Many of the world’s greatest athletes will make their big-screen debut in IMAX theaters this summer.
NBC announced Friday that its live coverage of the 2024 Paris Olympics opening ceremony on July 26 will play on more than 150 IMAX screens in the U.S.
“The Summer Olympics opening ceremony will be the first not held in a stadium. Instead, organizers will send Olympians down the River Seine on a four-mile-long flotilla of nearly 100 boats past iconic sites in Paris.”
Ticket prices for the IMAX screenings were not immediately available.
“We look forward to providing our Opening Ceremony coverage to audiences at IMAX locations across the country, sharing in this historic moment as the world regathers to witness the spectacular beginning of 16 days of athletic greatness against the backdrop of one of the most beautiful cities in the world,” Gary Zenkel, president of NBC Olympics, said in a statement.
Following the triumphant release of Warner Bros. and Legendary Entertainment’s “Dune: Part Two” in IMAX theaters, live programming has emerged as a promising avenue for the giant screen format.
With IMAX contributing $103 million to the film’s global box-office revenue, constituting approximately 20% of its worldwide earnings while occupying less than 1% of screens, the format’s potency is underscored. Eric Wold, an analyst at B. Riley, highlighted these figures in a recent report.
The allure of special, time-limited events such as coverage of the Summer Olympics presents an opportunity to draw audiences to IMAX theaters.
Once patrons are in the door, trailers and promotional material for other cinematic offerings or exclusive events could incentivize return visits. Moreover, IMAX tickets command a premium price compared to standard movie tickets.
Year-to-date, IMAX stock has surged by nearly 6%, currently trading at just under $16 per share. Despite this growth, many analysts argue that the stock remains undervalued. Wold’s price target of $25 per share surpasses the analyst consensus of $21.60, as per FactSet data.
Wold contends that the current stock price fails to acknowledge IMAX’s projected flat box-office performance in comparison to 2023, amidst an anticipated decline in the wider industry. Additionally, he asserts that IMAX stands alone in its forecasted ability to surpass 2019’s adjusted earnings by 2025.
“We believe that it is worth a premium,” Wold stated.
Notably, the opening ceremony of the Summer Olympics will be broadcast on NBC and Peacock in addition to being shown in IMAX theaters.
