IMAX 即将迎来 60 岁生日。其掌舵人理查德·盖尔方德已年过七旬。自 32 年前从加拿大创始人手中收购这家巨幕影院业务以来，IMAX 经历过濒临倒闭的险境，也熬过了新冠疫情的寒冬岁月。随后，“诺兰经济学”横空出世。首先是克里斯托弗·诺兰执导的 2023 年力作《奥本海默》。紧接着今夏，《奥德赛》上映，成为有史以来 IMAX 票房最高的影片。
IMAX IS ALMOST 60 years old. Richard Gelfond, its boss, is in his 70s. In the 32 years since he acquired the supersize-screen business from its Canadian founders, IMAX has been through near-death experiences and the wilderness years of the covid-19 pandemic. Then came Nolanomics. First was “Oppenheimer”, the 2023 tour de force directed by Christopher Nolan. Then this summer brought “The Odyssey”, by far the highest-grossing film of all time for IMAX.
6 月至 9 月间，IMAX 银幕数量不足全球影院总数的 1%，却贡献了全球票房收入的 5.8%。盖尔方德用荷马史诗般的辞藻来形容这一成功。“我现在已是祖父辈了，”他说，“我原以为能和孩子们一起享受这份成果，没想到要等到孙辈才等来这一天。” “诺兰经济学”推动 IMAX 股价在过去三年里翻了三倍。分析师预计，公司下周公布第三季度财报时将呈现创纪录的盈利。
Between June and September IMAX screens, which make up fewer than 1% of the global cinema total, generated 5.8% of worldwide box-office revenues. Mr Gelfond describes the success in Homeric terms. “I’m now a grandfather,” he says. “I thought I could enjoy this with my children. I didn’t think it would take until my grandchildren to get there.”Nolanomics has underpinned a tripling of IMAX’s share price over the past three years. Analysts expect record earnings when the company unveils its third-quarter results next week.
然而，华尔街部分人士担忧，IMAX 已沦为“靠单一爆款维持”的公司。潜在收购传闻也助推了其股价飙升。
Yet some on Wall Street fret that it has become a one-hitmaker wonder. Rumours of a potential takeover have played a part in its surging share price.
在接受《经济学人》采访时，盖尔方德表示，预计 IMAX 明年将继续增长，得益于他所期待的更丰富的大片片单，以及观众娱乐消费方式的转变。他指出，Z 代观众对 IMAX 的兴趣增长尤为迅猛。年轻人通过智能手机“过量摄入”数字娱乐，但他们也越来越愿意为制作精良的共同体验买单，比如去 IMAX 看一场电影。“全球范围内都渴望与他人共同享受娱乐，”他说。
In an interview with The Economist, Mr Gelfond says he expects IMAX to continue to grow next year, buoyed by what he hopes will be a wider slate of blockbuster releases and a shift in the way audiences approach entertainment. He points out that interest in IMAX has grown particularly quickly among Gen Z. Youngsters are “overdosing” on digital entertainment through their smartphones. But they are also increasingly willing to pay a premium for richly produced communal experiences such as a night at the IMAX. “There’s just a global craving to be with other people enjoying entertainment together,” he says.
IMAX 凭借三大优势，有望从这种观影需求中获利。首先是品牌。其 1800 块屏幕中，仅有 41 块是礼堂级 70 毫米胶片屏，投射的实体胶片宽度是 35 毫米标准的两倍。这种稀缺性加上影迷钟爱的画面质感，有助于解释为何《奥德赛》在部分此类屏幕上的门票提前一年售罄。
IMAX is well-positioned to cash in on that desire, for three reasons. The first is brand. Only 41 of its 1,800 screens are the auditorium-size 70mm variety, projecting physical film twice as wide as the 35mm standard. They have a scarcity value as well as a visual richness that cinephiles love, helping explain why tickets for “The Odyssey” on some of these screens sold out a year in advance.
即便是依赖数字投影的其他 IMAX 屏幕，也能沾光，让观影感觉像是一场“体验”，而非普通的去电影院。这进而支撑起溢价票价——尽管仍远低于现场演唱会或体育赛事门价。
Even for IMAX’s other screens, which rely on digital projection, that reputation rubs off, helping to make a visit feel like an experience, rather than just another trip to the cinema. That, in turn, results in premium prices—though still far cheaper than a live concert or sports match.
