IMAX是强烈买入吗？与Rich Gelfond对谈

所以就算我们不再卖一张票，我们也有3.40美元，而且会一直放映到九月。

So if we never sell another ticket, we're at $3.40, and we've got it playing until September.

而且你知道，电影院那边，BFI一直到九月中旬都买不到票。

And, you know, film theaters, you can't get a ticket at the BFI until mid September.

所以，我错了。

So the I was wrong.

我可能当初估计得太低了。

I was probably way too low.

你有没有想过这个成功，

Do you do you think about the success of the

就像Sphere那样，作为一个参照？

Sphere as sort of a a guidepost?

比如，我们知道相对于他们那种只有一个地点的业务，我们被低估了。

Like, this is something that we know we're undervalued relative to a business like they have one location.

你们是全球性的。

You guys are global.

他们还在谈开第二家店呢。

They're talking about a second location.

建一个那样的场馆要花他们十亿美元，或者可能二十亿。

It costs them a billion dollars to build one of those, or maybe 2,000,000,000.

或者三十亿，也许三十亿。

Or maybe three, if we're maybe three.

你们品牌名气更大。

You guys have bigger brand name.

我觉得你们有潜力做更多的改造项目。

I would argue you guys have the potential to do more conversions.

而Sphere做不到。

The Sphere can't do any.

所以你们可以进入现有的影院，然后说，我们要进行改造。

So you could go into existing theaters, and you could say, we're gonna retrofit.

2005年我当股票经纪人的时候，就向散户客户推荐过你们的股票。

I was pitching your stock to retail clients as a stockbroker in 2005.

我还留着我的讲稿。

I still have my script.

我21年前推销的所有东西后来都成真了，但股价其实没怎么涨。

Everything I was pitching twenty one years ago turned out to be true, but the share price really hasn't done all that much.

那你觉得，为什么我们没有像Sphere那样得到认可？它我觉得成了2026年最热门的股票之一。

So how do you think about, like, why aren't we getting the recognition of a sphere, which became, I think, one of the hottest stocks of 2026?

可以说，知道IMAX的人比知道那个的还多。

Arguably, more people are aware of IMAX than they are of that.

嗯，我们和NRG做过品牌研究，我们的品牌和迪士尼、耐克一个级别。所以这不是我们自己说“嘿，我觉得是这样”，而且我同意你的看法，我们在这个品牌价值的相对变现上得到的认可很少。

Well, we've done brand studies with NRG, and our brand is on a level of Disney and Nike and So people like it's not just us saying, hey, I think it's a And I agree with you that we get very little recognition of what that brand value is in relative monetization.

但这就是为什么我们在做像周边商品这样的事。

But that's why we're doing things like merchandising.

不知道你有没有看到，我们正在中国和一个公司合作做AV系统，会装在汽车里，主要是无人驾驶汽车。

I don't know if you saw we're doing an AV system in China with a company that's going to put it in autos, mostly driverless autos.

所以我们动作慢了，但我们现在正努力在现有基础上变现。

So we were slow to it, but we are trying to monetize that where we are now.

关于那个球形建筑，我去过。

In terms of the sphere, I've been there.

我觉得特别棒。

I think it's fantastic.

太精彩了。

Amazing.

真是令人惊叹。

Amazing.

这项技术确实很棒。

It's great technology.

不过，我听说成本接近30亿美元，真不知道在这个价位上怎么赚钱。

Again, though, I've heard it costs close to $3,000,000,000 I don't know how you make money at that price.

他们现在正在授权一些出去。

They're licensing some out now.

这大概比每款都投入巨额资金要更合理的商业模式。

That's probably a little bit better business model than putting all that money into each one.

但是，你知道，就我个人而言，我不会持有那只股票。

But, you know, personally, I wouldn't own that stock.

我没有买SpaceX的股票。

I didn't buy SpaceX.

我不会凭空猜测，说这值两万亿美元，这不是我的投资方式。

I don't put my finger in the air and say, hey, this is worth $2,000,000,000,000, not the way I invest.

我喜欢看盈利和现金流。

I like looking at earnings and cash flow.

而且我觉得，你知道，我们现在开始回归现实了，自从24年你买入以来，我们的股票已经大幅上涨。

And and I think, you know, we're starting to return to the world of reality now where our stock has gone up tremendously in the last since '24 when you bought it.

