The company is cutting its workforce to save costs.
IMAX has announced a new cost reduction initiative marked by layoffs and a share repurchase program aimed at increasing the company's value. The decision comes in the wake of four consecutive quarters of declining per-screen attendance.
"We are committed to expanding our theatre network, pursuing new initiatives and delivering value to shareholders," said
As part of the initiative, IMAX will be cutting 100 full-time positions, including jobs at
IMAX's dropping attendance comes as theater configurations with reclining seats and competing premium formats like Dolby Cinema continue to expand their presence in the market. Beyond IMAX's large-screen theatrical installations, the company recently launched new IMAX VR Centers in New York and LA, offering immersive Virtual Reality experiences with room-tracking technology, single-player and head-to-head multiplayer competitions, advanced VR headset technology, and control devices with lifelike haptic feedback