Jennifer Horsley | Senior Vice President of Investor Relations |
Richard Gelfond | Chief Executive Officer |
Natasha Fernandes | Chief Financial Officer |
Eric Wold - B. Riley
Eric Handler - ROTH Capital
David Karnovsky - J.P. Morgan
Jennifer Horsley | Senior Vice President of Investor Relations |
Richard Gelfond | Chief Executive Officer |
Natasha Fernandes | Chief Financial Officer |
Eric Wold - B. Riley
Eric Handler - ROTH Capital
David Karnovsky - J.P. Morgan
Fargo Wells - Mejias Omar
Steven Laszczyk Goldman Sachs -
Frankel Rosenblatt Steven -
Beynon - Macquarie Chad
- Barrington Goss Research James
thank by. question-and-answer conference this Good QX for there that listen-only day you and today's speakers' the standing Instructions] are in Corporation presentation, Please Conference mode. advised After participants be XXXX Earnings recorded. Welcome [Operator Call. is all At a being time will currently a session. IMAX the to be
Relations. Jennifer like now conference hand Horsley, Head to Investor Ms. would I over of the to
You may now begin.
thank and us today's afternoon joining Good you call. on first for conference earnings quarter XXXX
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and that, Thank over to turn you, I'll Natasha. with it
afternoon good everyone. and Rich Thanks
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turn I the for that, With over Q&A. operator will the to call
you. Securities. Instructions] [Operator Riley will Thank Our from of question come B. first Wold Eric
Your open. line is
periods couple guess about the been me. hasn't box plus your you I Rich, prior year-to-date, have different office I or other questions driving talked from impact the questions, as mean I there and you, whatnot strength discussion discussions. Avatar. other of kind I signings announced and then of does two can you've since Thanks. of possibly and from? this in kind guess afternoon. the you accelerated announced, XX backfilling XX from these strengths I guess periods this this certain how see emanating is Good probably in past been your the what's where a with of penetrating think of ultimately What around years those makes thoughts demand and markets Avatar
So which that Avatar. Avatar but more quarter the going Eric, on and effect, we've there the than think I a think much was about, Avatar was talked in factor I
Avatar, one as did of of on XX Avatar the less was ago than and box and X% XX% all, you Avatar. $XXX about years First with talk there we did but office know, Avatar effect, let's the which the the of million, screens
of two three every have Now and more coming them. there we Avatars are years
So it think in way balance as one I off sheet an of asset.
number you that the an coming. IMAX getting are business, thinking next for the you'll you of know of have someone if years into So Avatar
to gets effect even Avatar I extent. a maybe think certain So magnified the
think besides more lot events. what systemic kind Avatar I was happened of But a
was of the you a as other we've almost and place than office totally origin it's box our content in look in the kind our different of a had and in past. of in that's local third markets quarter, So both know, language
$XX past example, I an Mario So they did people Mario. $X.X million give Super and our on about office we this think over for say, box overall was played the Super oh, to weekend, But weekend million.
to going in the most think it again, and coming in anticipated So China, Hollywood think more forward five-day which Labor out India, at got very that one successful can't it's year this is just you latest playing the weekend. this be is Day release we likely films let's the and we've of way that's films coming gets there. And I three, to opening fast a -- weekend, holiday, of look
well, So North in there's not you days IMAX, if you'd the a in look it, say, at old America. coming lot with
know. You know, predict, it's hard to I don't
oh, it be, look I you when would Mario But opening is year, in this it think at and Japan.
coming it it lot think And and out piece look you'll the say, there's Hollywood of a wow, volatility together all at there. office You blockbusters. and that on and dependence the lessens of box I
I you are not their looking they're looking Avatar, anime. people China, just in at think in So but you markets, are if at
Indian much in adds Avatar are stable releases. which that more to think you of, course you when part think put I predictable, more looking together, that. Canada, all it, at is If it's And of you're I but than all a box officer, a it lot up
or that's that room slate. tied rich. full obviously successes. about film SSIMWAVE, you've and kind to perfect, for having other recurring somewhat to the that too of film become on what that platforms revenue any No, needs but I a happen a think a for content IMAX, of And true last movies And otherwise? needs decoupled of "problem" for I become technology fighting from that's releases And, to case? kind calendar still the happen each release what you against for streaming question, you're stream got, on I guess there of to to have mean,
little SSIMWAVE fact, out is And you way won had at of product we leads products its the more out recall, best award category basically streaming a roll at product as new product it in more think matter NAB don't way. an to while this weekend. than NAB a and discussions different But as optimization, need before. figures which wait And that money. streamers save the to order compression more way just ever has last had I a a to we kinds rates if of content in optimal on broader the does in itself,
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know, haven't we time, of this lots clients really this products and Disney product at time it's Plus for Plus pushed be this different other product which believe a you but game we Comcast clients, and Now, Paramount including over have SSIMWAVE and could we and changer.
