NEW YORK (AP) — IMAX will install its giant movie screens and digital sound systems in four more theaters in India as part of an expansion in one of the world’s biggest film markets.
The agreement announced Monday will bring the IMAX screens to new movie complexes operated in India by SPI Cinemas Private Limited.
IMAX now has installed or reached deals to install its equipment in 13 theaters in India, which produces more than 1,000 films annually. India has become so immersed in film that its hub of movie production, Mumbai (formerly known as Bombay), is known as “Bollywood.”
“This agreement puts us in position to consider the local release of Bollywood films, which will be key to the success and growth of IMAX in this strategically important region of world,” said IMAX CEO Richard Gelfond.
IMAX screens command higher ticket prices, prodding more movie theater complexes to install them in recent years.
As of Sept. 30, there were 583 IMAX theaters in 48 countries.
Shares of IMAX Corp. edged up 6 cents to $20.91 in Monday’s early afternoon trading.