Also Read: Christopher Nolan's 'Tenet' to Open Overseas Ahead of Limited US Theatrical ReleaseMuch like the previous quarter, Imax’s second quarter was grossly impacted by the closure of substantially all of the theaters in its global network.
The pandemic reduced Imax’s revenue to essentially zero and caused a margin loss for the quarter. The company said that during the second quarter it accrued $3.2 million in payroll subsidies and tax credits from the Canadian and US governments as part of their COVID-19 relief programs.Things may be beginning to look up for Imax as movie theaters outside of the U.S.
look to reopen in places like Europe and China, where the company has already opened 409 theaters that are scheduled to debut Hollywood.
Read more on thewrap.com
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