Now revenues to traction think but streams. contribute third to as diversify quite do it's don't, No, people do and product it's our I'm profit significant I in going I this and potential understand we that I launch quarter? the think its gain about and going excited revenue to
Helpful, thanks Rich.
[Operator you. MKM. Our from question next Instructions] Handler come Thank ROTH will Eric of
Your line is open.
a much Thank wonder, afternoon. very Rich, local language little I bit the talked Good for films. you we the about question.
obviously quarter. a high in first had very percentage the You
box three, full go the guidance amount what think $X.X language billion, could could year and that do years? you at potentially do look you your think this where office over total you year next for, for four local for As of account that
to part movies last just how second than language to going do of So look could got the Eric, as had But out. our more guidance, you a last together what And we'll basis, films. to certainly we I market it at I through predict us what weekend. when is that's Hollywood but movies coming went understood it's from the it's on think are year it's China in be? to because of to the came think I is know, films this we because language and rather films it portfolio quarter dangerous going significant foreign particular going believe think what that's and we we are you I'd where have But, of percentage I China be for choppy and local put our to impact going call, some first going gave and and that on be we which do again, to biggest of local depend part do
Japanese for mentioned called we it's Slam in underlining on again, we I anime did weekend an but million. that movie China the Dunk, call, worth $X.X last And think this
do. and fast this So a it also really area Hollywood it grows how for how us it films is growing grows and what it and far involves involves
other So I very, to think difficult will say, absolute the number trying to last than it bigger very percentage than year. is I assess be think was the
Fair enough.
you let see this then, And language to the films ask so with me very years. good question say over next continue let's success local we several
doubled volume costs? that of count. you've the your DMR language on local any your film Would have impact consequential Let's say
think many don't you've they're actually local costs that mention films language although in. we're in territories the I doing so, me being Eric, the DMR given released to of for opportunity our
So in DMR are Chinese India we just started Indian are for cheaper China of in in than States. United India the in the example, in cost doing and we films DMR films in do and territories them those they
should do So come of the more average cost product we there as percentage a the total the product, down.
lot. a Thanks helpful. very That's
question. moment our Thank One next please you. for
will question Morgan. Karnovsky from come of David J.P. next Our
open. is line Your
thanks. I book the if Rich, content, to performances, dates, but appreciate China market I for Hollywood films some and think with recent we seeing in of of see features. you're local look success Hi, we've kind the comic the especially mix started at
there's small you few think all shift if much read been local wondering over taste or years, in this I'm sample? the from through prior too just at So a a is relatively
Well, David, of well China, which it away and wasn't the of from of Ant-Man know, locked as even through height perform previous what small you that in over And didn't four the slate, think you done. the the we're did significant $XX part country a down off sample. not, yes, only the go million. we're I it's far we Ant-Mans during mean, when pandemic which at I was Avatar, a relatively months had
very a I think, as characterized and I that way early. short too problem a is being one size think trend have So sample it's I begins
Furious you already Transformers and that the Impossible will films performers are look gotten some those in, Fast Mission And I get believe at very if usually in and of like China. have big and in
movies So, before played have continue will optimistic genres very movies personally but wait we well. am just it and some and time, think well that that give I do that to to I those
is, in other thing they should the is than parts with gotten it, to. have used in have add that one earlier in to two films And gotten lot China I a
and So for a time then think proper momentum. there's build I And much be to public also campaign that's there'll awareness something that marketing more extremely and positive.
