View shows the Paris 2024 Olympic and Paralympic Games logo, Paris, France, March 19, 2024.
Benoit Tessier | Reuters
Many of the world’s biggest athletes will make their debut on the large screen IMAX theaters this summer.
NBC announced Friday that live coverage of the opening ceremony of the 2024 Paris Olympic Games on July 26 will likely be shown on greater than 150 IMAX screens in the U.S.
The opening ceremony of the Summer Olympic Games will likely be the primary to not happen on the stadium. The organizers will do it as a substitute send Olympians down the Seine on a four-mile flotilla of nearly 100 boats passing iconic sites in Paris.
Ticket prices for the IMAX screenings weren’t immediately available.
“We can’t wait to broadcast our opening ceremony to audiences in IMAX theaters across the country, sharing this historic moment as the world gathers to witness the spectacular start of 16 days of sporting greatness against the backdrop of one of the most beautiful cities in the world.” – Gary Zenkel, president of NBC Olympics, said in a press release.
Live programming occurs upon successful completion Warner Bros. and Legendary Entertainment’s “Dune: Part Two” in IMAX theaters. According to a recent report by Eric Wold, an analyst at B. Riley, IMAX had global box office receipts of $103 million, representing roughly 20% of the film’s total global sales while representing lower than 1% of screens. .
Limited-run specials, resembling coverage of the Summer Olympics, can draw moviegoers to IMAX. Once they get there, trailers and advertisements for other movies or special events may lure them back. IMAX tickets also come at the next price than a conventional movie ticket.
IMAX shares are up almost 6% 12 months thus far and were most recently trading at slightly below $16 per share. However, most analysts consider that the corporate’s shares are undervalued. According to FactSet, Wold’s price goal is $25 per share, barely above the analyst average of $21.60.
Wold said the present price “doesn’t give IMAX any credit” with ticket sales expected to stay flat from 2023 while the remainder of the industry is anticipated to say no. He also said IMAX is “the only company in this universe” that’s projected to generate adjusted earnings in 2025 at 2019’s high levels.
“We think it’s worth the higher price,” he said.
The opening ceremony can even be shown on NBC and Peacock.
Programming Note: IMAX CEO Richard Gelfond will appear on CNBC’s “Power Lunch” on Friday at 2 p.m. ET.
Disclosure: CNBC’s parent company, NBCUniversal, owns NBC Sports and NBC Olympics. NBC Olympics owns the rights to broadcast all summer and winter games through 2032 in the US.
