 2024. Higher ticket prices ($17.65 avg. vs. $13.29 for standard) drive revenue.
- Market Dynamics: Fewer films are being produced due to economic pressures and past labor strikes. Consumers are selective, often choosing streaming, but opt for PLF when going to theaters.
- Business Model Advantage: IMAX’s asset-light model—partnering with theaters for a share of box office—contrasts with chains burdened by debt, rent, and reliance on concessions for profitability.
- Future Pipeline: Major 2026 blockbusters (e.g., new Star Wars, Dune: Part Three) were shot for IMAX, supporting its growth outlook. IMAX has a backlog of 478 screen contracts.
新闻简报：IMAX在变革的电影市场中脱颖而出
总结
IMAX股价在2025年飙升超过44%，全球票房创下12.8亿美元纪录。与此同时，AMC、喜满客（Cinemark）和马库斯（Marcus）等主要影院连锁公司股价大幅下跌。这种分化凸显了在电影总产量下降和消费习惯改变背景下，高端巨幕格式（PLF）体验日益受到青睐的趋势。
关键点
- IMAX创纪录之年：2025年全球票房达12.8亿美元，较2024年增长超40%，比2019年旧纪录高出13%。公司预测2026年将再创新高达14亿美元。
- 连锁影院困境：2025年，AMC股价下跌超60%，马库斯下跌约28%，喜满客下跌25%。三家公司在第一季度均录得净亏损，AMC在后续季度持续亏损。
- 行业向高端格式转移：2025年，PLF屏幕（如IMAX）占国内票房的16%以上，高于2024年的15%。更高的票价（PLF平均17.65美元，标准票13.29美元）推动了收入。
- 市场动态：由于经济压力和过去的劳工罢工，电影产量减少。消费者变得挑剔，常选择流媒体，但去影院时更倾向于PLF体验。
- 商业模式优势：IMAX的轻资产模式——与影院合作安装设备并分取票房——与连锁影院背负债务、租金并依赖卖品盈利的沉重负担形成对比。
- 未来片单：2026年主要大片（如新的《星球大战》、《沙丘：第三部》）均使用IMAX摄影机拍摄，支持其增长前景。IMAX目前有478个屏幕建设合同积压。
Original Article Link: https://www.cnbc.com/2026/01/09/imax-theater-stocks-2025.html