there there the And Hollywood of because improve world, rest issues. momentum start in last sort ones film the I following much other be, very in, of films been So like films. will think other think the you the come and year performance and trail would pandemic of momentum to I once the or builds of hasn't and
So issue see now. I don't as an that right
any year into could Okay. just risk later to potential slate for extended the movies think could or all hold IMAX, a strike a would future in writer's but how And if to I lead that impact IMAX strike, the would wondering the to dates, at think help if the their a this tight plug pretty maybe pulled and you with some then very we got schedule? gap in getting off studios
hesitate think close movie, already is almost pretty to locked. So say but movie, that every I every to I much
revenues us have much in it this think our impact anyone Hollywood, very we we've one-third territories. I other of remember I'm But slot America, at year again a and much in there's doesn't don't time. risk so that rest the than that else an of become little ability other saying have think of for broader only much pretty more also would because than impact. I And almost So North confident movies from year, of are really lot to this it much
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next our next our Thank from of for question moment will Omar And Mejias Wells One Fargo. please question. come you.
Your line open. is
and thank reaching exhibitors? afternoon Maybe then with for are Can going taking all China. How signings, to questions. here and of XXXX context triangulate you us my about, like some mix. guys here it your is trying happening should you Just And we have Are these don't you seems of as and signings the without conversations of timing you with XXXX changed? China some are this inflection what's about Good I think back also talk guys sort give are, point relates they it signings an the in so maybe are how to, events of or the accelerating mostly you even to guys events? think different signings?
to you path be like get beyond have pre-pandemic signings move as level it So clear fair to that we would a Thanks. back think to XXXX?
there I think So are factors, Omar. several
of movies I you that movies think box the office IMAX of of a were kind has kind the and smaller of pandemic went the kind lot percentage because and that one of done to them rising know that's is of by been But being steadily. blockbusters the accelerated movies as mid-level percentage the of streaming.
the to think, also myself, So I our, less made has business, and a just on gives considering confidence the it but IMAX slate. Hollywood. slate globalization a slate, fuller want more more into dependence don't repeat outlook the someone the I of you comprehensive us of film have getting
I it. share big think market part is of a
and up pre-pandemic since in about about XXs up XX% You America mid percent. market share know, North it's the overall world in our is
So the of comfortable I in pretty the they in like Japan, and that I'll just with are is million India you our micro a what think are example people close one, they're economics. PSA U.S. to more around in give $X.X And
and So looks little that together, of attractive consumer then into that if And the all of think the a I pandemic has a thinking you do getting that. put to from the changed IMAX behavior. are business fact really stems it bit model to
not when of on a go concerts So special and when a the model events, in premium premium for out together price to case think the but makes and getting I you And used in number for compelling. it, are IMAX important experience. it paying go more people just put that's years, and you couch just after that become sitting And they into and to sports business all them. IMAX to more the more a
of So I that. think it's all
territories. you that. question paid have theaters; studios to have them we divide which again, get more second paid into the the And about in you theaters, levels, to on us get new depends don't just the it from part new on which the we signings, of As your to builds, year. pre-pandemic divide put from remember, And the
kind and have double at you upgrades. So that look effect to a has of
with months approach looked this to at of even signings. kind XX if think pre-pandemic that levels four think I start they'll it So new into locations, I and you only we're do year
this areas think even approach Omar, levels. happening year some exhibitors those where all So, that in But going remember I are world, restraints. financial the and is could this forward of the under still some
time you still period think because can't the one historical come capitalized. and office sooner a all And In out they -- once are exhibitors a North that box in China, back. lag is back Asia, reason better announced lot they're of put But better and there's deal go and their we have from have I are we've I challenged. together, lot reason six no people America, in get signings when of a it's a think probably and it there that's the So think this came think I I to they nine-month announced to biggest you be, we coming levels. through time, they'll decade
maybe And know deal. SSIMWAVE, it's since helpful. about, the months back talked been very That's to five around going I closed you you've
their IMAX You've been only months you there. long-term time what top priorities still not internally are Can also a timeline and of standpoint, well. over of six an head that as of new the the just help the give maybe could but XX opportunity, to the some key there what's -- next technology you external have Thanks. but how us sales from
world. leads, don't clients So developed is, in in the We want a the said, number of NAB. we've the the instance biggest to for like first aim I timeline necessarily at
small use. I some companies demonstrate to can we and the streaming and that document case we to for go want mid-sized data use think
revenue which a in we been So we're in in head think demos who keeps like my million as a to those company as case and up and out at trying on then has that today, actually, as of in we're, to previous couple mentioned, in use And as rolling recently, $XX of million many thank you sales new I leads and that following the forgot can. I you, hired, answer sales as a get he years. literally broader took $XX we like from territory
broader I use But XXXX. and think way. mid to corporation we're prudently going you try come think can I case we're XXXX be which then meaningful to think blow in in just as And place to process I put in sometime, your don't the I as before, see pieces those and So out in said to aggressive you'll as it a of IMAX and into numbers you have then be. you doing, demonstrate we
that's you, Thank helpful. very
Thank Steven Sachs. you. of next [Operator Laszczyk question Our Instructions] Goldman from will come
Your line is open.
