IMAX CEO on Top Gun: ‘we’ve never had a summer blockbuster this highly rated’

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is a News Reporter at Invezz covering the European, Asian and North America stock markets. Wajeeh has 5… read more.
on May 27, 2022
  • IMAX CEO says Top Gun will drive more than just youngsters to the cinema.
  • Top Gun is expected to be Tom Cruise’s first-ever $100 million opening.
  • IMAX shares are down roughly 20% versus their year-to-date high in Feb.

“Top Gun: Maverick” is not just a weekend movie, but one that will continue to drive business for the theatre chains this summer, says the chief executive of IMAX Corporation (NYSE: IMAX).

Gelfond expects a very strong weekend

According to Richard Gelfond, the presale numbers suggest the Tom Cruise starrer will be one of the highest grossing movies this weekend. In an interview with CNBC’s Andrew Ross Sorkin, he said:

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Top Gun is 97% on Rotten Tomatoes; 99% on audience score. It opened in France and England on Wednesday and was one of the top three openings in the history of movies. So, weekend will be very strong. We’ve never had a summer blockbuster this highly rated.

He expects 2022 at large to be a great year for the cinema chains as there are countless anticipated titles coming out this year, including Jurassic Park, Black Panther, Thor, and Avatar.

What’s unique about Tom Gun: Maverick?

Names like Spiderman, Batman, and Dr Strange have already had blockbuster openings in recent months, but Gelfond expects Top Gun to be different in that it will bring more than just the youngsters back to the theatres. On CNBC’s “Squawk Box”, he noted:

The movie business is back. Top Gun, though, will expand the demographic. What’s unique about it, is how broad the audience will be. It’ll remind them that they want to go to the movies and that sitting on your couch is a very different experience.

Theatrically released worldwide on Friday, Top Gun: Maverick is expected to be Tom Cruise’s first-ever $100 million opening. IMAX shares are down roughly 20% versus their year-to-date high in late February.

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