Richard Gelfond has helmed IMAX for nearly three many years — navigating the corporate through the pandemic in addition to the increasing popularity of watching movies from home quite than on a giant screen. Throughout the interview earlier this week, Gelfond was on cloud nine as his company has raked in $123 million worldwide from “Oppenheimer” because it premiered July 21. On The Money spoke with him in regards to the “Oppenheimer” craze and the way IMAX will handle a possible dearth of content amid the Hollywood strikes.
Lydia: It’s actually been an awesome summer for “Oppenheimer” but how will this impact the movie business long run and is that this something that could be replicated?
Wealthy: It’s going to definitely impact the business long run and it already has. Filmmakers have already called up and said, “having seen the movie and the effect on box office, how do I get an IMAX release?” Others have asked the best way to film with IMAX cameras, what does it cost and what’s involved.
Certainly one of the surprising things about this movie is that, in places where we weren’t sure how it might do — the Middle East, Southeast Asia, Central Europe — it’s done very well. So exhibitors who’ve been partners within the IMAX business are calling asking to explore doing more IMAX theaters. Exhibitors have said “I’ve got to get more in IMAX in my theaters.” So, it’s not only a short-term thing, it’s really spun out inquiries in all areas of our business and I believe it should create momentum.
Lydia: Do you actually think this may spark more directors to film in IMAX?
Wealthy: Actually I’ve met with one who said he did. Normally these don’t work on an alarm clock basis — normally it takes some time. But someone approached me who’s working on a giant two-part movie and said he’s all in favour of filming with IMAX cameras. I’ve been doing this for 30 years and having someone approach me in a matter of just a few weeks is absolutely surprising so I believe there might be more.
Christopher Nolan has really helpful fans see Oppenheimer in 70mm format on an IMAX screen.Studio Carre Photographie
Lydia: Some directors have said that filming with IMAX cameras are inherently noisy devices and that the sound editing process generally is a lengthy process. Will this be a difficulty for adoption?
Wealthy: It takes quite a little bit of technical skill to shoot with IMAX film cameras, and never every filmmaker is up for it. But, as one very distinguished director once told me, “it’s like flying in top notch; when you’ve done it, you never need to return to educate.”
The brand new film cameras we’re developing might be quieter. Moreover, we work with high-end digital camera manufacturers to upgrade and certify select models to film for IMAX, which provides filmmakers an alternative choice to create for our platform.
Lydia: How else do you propose to capitalize on IMAX’s popularity? Will you bring back other IMAX movies?
Wealthy: We’re taking a look at possibly bringing back a few of Christopher Nolan’s other movies just given how popular that is. A few of them — due to the pandemic — couldn’t be seen theatrically in order that is something we’re fascinated about. We’re constructing 4 more film cameras because we expect there might be increased demand going forward.
We’ve held “Oppenheimer” over until the top of the month but we’re exploring holding it over even longer. We’re exploring bringing it back in certain places because every yr there are gaps within the calendar — and also you bring back movies so there are other opportunities that aren’t obvious on the surface.
Cillian Murphy as J. Robert Oppenheimer.©Universal/Courtesy Everett Collection
Lydia: We’re within the midst of one in every of the most important writers’ and actors’ strikes. How will studios potentially changing film-release dates impact you? Do you’re thinking that they’ll keep a whole lot of movies within the can?
Wealthy: A lot of the movies for the remaining of the yr are all unlikely to maneuver, especially those already programmed for release in 2023. Sony moved just a few movies around but as a matter of proven fact that benefited us since it allowed us to play Oppenheimer even longer, which is doing so well we wouldn’t have desired to take it off the screen at once. Especially because IMAX is so global — we do about 30 or 40 local language/non-Hollywood movies every year — now we have a whole lot of flexibility about the best way to program things so I feel that if some things move we’ll give you the chance to make our own moves around them.
Numerous worse things have happened to the industry in the previous couple of years. Although there are challenges, I believe it pales as compared to the pandemic.
Lydia: Will you set classic movies in theaters?
Wealthy: Absolutely, and now we have for special events — for instance, last yr we did a special engagement of “JAWS” for the primary time in IMAX and we did “Apocalypse Now” just a few years back as well.
Lydia: There are a whole lot of movies on the IMAX website that say “coming soon” — when will you announce those release dates?
Wealthy: We consult with the studios frequently so before they announce things publicly now we have idea of what might be and won’t be available. Most, if not all, won’t move so now we have good visibility into what is occurring. But when something happens, now we have other things to slate in including “Oppenheimer.”
Members and supporters of SAG-AFTRA and WGA on the picket line.Getty Images
Lydia: You sound very optimistic that the strike won’t have a financial impact on your enterprise.
Wealthy: I don’t think this yr the strike may have a financial impact on our business of any magnitude. Until we all know more, it’s too early to predict for next yr.
Lydia: Are the talent requests the unions are making reasonable?
Wealthy: I believe all of us need to see talent receives a commission fairly for work. There is no such thing as a great content without talent so I hope that’s the final result of the strike. But how we get from here to there’s complicated and I can’t predict where it should land.
Lydia: I need to get your view on the movie industry and theaters generally — are we only going to see tentpole movies in theaters going forward?
Wealthy: There are a whole lot of theaters all over the world — 40,000 in North America alone. I believe we’ll, especially because multiplexes have a whole lot of screens. Even in IMAX we program outside blockbuster movies. This yr we did a limited run of Beau is Afraid. There might be a task for non-blockbuster movies.
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Alternatively, what we actually specialise in is blockbusters and I believe the success of “Oppenheimer” and “Barbie” and other big movies tells you there’s a giant appetite for seeing movies especially in IMAX.
Lydia: You actually imagine we’ll have middle-budget movies which can be projected to make $50 million in theaters?
Wealthy: You don’t must take my word for it — look what “Sounds of Freedom” is doing at once — that movie reportedly cost under $15 million and has made greater than $160 million. The Jennifer Lawrence comedy from earlier this summer also outperformed its modest budget.
Lydia: China has been hit hard by the pandemic. How has it impacted you and what’s the state of the market in China?
Wealthy: Now we have 800 IMAX theaters out of 80,000 in China — so 1% of theaters. But with a recent film, Creation of the Gods, we did 16% of the box office business opening weekend. Oppenheimer is opening in China at the top of August. We had our greatest July ever in China. China isn’t back to pre-pandemic levels overall yet, but IMAX is doing well there.
Lydia: Apple has unveiled AR glasses… would IMAX consider moving into hardware or working with Apple?
Wealthy: We all the time search for places where our technology and brand can add value. Apple may be very committed to the theatrical business as well. Now we have “Killers of the Flower Moon” and “Napoleon” each coming out in IMAX so I believe now we have to explore exactly what it’s but we’re open to doing numerous things with Apple.
Lydia: And only for fun: What are your top five favorite movies?
Wealthy: We’ve had the privilege of doing so many incredible movies in IMAX and, as I often say, I won’t make a choice from my children. But my favorite film of all time might be “Chariots of Fire.”