wondering box share about XXXX. box the Hey, total IMAX's the great. I Good for slate your bit could office. for afternoon. Rich, was you talk the if more a at look little global of you rest you mentioned share, as of expectations
XXXX You in reversion hold that in trends do place the or strong think this XQ you there's to mean think takes I some to the, and that continue year?
not going films of in the hold they going more ways. not to of But was forecasts think has changed up. blockbusters is at. maybe of world would but blockbuster to our on for a a through period, surprised were increasing okay, than just and different on Mid-level are April and, it the you April you it are it season. last the level looked Mario at really summer to kind April I lot And the go outside, to the reversion went be movies like one because Yes, a slate be hopefully foreign for we see what they when language mean, briefly countries, thought what looked the doubled streaming, call. I'd was
like still April looking of really as So good. it's
Indiana Impossible, and I always and we'll So in is Galaxy conventional are a for market at share. is our think that of even of also go footprint is is give guidance Mission market time. Fast time franchises don't our footprint period install that the mean And, the given footprint in be North remember going had. they're Guardian grow. kind have films this at I than same that think larger you least shocked I'd footprint our we if a also done went I to network that great of to incremental decreasing. have that the not some and where competitors, And in And obviously that year, it IMAX America, into us share at down Jones direct and we've Furious though increasing will so period
of get see don't going to So, I but certainly it ahead but up, that able I'd like will want be to myself, to predict, to I don't down. continue go it
broadly, some dynamic ticket one on seen Great, IMAX the thank opportunity on the more operators over We've few helpful. then perhaps may be you. ticket theater specifically of quarters, just curious, more about your then long-term. pricing what the was talk in last views office dynamic That's for And major the I to pricing the were seriously over box the more for on and pricing pricing. start opportunity
talking screen? way, said, going your said, he he I and on I recently the much the me, actually are of which a question, said, signed, things not ROI then problem, screen screens. he And over and in general past was deals European no, So one in little And revenue more you in It's start you it's much I screens. have probably mention. didn't more a thing proceed. investing I exhibitors one is invested than to answer too the one by are but said revenue I'm our to of important a like is would in we better and putting premium to He IMAX the whereas said, problem.
internal over when they different to way have economic do very my count I could my same and keep network to get and I to much, ticket I my to see much ability and model more And the a going box screen one doesn't own forward. price So think premium, I premium is that me, he said convert office do I the by model. grow have
another think of example pricing is ticket I that. So
you it's historically easy during inflationary raise periods, been tickets. If look to relatively
lower of than tide. at way look said concerts, even prices a special concert As it's earlier in comparable tickets, I theater, for ticket the of experiences another like are price for IMAX the against tide, pushing those with in tickets, other And the also not context, we're things. all we're sports kind
the move. Whether resisted also studios have I I'm not, studios a or traditionally dynamic that of pricing a lot and race a because the it's and think have sure So pony pricing. answer just dynamic question to there's complicated too, in way is not the
seats. to a if for great know higher don't week pricing box they films and like And over we one it's most goes In four IMAX our dynamic differently play also, of seats like don't the or weeks, for in where about two to have time of they're is and five, I fill do. week we much this better to so down price our time. percentage it higher feel going models
are So I much the pricing dynamic less convincing arguments think for in IMAX.
