The Odyssey Imax 70 mm screenings drive premium ticket demand

The Odyssey Imax 70 mm screenings have become a scarce-ticket event, with moviegoers traveling across states and paying premium prices to see Christopher Nolan’s Universal film in the director’s preferred format. For investors watching Imax, the rush shows why premium screens can still pull consumers away from the couch and into theaters.

CNBC reported that just 25 theaters in the U.S. and 16 outside the country are presenting the movie in Imax 70 mm, limiting supply for a format that has become central to the film’s rollout. Premium large formats, often called PLFs, are higher-end theater experiences that charge more than standard screenings because they use larger screens, upgraded sound or specialized projection.

EntTelligence told CNBC that an adult opening-weekend ticket for Imax 70 mm averaged $27.77, which was 81% above the average admission price across all formats. Imax CEO Richard Gelfond told analysts on a Thursday earnings call that the format had become one of the world’s most sought-after tickets and said fans were traveling across countries, and in some cases continents, to watch the movie that way.

Why are The Odyssey Imax 70 mm tickets so hard to get?

Imax 70 mm is difficult to scale because theaters need large auditoriums and costly projection equipment capable of running oversized film reels. Gelfond told analysts there are a limited number of sites that can support the economics, comparing the format’s scarcity to a Rolls-Royce.

Gelfond said the average 70 mm-equipped screen generated $153,000 in box office during opening weekend, according to CNBC. He also said Imax 70 mm screenings of The Odyssey would continue for months, while some theaters have already extended their runs.

The Indiana State Museum’s Imax 70 mm theater, the only venue offering the format in Indiana, added another week in August because of what it called historic demand. Theater manager Neale Johantgen told CNBC that more than half of early attendees had traveled at least 50 miles, visitors came from more than 20 states, and the theater heard from ticket seekers as far away as Switzerland.

Cinemark told CNBC demand for its Imax 70 mm showings in states including Colorado and Texas was exceptionally strong. Regal said The Odyssey, which runs nearly three hours, became its top movie displayed in Imax 70 mm.

The format itself has also become part of the marketing. CNBC reported that Nolan and the cast encouraged audiences to seek out Imax 70 mm, while box-office trackers pointed to social media and younger moviegoers as drivers of the buzz. Monitoring firm Meltwater found that social and news media conversation about Imax 70 mm roughly doubled over the five days starting July 17, according to data analyzed for CNBC.

Google data cited by CNBC showed search interest for “Imax 70 mm” was expected to reach a new high this month, topping the levels seen around Nolan’s Oppenheimer in 2023. Shawn Robbins, founder of Box Office Theory and director of analytics at Fandango, told CNBC that Imax 70 mm had moved beyond die-hard film fans and into broader pop-culture conversation.

The demand is landing alongside a strong stretch for Imax’s business. CNBC reported that the company beat analyst expectations in its second-quarter results, posted year-over-year growth in network signings and installations, and saw one of its biggest recent single-day stock gains after the report. LSEG data cited by CNBC showed most analysts rated Imax shares a buy, with an average price target implying 12% upside over the next year.

This story draws on original reporting from CNBC.