A view reveals the logo design of the Paris 2024 Olympic and Paralympic Games, in Paris, France, March 19,2024
Benoit Tessier|Reuters
Many of the world’s biggest professional athletes will make their big-screen launching in IMAX theaters this summer season.
NBC revealed Friday that its live protection of the 2024 Paris Olympics opening event on July 26 will use more than 150 IMAX screens in the U.S.
The Summer Olympics opening event will be the very first not kept in an arena. Instead, organizers will send out Olympians down the River Seine on a four-mile-long flotilla of almost 100 boats past renowned websites in Paris.
Ticket costs for the IMAX screenings were not right away readily 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, stated in a declaration.
The live programs follows the effective run of Warner Bros. and Legendary Entertainment’s “Dune: Part Two” in IMAX areas. IMAX has actually published international box-office invoices of $103 million for the movie, representing about 20% of the motion picture’s overall around the world haul while representing less than 1% of screens, according to a current report from Eric Wold, an expert at B. Riley.
Special, limited-time programs such as the Summer Olympics protection might drive spectators to IMAX. Once they exist, trailers and ads for other movies or unique occasions might tempt them back once again. IMAX tickets likewise bring a premium rate greater than that of a conventional motion picture ticket.
IMAX stock has actually climbed up almost 6% year to date, last trading at simply under $16 a share. However, a lot of experts believe the stock is underestimated. Wold’s rate target is $25 a share, simply above the expert average of $2160, according to FactSet.
Wold stated the existing rate “does not give IMAX any credit” for the reality that its ticket office is anticipated to be flat compared to 2023, while the remainder of the market is anticipated to decrease. He likewise stated IMAX is the “only company in this universe” that is predicted to produce adjusted revenues in 2025 that top 2019 levels.
“We believe that it is worth a premium,” he stated.
The opening event will likewise be revealed on NBC and Peacock.
Programming note: IMAX CEO Richard Gelfond will be on CNBC’s “Power Lunch” at 2 p.m. ET on Friday.
Disclosure: CNBC moms and dad NBCUniversal owns NBC Sports and NBCOlympics NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