IMAX 的声誉不仅吸引观众，也吸引电影人。诺兰等忠实拥趸会使用专用 IMAX 摄影机（甚至为《奥德赛》全片使用）。不那么狂热的导演，依然看重自家影片登上 IMAX 屏幕带来的声望。明年最受期待的影片之一、由《芭比》导演格蕾塔·葛韦格执导的《纳尼亚传奇：魔法师的外甥》，将先在 IMAX 影院上映，随后才登陆流媒体平台 Netflix。
IMAX’s reputation attracts not just audiences but filmmakers. Some devotees, such as Mr Nolan, make use of specialty IMAX cameras (including for the entirety of “The Odyssey”). Less fanatical directors still value the prestige that comes from their films being shown on IMAX screens. One of the most anticipated movies of next year, “Narnia: The Magician’s Nephew”, made by Greta Gerwig of “Barbie” fame, will run in IMAX theatres before its release on Netflix, a streaming platform.
IMAX 的第二大优势在于商业模式。它不自有或运营影院，而是向影院出售或租赁投影与音响技术，再从票房分成中抽佣；片方也需付费放映。其版图全球化：60% 营收来自北美以外国家，包括中国，且有相当比例的影片以非英语语言放映。
IMAX’s second strength is its business model. It does not own or operate theatres. Instead it sells or leases its projection and sound technology to cinemas, then takes a cut of their revenue. Studios also pay it to show their films. Its presence is global: 60% of revenue comes from countries outside North America, including China, with a decent share of productions shown in languages other than English.
盖尔方德称，IMAX 未来几年已签约新增 500 块屏幕。但过程缓慢繁琐。为给法兰克福附近一座巨型影院配套，IMAX 不得不在一座冰球场按秘方涂刷银幕、折叠后再空运至现场。“打个响指 IMAX 影院就建好了，这是不可能的，”他说。
Mr Gelfond says that IMAX has deals to increase the number of screens by 500 over the next few years. But it is a slow and fiddly process. To kit out a giant theatre near Frankfurt, Mr Gelfond says IMAX had to paint the screen in a hockey arena with a secret formula, fold it and fly it to the venue. “You can’t just snap your fingers and there’s an IMAX theatre,” he says.
IMAX的品牌和商业模式强化了第三项优势：准入门槛。经纪公司韦德布什的艾丽西亚·里斯表示，IMAX相对于潜在竞争对手拥有数年的先发优势。即便竞争对手能在技术上迎头赶上，也需要时间在观众和电影制作人中建立信誉，并匹敌IMAX的全球覆盖范围。
IMAX’s brand and business model reinforce a third strength: barriers to entry. According to Alicia Reese of Wedbush, a broker, IMAX has a several-year head start on would-be rivals. Even if they could catch up technologically, it would take time to build credibility with audiences and filmmakers and match IMAX’s global reach.
尽管如此，竞争正在升温。娱乐巨头迪士尼最近创建了一个伞形品牌“Infinity Vision”，希望它能成为IMAX的替代选择。Infinity Vision并非一项新技术，而是一个认证项目，将允许其他各种超大屏幕品牌宣称获得迪士尼的认可。
Still, competition is heating up. Disney, an entertainment giant, has recently created an umbrella brand, Infinity Vision, that it hopes will serve as an alternative to IMAX. Rather than a new technology, Infinity Vision is a certification programme that will let various other supersize-screen brands claim Disney’s stamp of approval.
它很快就会接受考验。12月18日，IMAX和Infinity Vision将正面交锋，分别在各自的屏幕上推出《沙丘：第三部》和《复仇者联盟：末日》。然而，如果“沙丘末日”成为2023年“芭本海默”之争的重演，双方最终都可能受益——那场对决在沉寂数年后刺激了人们走进影院。2026年已经有望成为疫情以来票房最好的一年，这并非因为观众增多，而是因为票价上涨——包括大格式放映的票价。影迷们对IMAX还没有看够。■
It will soon be put to the test. On December 18th IMAX and Infinity Vision will go head to head, launching “Dune: Part Three” and “Avengers: Doomsday” on their respective screens. Yet both may well end up benefiting if “Dunesday” turns into a reprise of the “Barbenheimer” battle in 2023, which spurred cinema-going after a quiet few years. Already 2026 is shaping up to be the best year for the box office since the pandemic, thanks not to larger audiences but higher ticket prices—including for large-format showings. Moviegoers are not IMAXed out yet. ■