Imax 70mm screenings of "The Odyssey" spark surge in demand

Moviegoers are traveling hundreds of miles and paying premiums to see Christopher Nolan's "The Odyssey" in the scarce Imax 70-mm format. An adult ticket on opening weekend averaged $27.77, about 81% higher than the typical cinema price, according to data from EntTelligence.

Imax CEO Richard Gelfond told analysts that the format has become "among the hottest tickets in the world" and that fans are flying across countries, even continents, to experience it. He added that each 70-mm screen generates roughly $153,000 in box-office revenue during opening weekend, but only 25 U.S. theaters and 16 abroad are equipped for the format.

The limited supply has led to intense competition for seats. Some venues are selling tickets a year in advance, and early-morning showtimes are filling quickly. Viewers such as Morgan Bernados compared the ticket-buying process to concert ticket sales, noting a strong "FOMO" effect.

The demand has prompted extensions of the run in locations like the Indiana State Museum, where more than half of early attendees traveled at least 50 miles, drawing visitors from over 20 states and even abroad. "Demand's never been higher," said Neale Johantgen, the theater’s manager.

Analysts see the premium format as a growth driver for theaters. Imax beat earnings expectations in its latest quarter, and Wall Street analysts maintain buy ratings with price targets suggesting further upside. "They really create an experience that you can't replicate at home," said Steve Frankel, senior research analyst at Rosenblatt Securities.

Social media conversation about Imax 70-mm roughly doubled in the week after the film’s release, and Google searches for the term are reaching record levels. Industry observers expect the format to attract audiences for upcoming releases such as "Dune: Part Three" later this year.