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Moviegoers flocked to theaters this summer to see Christopher Nolan's film adaptation of "The Odyssey." And for many fans, it wasn't enough just to see the movie; they had to see it in Imax. The movie is the first that was shot entirely on Imax film, known for its high-quality picture that, when shown on an Imax screen, is designed to immerse audiences in a superior viewing experience. Superfans traveled across continents to see Nolan's latest work as the director intended — on an Imax 70mm screen, the format's highest-quality medium. There are only 25 Imax 70mm theaters in the U.S., and just 41 globally, according to the company. Imax itself owns and operates just one theater, Esquire Imax in Sacramento, California. The success of "The Odyssey" helped make July the Imax company's highest-grossing month in its history with $257 million in gross global box office sales, according to an Aug. 3 press release. As of Aug. 10, the film became the biggest Imax release of all time, bringing in $289 million globally after less than a month in theaters, the company said. "In the last year, I think we had an Imax awakening," says Imax CEO Richard Gelfond. While 2010's "Avatar" started a "major evolution" in viewers wanting to experience films in Imax, releases over the last few years like "Dune," "Oppenheimer" and "Sinners" have pushed the format past a "tipping point," Gelfond says. "Obviously it's about the movie and the director, but it's also about what's playing at the Imax theater," he says. "Dune: Part Three" is expected to be the next big Imax event when it hits theaters on Dec. 18. Ticketing websites reportedly crashed on Aug. 18 when tickets went on sale, and fans stood in box office lines for hours trying to secure passes. Some fans at AMC Lincoln Square in Manhattan, home to the only Imax 70mm screen in the Big Apple, camped outside the theater prior to the box office opening to try to get "Dune" tickets. "A friend and I were around here last week when the line was wrapped around the block and we got really lucky," a moviegoer at the theater told CNBC Make It. "Right now, Imax 70mm — when it's shot that way, it's worth every second, every sacrifice, every dollar." Ticket sales are central to Imax's success, but here's how the company makes millions without owning practically any of the theaters where its movies play. Theater chains 'want to be in the Imax business' Imax has two main business streams: "content solutions" and "technology products and services." In the content solutions business, studios pay the company to create and distribute Imax-optimized movies. The company receives an average of 12.5% of the film's Imax box office earnings under these deals, according to its SEC filing. The business segment brought in around $151 million in revenue in 2025, according to the company's 2025 full-year earnings report published in February. The technology products and services arm brings in more revenue — around $251 million last year — by selling, leasing or renting Imax technology to theaters. "Imax operates under a licensing model — theater chains around the world or institutions or out-of-home experience companies come to us and they say they want to be in the Imax business," Gelfond says. "So we license our name and our technology to them. And what comes with that is we design the location, we help assess it. We help in the installation of the Imax theater. We oversee it." Theaters can either buy the Imax system by paying most of the costs to the company upfront, or enter a joint revenue-sharing agreement, or JRSA. With JRSAs, Imax typically provides the system and assumes most of the equipment and installation costs. In return, Imax gets a percentage of the box office over a long-term contract, typically lasting at least 10 years. It's a good deal for Imax because theaters can charge a premium for screenings — an Imax 70mm ticket costs around $27.77 according to EnTelligence data shared with CNBC versus the national average standard ticket price of $16.30, per CableTV.com — and audiences are often willing to pay. Demand for those higher-priced tickets makes Imax more valuable to filmmakers and studios, who can make and market movies around the format, giving theaters a lucrative reason to offer the screening capability. 'The best experience on the planet' People go to the movies "for magic," Nicole Kidman says in AMC's beloved pre-show ad. And Imax aims to up the ante on that feeling with a fully immersive viewing experience supported by the largest screens along with the company's proprietary projection system and film cameras, Gelfond says. Some competition has cropped up in the premium movie viewing space, like Dolby Cinema and Regal's RPX. Both tend to offer better viewing experiences with higher-quality picture and sound than standard format theaters. But "consumers seek out Imax because it's frankly the best experience on the planet," Gelfond says. The company has also built up a strong sense of brand loyalty with moviegoers, comparable to the likes of Nike and Disney, he says. The Imax 70mm experience is especially coveted given the limited supply of screens and high demand. Gelfond would like to see more theaters able to screen the format, but the economics don't exactly work out, he says. Studios mostly bear the $50,000 cost for each film print, and only a limited number of theater locations would bring in enough foot traffic to justify that price. But he sees the Imax 70mm experience as a luxury. "In a way it's like the Rolls Royce is an amazing car, but it's not competing with a Honda," he says. "It's a different audience, different price point, different marketing. I think there's a place for both the Rolls Royce and the Honda. Undoubtedly, they're both doing fairly well as businesses." Indeed, Imax's box office triumphs — both for its 70mm and regular Imax screenings — suggest that moviegoers are willing to pay extra for its final product. "I don't go to the movies that often anymore so when I go, I want it to be an experience," another moviegoer at AMC Lincoln Square said. "As a visual artist, I love [Imax]. I feel like I can see the full picture and it's like getting up close to an artwork …There's no comparison to the Imax 70mm."
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