The global theatrical market is staging a powerful comeback, and two forces are driving it: China's seemingly unstoppable box office and the premium large-format juggernaut that is IMAX. Recent data from multiple markets shows record-breaking performances that are reshaping how Hollywood and the exhibition industry think about cinema's future. As China's summer movie season concluded with an estimated $1.85 billion in ticket sales and record screenings, IMAX CEO Daniel Manwaring described a consumer awakening that is translating into eye-popping global grosses.
"We're in the midst of an ‘IMAX awakening,’" Manwaring said in an exclusive interview on Bloomberberg's "The China Show." The convergence of Hollywood's biggest tentpoles and China's robust local pipeline has created an unprecedented tailwind for premium screens, with audiences flocking to immersive formats in numbers that exceeded even the most optimistic forecasts.
China's Box Office Boom: Records, Resilience, and Local Hits
China's summer movie season (June through August) closed with a reported $1.85 billion at the box office, alongside a record number of screenings, according to Global Times. The robust performance was powered by a mix of Hollywood imports and a wave of local hits that have demonstrated the depth of Chinese audience demand. Over the Lunar New Year holiday period, Chinese cinemas generated an even more explosive $842 million stretch, with “Pegasus 3” racing to No. 1 and “Goat” crossing $100 million, as reported by Deadline. That momentum has continued into the fall.
Chinese comedies have been leading the charge in advance summer releases, per CGTN, showing that local content remains the backbone of the market. Yet the biggest surprise of the year may be the viral animated film “Niu Lai,” which despite being widely mocked for its terrible animation, became a box-office hit. The BBC noted that the film's ironic appeal captured the attention of Chinese Gen-Z viewers, who flooded theaters to experience the “so-bad-it's-good” spectacle. Meanwhile, the juggernaut “Ne Zha 2” has transformed into a global phenomenon, with its English-dubbed version now being introduced to Western audiences, as reported by The Movie Blog.
The Lunar New Year slate was stacked with follow-ups and franchises—including a “Detective Chinatown” prequel and the “Ne Zha” sequel—aimed at reviving what was a miserable 2024 for Chinese theatricals, notes industry analyst Scott Mendelson. The gambit has succeeded beyond expectations. China's reemergence is not just a recovery; it is a structural shift that makes the country the world's most critical movie market.
The IMAX Awakening: Record Global Weekends and Box Office Dominance
IMAX has become an outsized beneficiary of this cinematic resurgence. Over a recent weekend, IMAX generated a staggering $47 million globally, largely thanks to the debut of Christopher Nolan's “The Odyssey” in China. The premium format accounted for RMB 90 million ($13.2 million) of the film's opening—an astonishing 45% of its entire first-weekend gross in the Middle Kingdom, according to IMAX's own announcements and Yahoo Finance. That performance set IMAX records in the market and sparked what the company called a "massive" consumer response.
Earlier this summer, “Spider-Man: Brand New Day” swung to a $19.2 million IMAX opening weekend in China, setting franchise-best records, while “Avatar: The Way of Water” solidified its status as one of the top three IMAX releases of all time with $215 million in global IMAX grosses. Even “Avatar: Fire and Ash,” which opened in December, continued to lead global weekend charts with $87 million in a recent frame, pushing its worldwide cume to $1.23 billion, per Deadline.
Wall Street has taken notice. IMAX shares have climbed as analysts at Wedbush and other firms issued bullish “Outperform” ratings, with Hollywood Reporter noting that the stock is rising amid optimism about upcoming blockbusters. IMAX's quarterly earnings have been uneven—Revenues and profits dipped in Q1 despite successes like “Avatar: Fire and Ash” and “Project Hail Mary,” as Variety reported—but the company's long-term story is much brighter. CFO Natasha Fernandes has also weighed in on Cineworld's bankruptcy proceedings, signaling that IMAX is navigating industry headwinds while strengthening its position relative to struggling exhibitors.