Great. Thanks, rich.
question Our Instructions] [Operator you. next of Thank come from will Steven Rosenblatt. Frankel
line open. Your is
Rich. Kind talked it? lot of in dug there IMAX other and one haven't now in DNA to the regular and has a China, IMAX the that's material having than or injection get thank to to language, years language several it We you path that's other afternoon feature. IMAX China. local element took shot a we markets about what's you, local I either content of is know films into that Good yet and DNA but into
and that talked know Yes, in in conversations cameras. had who more. who's Japan I and to this think, of not starting months, Steve a it project it's on speed we've we're about starting a I in specific on focus India, with probably to but about one I'm intends filmmaker know in to basis, film more up And our something India project-by-project cameras. IMAX And six using myself I've to I
to more it to in just them. because the And makes of think do cameras, So digital with much the part Japan that popularity more that's them and particularly think I be shoot would because our of to it. also a going not of for do particular, strategy, IMAX, expensive more it's in sense I
trend you're that's see. a likely think to So I
now of content, on that with some you on over best maybe to thoughts latest your be may runs use your And IMAX cup think capacity? your of Live, Okay. how thoughts but obviously as some
our strategy process That theaters. think end further was refine of doing of our And to XXX the that last wired year. for we the and now. I we've content target need So in we're
marketing these think very things I the events. well worked related that are
we're I the to So members think week cast. of Guardian event with a the next a number of Galaxy doing
week, something original, event IMAX streamed Picard on Plus. actually the Paramount was Paramount live around did of cast took that's show the We an we Just which last and Plus, we that. did with
to Afraid, think the And or good we I an this that I was able week talent is are did Beau promote event last week. tools with it own maybe around Scorsese events, marketing those is content. think its
number We that did worked very in Creed III, carpet theaters the live well. significant a we of and from did red
So that I think we're near-term. the going lot to in on focus a
with to continue we'll sports, kinds concerts, things experiment think things. I of like other
and to think which that's distribution model, continues it XXX go we that's we'll which deliver XXX if good it what's distribution is next marketing the what Because history the then, events original I where to IMAX production add more business And good focus is than we'll events, on rather then made find of the than the level is. again, numbers model. the film the by one the up not XXX. really more, in could and used IMAX
what and that's for of works, for it works it using of about process it. think to testing we way hope the we what when know So sort short the
thank Great, you.
from will Our Thank you. question of Macquarie. come Instructions] Beynon Chad next [Operator
Your line is open.
start levels. is count I share signings Good the have afternoon. on Thanks in you congrats the the Natasha, quarter allocation. and nicely for capital the reduced and taking guys with -- the my you've like particularly team to question direction. and wanted flow right certainly years in as always free looks X it million market cash few Stock fluid, but the in moving you for is I believe shares. XXXX last noted by
are thinking about you programmatic buybacks forward? or how look we Thanks. opportunistic So as
does blackout in significant so stock the that but window much period. only locked week but a two Thanks which price XXbX-X, pretty the as most were When are put about did a it think it during opportunistically does why in for in actually buybacks, continuing of during, the We have is had you not that Chad. to as we then back. QX, And we what buy some historically, we'll saw we is time. we on gets during of open Yes, as and it. price level that based sort right in
happen good billion and But $XX great and good a in cash $X -- if things XXXX turn it's we operating row. with quarter, in saw was cash. it $XX margin to the QX of of year flow in to quarter of in tracking office cash or And second a all flows exceeded cash the box a you is million for flow start our million general, higher,
the our business. it's incremental of so And nature
go in So we a doing have cycle of excess cash, through past, when as you've seen we repurchases. the
hasn't was, Rich, That's much direction ask I with you guess, guys the couple your great, interesting. really focus CinemaCon. just past Thank blockbusterization, positive just change you. to industry And this debate. wanted in certainly as on given then the years, about the this affected from the a streaming know I know overall in but I I for takeaway
So a theater you get of the updated is if wondering you views guys. kind and positive you if if going this kind movie to beget Thank for going non-event of a on or maybe on just this, some movie out people you. opine could more
mean, of I a are forever. is theatrical the building data being the streamers done clear really Well, it's those and data and theatrical really release chain. streaming a release a people our helps reason I there's shared have not some a a is it boost think read I buzz, just that value Like a that the I've question, all mean, reasons with release the of why positive. reselling product, entire helps
think was other were to their referring theatrically. what this movies of is The deciding you Amazon release to part it and and I streaming Apple
will the I lot on I a was some good really, whether it's game some really movies for of it. addition them. a even ones and of year But be into the a changer looking our it don't this good, was slate think I merrier. think with big movies, involved the and us the because think there it's more get really the for some we for ones could blockbuster
but a So net positive. nothing it's
it. I much. appreciate very Thank you
Thank you.
