IMAX is set to add 40 more theatres in Mainland China through a joint venture agreement with leading Chinese exhibitor company Guangzhou JinYi Media. The deal is said to be a full revenue sharing agreement.

IMAX has described this deal as one of its biggest deals in China yet. iT will increase the number of IMAX theatres in China to 60.  The financial agreement of the deal has not been disclosed.

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Work on the 40 theatres will start by the end of this year and would continue over the course of four years.  However, a majority of the work will be completed by 2018.

"We are delighted to further expand our partnership with JinYi, one of the largest exhibitors in China. We have set a target of 1,000 theatres in China," IMAX Corp. CEO, Richard L. Gelfond, said.   "With over 300 theatres open and - including this deal and a 10-theatre deal announced earlier this year - an additional 270 in backlog, we are just beginning to tap China's full potential, which is on track to overtake the US as the largest film market in the world by 2017."

This is not the first time that IMAX has a signed a deal with Guangzhou JinYi Media Corporation, which is one of China's leading movie exhibitors and entertainment companies. Back in 2009, IMAX struck a deal with Guangzhou JinYi Media to setup four IMAX theatres across China.          

Over the years, several leading entertainment companies including Walt Disney have made a foray into China's burgeoning entertainment and movie market. In a few years, China is expected to overtake America to become world's largest movie market.

TagsIMAX, china, Imax Theatres in China