Hollywood's Global Strategy: Blockbusters, Bombs, and the China Factor
Hollywood studios are increasingly dependent on international markets, and China is making or breaking their bottom lines. Universal Pictures became the first studio to hit $3 billion in international box office in 2025, a testament to the global appetite for theatrical releases, as Deadline noted. “Spider-Man: Brand New Day” has been a juggernaut: its $927 million worldwide opening was the second-best in history, and it raced to $2 billion faster than almost any film ever, becoming the second-fastest title to cross that milestone.
Yet the failure to connect with Chinese audiences can be fatal. Glen Powell's “Dog Stars” bombed globally, a cautionary tale highlighted by Scott Mendelson in a weekend analysis titled "China >> Hollywood." While “Spider-Man: Brand New Day” held onto the top spot in China, “The Odyssey” stormed previews, signaling that Christopher Nolan remains a powerhouse especially when shown in premium formats.
Other major releases have also leveraged China's rebound: “Jurassic World Dominion” delivered China its best box office weekend in three months with a $53 million opening, and “Kingdom of the Planet of the Apes” earned $72 million overseas en route to a $131 million global debut. Brad Pitt's “F1,” distributed by Apple Original Films, revved up to a $144 million global opening weekend, setting records for both the star and the streamer—though “M3GAN 2.0” powered down with a measly $10 million debut.
Summer's international box office also got a massive lift from “Barbie,” “Oppenheimer,” and Chinese blockbusters, according to a Variety report. Oppenheimer, in particular, helped elevate IMAX's quarterly earnings in the film's own year of release—proving that Nolan's films and IMAX are a match made in cinematic heaven.
The Evolution of Cinema: Premium Formats and the Road Ahead
What does all this mean for the future of cinema? Industry observers believe IMAX and other premium large-format (PLF) screens are the industry's salvation at a time when traditional exhibition faces challenges like bankruptcy and fluctuating attendance. "What the big summer for IMAX means for cinema's future," Jefferson City News Tribune ponders, noting that audiences are increasingly demanding experiences they cannot replicate at home.
The results speak for themselves: Imax's global weekend haul of $47 million came not from a single movie but from a slate of event films that made PLF a differentiator. Variety's analysis of why “The Odyssey” defied box office expectations cites IMAX's monster $52 million start as one of the five key factors. The intimate partnership between filmmakers, studios, and the IMAX network is paying off—both in financial terms and in charting a course for exhibition.
Yet the road is not entirely smooth. IMAX's Q1 revenue and profit declined despite hits such as “Avatar: Fire and Ash” and “Project Hail Mary,” reflecting the cyclicality of the business. The Cineworld bankruptcy—which IMAX's CFO addressed—reminds investors that traditional multiplexes remain fragile. Still, AMC Entertainment's stock rose 7% on record box office momentum and governance reforms, according to IBTimes, suggesting the entire sector is benefiting from the surge.
“What we’re seeing is a fundamental shift in how movies are consumed globally,” said one industry analyst in a note to clients. “China’s theaters are filling up for local and Hollywood films alike, but the real growth lies in premium formats like IMAX that offer a compelling reason to leave the living room.”
Expert Perspectives and Key Numbers
- China's summer box office: $1.85 billion, record screenings (Global Times)
- IMAX's global weekend: $47 million, with “The Odyssey” contributing ~45% of China's opening gross (IMAX/Yahoo Finance)
- “Spider-Man: Brand New Day”: $927 million WW opening, second-best ever; crossed $2B second-fastest (Deadline)
- “Avatar: Fire and Ash” cume: $1.23 billion worldwide (Deadline)
- Universal: first studio to $3B international (Deadline)
- “F1” opening: $144M worldwide, records for Brad Pitt/Apple (Deadline)
- IMAX stock: rising as Wedbush gives “Outperform” (Hollywood Reporter)
The story of 2025's global box office is one of resilience, localization, and premium experience. As China's box office reaches new highs and IMAX positions itself as the gold standard for event cinema, the movies are not just coming back—they are evolving into a more immersive, globalized business. Theaters that embrace this change, particularly in high-growth markets like China, are likely to be the stars of the next act.
