Why Can’t We Build More IMAX Theaters? With CEO Rich Gelfond

Summary of Why Can’t We Build More IMAX Theaters? With CEO Rich Gelfond

by The Ringer

40m•August 12, 2026
Listen to Episode

Overview of Why Can’t We Build More IMAX Theaters? With CEO Rich Gelfond

This episode of The Town is a two-part industry conversation: first, Matt Belloni talks with IMAX CEO Rich Gelfond about the company’s booming box office performance, its limited supply of 70mm IMAX theaters, and how studios are using IMAX as both a premium format and a marketing weapon. Then Belloni and Craig continue with a discussion of the Warner Bros.–Paramount merger drama, including David Ellison’s reported willingness to move Paramount operations out of California if the state doesn’t settle its legal challenge.

IMAX Is Having a Huge Year

IMAX is in the middle of a major run, with the episode framing it as “hot IMAX summer”:

  • IMAX has posted four straight global weekends above $50 million, which Gelfond says is unprecedented.
  • The Odyssey is expected to become the highest-grossing film ever in IMAX format.
  • IMAX’s stock has risen sharply, and the company is reportedly open to strategic alternatives, including a sale if the price is right.

Gelfond’s core message: IMAX is benefiting from both a strong theatrical market and studios’ desire to treat IMAX as the premium event format.

Why There Aren’t More 70mm IMAX Theaters

The episode spends a lot of time on the scarcity of 70mm IMAX projection:

The economics are hard

  • There are only about 41 70mm IMAX film theaters worldwide.
  • Building and maintaining these projection systems is expensive.
  • A film print can cost around $50,000 per theater, and the format requires trained projectionists and specialized equipment.

The demand is real, but selective

  • The format works best in large, high-occupancy theaters with strong box office potential.
  • Gelfond argues it doesn’t make sense to put 70mm IMAX everywhere because too few films justify that level of investment.
  • He says IMAX can expand somewhat by scavenging old theaters, rebuilding parts, and manufacturing components, but not overnight.

Modest expansion may still happen

  • IMAX grew from 30 to 41 70mm sites after Oppenheimer.
  • Gelfond says the company may be able to add another 10 to 30 projectors next year through new methods, though he wouldn’t go into specifics.
  • He floated an ideal long-term target of about 75 70mm IMAX theaters globally.

IMAX vs. Disney’s “Infinity Vision”

A major topic is Disney’s decision to market premium large-format screenings under its own label, Infinity Vision, after disputes over IMAX exclusivity for some big releases.

Gelfond downplays the threat:

  • He says Disney isn’t rejecting IMAX so much as trying to create a fallback label when IMAX screens are unavailable.
  • He argues that Disney still has plenty of incentive to lean on IMAX for major tentpoles.
  • IMAX and Disney remain in business together on upcoming titles, including future Star Wars and Avengers releases.

Belloni’s point is that IMAX has become not just a format, but a brand signal for blockbuster status.

Filmmakers, IMAX Cameras, and the Next Wave of Releases

The conversation also focuses on whether more filmmakers will shoot entirely in IMAX.

What Gelfond says

  • The cost premium for shooting entirely in IMAX is not huge — he suggests it’s in the single-digit millions, not tens of millions.
  • The bigger barrier is creative habit and workflow: directors are used to digital or other camera systems.
  • IMAX is actively trying to persuade more filmmakers with a promotional reel and outreach.

Why it matters

  • The success of Christopher Nolan’s IMAX-first approach has increased industry interest.
  • Gelfond says directors like Ryan Coogler and others have had positive experiences.
  • He expects more IMAX film releases next year than this year.

IMAX’s Global Pipeline Is Still Strong

Gelfond argues that IMAX is not dependent on just one or two giant releases.

Key points

  • IMAX operates in 92 countries with nearly 2,000 theaters.
  • The company had 120 pieces of content last year across films, concerts, sports, and other events, and expects even more next year.
  • He says the slate is already heavily booked, with roughly two-thirds of next year locked in.

Notable upcoming titles mentioned

  • Dune 3
  • A new Star Wars film starring Ryan Gosling
  • Frozen 3
  • The next Avengers
  • The Thomas Crown Affair with Michael B. Jordan
  • Shrek 5
  • Beatles films reportedly planned for 2028

He also notes that IMAX does especially well in China, where prestige or historical films can overperform in ways that surprise Western observers.

Is IMAX Too Expensive?

Belloni raises the concern that IMAX may be becoming too premium for casual moviegoers.

Gelfond disagrees:

  • He says the company’s best year was 2024, then 2025, and this year will beat both.
  • He argues that pricing isn’t suppressing demand, especially for event titles.
  • He points out that scalpers often resell IMAX tickets at far above face value for the biggest movies.

His view: affordability is a question for some smaller titles, but the overall business is thriving.

Warner Bros.–Paramount Merger and the California Fight

The second half shifts to Belloni and Craig discussing David Ellison’s proposed Paramount–Warner Bros. deal and the legal resistance from California’s attorney general.

Main storyline

  • Ellison reportedly told staff that if the California lawsuit isn’t settled by October 1, he may move Paramount or the combined company to Tennessee, Texas, Georgia, or another state.
  • Belloni thinks Ellison is serious, even if the move might ultimately be partial or phased.
  • A key issue is whether the company would keep a creative presence in Los Angeles while shifting headquarters or business functions elsewhere.

Why this matters to Hollywood

  • A deal could lead to thousands of job losses and a major reshaping of studio geography.
  • The merger could alter the release calendar, potentially affecting how studios compete for IMAX screens.
  • The California AG’s resistance is being framed as political, but the economic stakes are huge.

Notable Takeaways

  • IMAX’s scarcity is a feature, not a bug: limited supply helps maintain demand and premium status.
  • Studios need IMAX more than ever as a marketing tool for blockbusters.
  • Expansion is possible but incremental; a true nationwide 70mm rollout is not economically realistic.
  • The industry is still in flux, with mergers, relocations, and premium-format branding all reshaping how movies reach theaters.

Bottom Line

The episode argues that IMAX is in a strong position: it has momentum, strong box office, high-profile filmmaker support, and a valuable brand. Its biggest challenge isn’t weak demand — it’s that the format’s economics and infrastructure make it hard to scale fast enough. Meanwhile, the back half of the episode shows how studio consolidation and state-level politics could further reshape the theatrical landscape.