Can't Get an IMAX Ticket? That's Kind of the Point.

Summary of Can't Get an IMAX Ticket? That's Kind of the Point.

by The Wall Street Journal & Spotify Studios

25m•July 23, 2026
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Overview of Can't Get an IMAX Ticket? That's Kind of the Point.

This episode of The Journal looks at how IMAX evolved from a niche museum technology into one of Hollywood’s most sought-after premium formats, using Christopher Nolan’s The Odyssey as the latest example. Ryan Knutson interviews IMAX CEO Rich Gelfond about the company’s origins, its relationship-driven business model, why true 70mm IMAX screenings are so rare, and why sold-out shows are actually part of the strategy.

How IMAX Became a Hollywood Power

From science museums to multiplexes

  • Gelfond first encountered IMAX at the Smithsonian and saw its potential beyond documentaries and institutional venues.
  • He bought IMAX in the 1990s for about $100 million along with Ride Film, aiming to make it more mainstream.
  • Early on, IMAX was associated with “bears, whales, and seals” and mostly lived in museums and science centers.

The key strategic shift

  • The company realized standalone IMAX theaters were too expensive to scale.
  • IMAX moved into multiplexes, which reduced costs by sharing concessions, HVAC, and other operating expenses.
  • This helped transform IMAX into a scalable premium theater format rather than a niche attraction.

Why The Odyssey Is Such a Big Deal

Nolan pushed IMAX further than ever

  • Christopher Nolan had long been an IMAX champion, using the format creatively in earlier films.
  • With The Odyssey, he reportedly wanted every frame shot on IMAX 70mm film cameras.
  • That required new camera hardware because the existing cameras were old, bulky, and limited in supply.

Scarcity is the point

  • There are about 1,800 IMAX screens worldwide, but only about 40 locations can project 70mm film.
  • In the U.S., there are only around 41 70mm IMAX film screens worldwide mentioned in the conversation.
  • Gelfond argued the scarcity is intentional: it preserves exclusivity, keeps demand high, and makes the economics work.

IMAX’s Business Model

Relationships matter more than open competition

  • IMAX chooses films largely through long-term relationships with directors and studios.
  • Major filmmakers like Christopher Nolan, Denis Villeneuve, and studios like Amazon/MGM are central to the pipeline.
  • The company plans release dates far in advance and sometimes has to say no to projects it likes.

What IMAX looks for

  • Scale and visual scope
  • The director’s reputation and fit with the brand
  • Studio support and marketing commitment
  • Timing, seasonality, and how long the film can play exclusively

Growth strategy

  • IMAX says it grows in two ways:
    1. More theaters
    2. More content
  • The company says it had about 55 theaters when Gelfond bought it and now has nearly 2,000.
  • It also broadens beyond Hollywood films into documentaries, concerts, foreign films, and live events.

Competition and the “X” Premium Format Wars

New rivals are trying to capture IMAX-like demand

  • Competing premium formats include:
    • Dolby Cinema
    • AMC Prime
    • Regal
    • RPX
  • Disney’s “Infinity Vision” branding was discussed as a bundling effort, not a new technology.

IMAX’s response

  • Gelfond dismissed the competitors as similar-looking but not equivalent experiences.
  • He emphasized that IMAX’s brand depends on strict standards and exclusivity.
  • If another theater is nearby, IMAX won’t license a competing screen in the same area.

Main Takeaways

  • IMAX’s rise came from re-engineering the business, not just improving the screen technology.
  • Exclusivity and scarcity are features, not bugs.
  • The premium experience creates enough demand that IMAX can sell out weeks in advance.
  • Christopher Nolan has been essential to pushing IMAX from a format to a cinematic event.
  • Even as competitors mimic the premium-label strategy, IMAX believes its brand, standards, and limited supply keep it ahead.

Notable Insight

“That’s kind of the point.”

Gelfond’s answer to why it’s so hard to get an IMAX ticket captures the episode’s central idea: IMAX is designed to be rare, premium, and difficult to access, because that scarcity helps create its cultural and economic value.