question. for more our We come Research. Goss from And of next Barrington question have will James one time
line is open. Your
language but I large, very if could wonder gravitate of sort the if toward wanted about And that you was of the particularly And it Rich, two local mostly I some are markets, language-wise said there content much. the thank certain those right, you regard you to made IMAX. if to meeting brand with India, Indonesia are within characteristics it's new, local All and elements. I starting that or because or number wondering it market? Hollywood I Is think movies local the there, is to production you four type population. Indonesia is I'm of characterize in international blend? mostly ask play well very India. wondering
for doing for signed Indonesia, the while it's that's So partner business -- they've mostly we've market Hollywood we films. and been mostly a by and a in with, succeeded Hollywood
talking okay. did films there. theme However, this But it's I the primarily nation call, to of populous we doing And just, a local actually them know everyone the they're Hollywood actually, as time to of dependent most there on for this but we're more sort and I think Jim, planet. on about being the poorest remind language, part did overall that our on film Indonesian we
more So obviously a that. I and things like think, there's there possibility demographic to on other do lot depending issues
and bunch there that's mentioned which in that in India, think part doing we're their up $X positives India for India in I have almost close I gone the two amount that and earlier In And I studios. box PSA has week a million to America, over exhibitors we have a us important is of is an local we office. real And one the content language dollars. same for meeting of was with of North
India well. pretty work So, certainly the economics in
other of partners has fragmented structural potential world. parts are issues kind they India are think, I like of there the highly more in than much other the
there. of lot a there's So independence
much So China, And we and like there approvals, weren't of could India. takes will opportunities and time thing there. more looked bureaucracy, lot more do there's theater there's some could blow it more we if do would XX really intervention. open is a that government tackling rollout There's a construction to and It's about that at blocking in third and India I just deal, you say then take more more the much time. it
So Indian pretty overnight. it's but on the I actually turn optimistic don't I'm to market, think going
right very one India share to take doing our actually going little the in did revenue with we're in to things I doing we time. think deals, the of clients which going is And And it's a we're and that be selective never to of India diversify before. our structural with, and and doing it try course quicker we're risk we'll the fight and try headwinds. be it's in of some but along, move who
dagger of Okay. And those back going one any for or one other, that made comments about premium where, multiple preference, at in U.S. sort or thank the you. content other the I last appetite lines one, is same wonder the question, one either to the And either of you IMAX screens growing there weekend per internationally thing. multiple theater, you have along if or can the times
IMAX for for Jim pluses pack lot Sunday and used you for it. is and thought is think Easter weekend that like built someone church every me, really about not big like we've that's the over the a movies, So But Sunday. the the years, I the could really analogy Easter
an my success. is that of program certainly So concern I something slower wouldn't time. want it during do couldn't to economic be you And how periods
zone. filling much think I better a the what idea be is would So in
So And two point. one theaters XX for with see zone I And interest that I do that. and and discussed that there's than the specifically some the in a what exhibitors midway I they location. third model example, that don't multiple an at exhibitor one that's I've theaters think if them a I'd are, theater is that's much apart miles put in better know, zone, like own to has a think
Okay. much. very Thanks
portion would to CEO, the Thank the closing Rich turn now conference back like to Gelfond you. conclude This conference. Q&A for I the of will remarks.
much. you Thank very
-- is who's each direction, streaming up think going different is going the think, there by I'm last theatrical I've call, how of it's performance content streaming one slightly one was to of usually summing content a be the how been cost help going to decade win versus think was I one recently is which other that this plus theatrical kind help, I will will So each more help And close going on. but to -- coming and much theatrical the and and head to of I other. and of over the more will and fighting I streaming And from and the where, think help the more more streaming. theatrical the last conclusion and can I been questions examples one the
for example me, films lists Indian on. data they lots a which promote is would take theatrical like individuals around and people they IMAX local with more kind they television, have who that online and cricket But of who actually have give the phenomenon turn could it done there's be anime them anime, then another interesting of could community. to exhibitors really about It content has they in I is into streaming the go an worldwide a local platforms be community of are where, even it where when created through online well movies and language language example match and or
to I the sides I both I lot you to think about So that's it think about you lot And I I way think out that look share about less being the think because of streaming about the on a just I the a going to way. be hope pie how I'm call. some are really and it bigger. much make starting And as future, figure it a appreciate how to and how is threat more to able
at the be a IMAX great at beginning, I to look call. time the quarterly next As said and forward it's to
you today's This call. Thank conference all participating. concludes for
pleasant and now have may day. disconnect You a
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