A view shows the logo of the 2024 Olympic and Paralympic Games in Paris, France, March 19, 2024.
Benoit Tessier | Reuters
Many of the world’s best athletes will make their big screen debuts in 2019 IMAX cinemas this summer.
NBC announced Friday that its live coverage of the opening ceremony of the 2024 Paris Olympics will air on more than 150 IMAX screens across the U.S. on July 26
The opening ceremony of the Summer Olympics will be the first not to take place in a stadium. Instead, organizers are sending the Olympians along the Seine in a four-mile-long fleet of nearly 100 boats, past famous landmarks in Paris.
Ticket prices for the IMAX screenings were not immediately available.
“We look forward to sharing our opening ceremony with viewers at IMAX locations across the country and sharing in this historic moment as the world comes together to celebrate the spectacular start of 16 days of sporting greatness against the backdrop of one of the most beautiful cities in the country to experience the world,” said Gary Zenkel, president of NBC Olympics, in a statement.
The live programming follows the successful course of Warner Bros. and “Dune: Part Two” from Legendary Entertainment at IMAX locations. According to a recent report from Eric Wold, an analyst at B. Riley, IMAX posted global box office revenue of $103 million for the film, accounting for about 20% of the film’s total worldwide box office and less than 1% of its theatrical screens makes up.
Special, time-limited programming like coverage of the Summer Olympics could draw moviegoers to IMAX. Once they’re there, trailers and promotions for other films or special events could lure them back. IMAX tickets also come with a higher premium price than a traditional movie ticket.
IMAX stock is up nearly 6% year-to-date and was last trading at just under $16 per share. However, most analysts believe the stock is undervalued. According to FactSet, Wold’s price target is $25 per share, just above the analyst average of $21.60.
Wold said IMAX’s current price “gives no recognition” that box office revenue is expected to remain flat compared to 2023, while the rest of the industry is expected to decline. He also said that IMAX is the “only company in this universe” expected to generate adjusted earnings in 2025 above 2019 levels.
“We think it’s worth the extra cost,” he said.
The opening ceremony will also be shown on NBC and Peacock.
Program Note: IMAX CEO Richard Gelfond will appear on CNBC’s “Power Lunch” Friday at 2 p.m. ET.
Disclosure: CNBC parent company NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics owns the U.S. broadcast rights for all summer and winter games through 2032.
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2024-03-22 12:40:40
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