Imax has announced that it will offer its 3D technology in the form of home cinemas for China’s wealthy elite.
The cinema chain and technology company has embarked on a joint venture with TCL Multimedia, based in Shenzhen, to build luxury theatres to the tune of at least £157,000, according to Reuters.
Imax will also target Russia, Hong Kong and the Middle East, though it is China’s emerging upper-class which has a large appetite for luxury goods, and TCL predicts the home cinema market will grow 20% a year over the next five years.
Gravity, the new 3D release starring Sandra Bullock and George Clooney, is currently outstripping other films in the US with its groundbreaking special effects, and 80% of audiences have opted to see it in 3D due to the film’s technological advances.
The cost of shooting films in 3D Imax cameras was occasionally prohibitive at £6m, but the cost of creating a 3D movie has dropped to £1m after the company developed new algorithms to convert standard 2D films to Imax format.
James Cameron’s Avatar was the first mainstream 3D box office success in 2009.
Imax collects 16% of its revenue in China, with 131 screens there, and in July announced a deal with Dalian Wanda Group Corp to build up to 120 new cinemas in the country.
