The Marketing mix of IMAX analyses the 4Ps of IMAX, including the Product, Price, Place, and Promotions. IMAX Corporation is a public company of Canadian origins. It is a theatre company associated with the entertainment technology industry and deals in the exhibition and production of Motion pictures. This multi-screen corporation was founded in 1968 by its co-founders William Shaw, Robert Kerr, Roman Kroitor, and Graeme Ferguson. IMAX believes in expansion and has strategic alliances and joint ventures with prominent global companies like Regal Cinemas, Wanda Cinemas, AMC Entertainment, and Muvico Theatres. Some of its main competitors in this field are as follows-
About IMAX Corporation
- Type: Public Company
- Industry: Entertainment Technology
- Founded: 1967
- Founders: Graeme Ferguson, Roman Kroitor, and Robert Kerr
- Headquarters: Ontario, Canada
- Area served: Worldwide
- Key people: Richard Gelfond (Chairman) and (Grainger Smith)
- Number of employees: 3,200
Table of Contents
IMAX Product Strategy
IMAX deals in the manufacturing, direct marketing, and designing of projection systems, IMAX cameras, film development, postproduction, production, and distribution to IMAX-affiliated theatres that include variations like Digital IMAX, IMAX Dome, and IMAX 3D.
- HORIZON Max Projector: This projector results from a partnership with XGIMI. It features cutting-edge technologies like ISA 5.0 (Intelligent Screen Adaptation) and Dual Light 2.0. The Dual Light 2.0 system includes a Triple laser for an extended color range and a phosphor light to correct any imperfections the Triple laser produces. This technology offers an ultra-wide color gamut, ultra-high brightness, ultra-high contrast, and ultra-high color accuracy, making it IMAX’s brightest display.
- Aladdin Projector: Aladdin is a unique combination of an intelligent ceiling lamp, a high-end projector, and connected speakers. It can display a 100-inch screen size directly from the ceiling, eliminating concerns about bulkiness and screen blockage. This innovative design prioritizes user safety by preventing direct light exposure and offers an impressive 0.7:1 projection ratio. Aladdin is designed for easy installation like a standard ceiling light, and integrates seamlessly into home decor. It also provides a variety of immersive experiences, including dynamic wallpapers and interactive children’s books.
- Partnership with MediaTek: IMAX has also announced a partnership with MediaTek to enhance its projector line. This collaboration aims to unveil a broader range of projectors in 2024, incorporating MediaTek’s chips and the Google TV OS, further expanding IMAX’s product offerings in the home entertainment sector.
IMAX Place Strategy
IMAX is a world-recognized brand and has its reach in most countries. Its headquarters are in Mississauga, Canada. By the end of mid-year 2016, its network included 1,102 theatres spread over sixty-nine countries worldwide. IMAX operates in Los Angeles, New York City, Taiwan, Macau, Hong Kong, Japan, Mexico, Australia, Manila, and Toronto. Most IMAX theatres are built in commercial theaters to garner maximum audiences, while the rest are located at science centers, national parks, aquariums, and museums. Screens of IMAX theatres are giant with digital projection systems, some of which reach a height of nearly eighty feet to provide a unique cinematic experience.
Here’s the place strategy of IMAX.
- Global Cinema Network: IMAX theaters are located globally, spanning numerous countries and continents, making IMAX experiences accessible to a broad international audience.
- Partnerships with Multiplexes: IMAX often collaborates with existing multiplex chains to incorporate IMAX theaters within their facilities, leveraging these cinemas’ infrastructure and customer base.
- Strategic Location Selection: IMAX theaters are typically located in urban areas with high foot traffic, such as shopping malls and entertainment complexes, to attract a large and diverse audience.
- Presence in Museums and Educational Institutions: Some IMAX theaters are situated in museums and educational institutions, providing educational content alongside entertainment, which helps reach a more varied demographic, including students and families.
- Expansion in Emerging Markets: IMAX has been focusing on expanding its presence in emerging markets, where the demand for high-quality cinematic experiences is increasing.
IMAX Pricing Strategy
IMAX is one of the leading companies in the world with premium products. It has adopted a skimming pricing policy because it realizes it has a competitive advantage over rival companies. It can garner a maximum advantage in the target market in terms of revenue before its rivals can think of something similar. It keeps evolving through innovative products and services and has maintained its pricing strategy. The company has several options for collecting revenues. Operators with permission to use the IMAX brand name must pay the IMAX Company royalty and maintenance fees.
IMAX charges a fixed amount or a percentage as a distribution fee for large-format films. It receives a percentage of the box-office receipts as its commission. IMAX screens are part of several education centers and are a great revenue earner for the company as they are part of school excursions. Although the company has kept a reasonable pricing policy for education institutions as it is a target audience and generates high volume, its revenues are also more significant.
IMAX’s pricing strategy is a well-calibrated mix of premium and value-based differentiation. Here’s an analysis of how IMAX positions itself in the market through its market strategy and pricing:
- Premium Pricing Model: IMAX ticket prices are generally higher than standard cinema tickets. This premium is justified by the enhanced viewing experience, which includes larger screens, superior sound systems, and often more comfortable seating.
- Dynamic Pricing Structure: IMAX may employ dynamic pricing based on movie popularity, show timings, and geographical location. This strategy helps maximize revenue while adapting to market demand and customer willingness to pay.
- Value Proposition: The pricing strategy is deeply rooted in the value proposition of an unparalleled cinematic experience. The use of cutting-edge technology in visual and audio presentation distinguishes IMAX from traditional cinema experiences, creating a perceived value that customers are willing to pay a premium for.
- Strategic Pricing for Market Penetration: In emerging markets or newer locations, IMAX might initially adopt a slightly more competitive pricing strategy to attract audiences and build a customer base, gradually moving towards its standard premium pricing as the brand establishes itself.
- Tiered Pricing for Different Experiences: IMAX offers different levels of experiences, such as IMAX, IMAX 3D, and IMAX with Laser. Each of these experiences has a different pricing model, allowing customers to choose based on their preferences and budget.
IMAX Promotion Strategy
IMAX has been a recipient of several recognitions and trophies. It was selected for awards like Greater Toronto’s and Canada’s Top 100 Employers. IMAX is concerned with the welfare of its workforce, and marketing management has taken positive steps to keep them happy and satisfied. The company has a well-defined pension plan and end-year employee bonus program.
Its head office has a personal theatre that employees, family, and friends can use. It offers several health benefits, a 500-dollar wellness allowance, and a 1000-dollar additional amount for paramedical services to its employees. IMAX believes in brand awareness by participating in several events like sports, holiday parties, and movie screenings. The company has a severe marketing strategy with a descriptive tagline: IMAX Is Believing.
Some Recent Video ads and Print ads for IMAX are:
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