不止是

It's more than

你有一只热门股票。

You have a hot you have a hot stock.

确实如此。

That is true.

迈克尔很早就发现了这个机会。

And Michael was very early to it.

听了他的话的人都赚了不少钱。

People that listened to him made a lot of money.

那建造更多70毫米电影体验的限制因素是什么？我听说你把它比作电影界的劳斯莱斯。

What are the what are the constraints around building more of the 70 millimeter experiences, which obviously is I've heard you refer to as a Rolls Royce of movie going.

我完全同意。

I totally agree.

我在劳德代尔堡看了一场又一场的战争片。

I went to see one battle after another in Fort Lauderdale.

你们的位置，就像在一个废弃的科学博物馆里。

You guys are located in, like, an abandoned science museum.

我当时就在想，这应该是佛罗里达最抢手的票。

Like, I was saying to myself, this should be the hottest ticket in Florida.

人们应该排着队，从门口一直排到外面。

People should be lined up out the door.

我当时能买到当天的70毫米电影票。

I was able to buy same day ticket for 70 millimeter.

同样的体验在纽约一放出来就卖光了。

That same experience in New York sold out the second you put them up.

我觉得人们甚至不知道那个地方在哪里。

I don't think people even know that that exists where it's located.

嗯，他们知道。

Well, they do.

我们在那里的票房成绩很不错。

We do pretty good numbers coming out of there.

我觉得那地方不是废弃的。

I don't think it was abandoned.

也许那天关门了，但我同意你的看法。

Maybe it was closed that day, but I will agree with you.

它不是最

It's not the

最热门的，感觉被遗弃了。

hottest Felt abandoned.

感觉被遗弃了。

Felt abandoned.

我刚刚在想，你能想象在劳德代尔堡市中心有一家全新的70毫米IMAX影院吗？

I was just saying to myself, can you imagine a brand new 70 millimeter IMAX in Downtown Fort Lauderdale?

想都别想。

Forget it.

那肯定会火爆。

It would be lights out.

洛杉矶市中心就有一家。

One in Downtown LA.

它叫LA Live，今年1月1日我们把它改造成了IMAX。

It's called LA Live, and we converted it on January first this year.

头六个月就赚了80万美元，头几周就超过了这个数。

And the first six months, it did $800,000 The first few weeks, it did more than that.

我们在那里装了一台电影放映机，之后很长一段时间票都卖光了。

We put a film projector in there and it sold out for a long time going forward.

问题纯粹是经济上的，多装几台放映机不划算。

The issue is purely economics with more film projectors.

所以一部电影拷贝只能在一家影院放。

So one print at one theater.

想想曼哈顿68街那家影院放映的拷贝，成本要5万美元。

So think of the one that shows at 68th Street here in Manhattan cost $50,000.

光拷贝本身？

The print itself?

光拷贝就要5万美元。

The print itself cost $50,000.

放映机也一样贵吗？

Is equally expensive?

放映机

The projector

比那个还贵。

is more expensive than that.

好的。

Okay.

而且这些设备是五十年前造的，现在基本找不到了，但我们一直在到处搜罗，想办法找到更多。

And they were built fifty years ago, and they don't really exist, but we're always scavenging and finding more.

我觉得我们有机会做到这一点。

And I think there's a chance we can do that.

但只能放在人流量特别大的地方，这样才能摊薄胶片拷贝的成本，并且赚回投资。

But you it can only be in really high traffic locations where you can amortize that cost of the print and make a return on it.

所以我知道大家都说想看，但你知道，这个模式就是没法支撑大规模放映。

So I know everybody says they want it, but, you know, it it it the model just doesn't work where you could have a lot

那你们现在在美国有多少家70毫米影院？

of How many of the 70 millimeter theaters do you have in The United States right now?

我想大概有25家吧？

I think we have 25?

是的。

Yeah.

差不多吧。

Something like that.

好的。

Okay.

全球有41家。

And we have 41 globally.

但要知道，拍《奥本海默》的时候，这个数字明显增加了。

But keep in mind, that's up markedly when we did Oppenheimer.

当时我们只有30家影院。

We only had 30 theaters.

现在增加到41家了。

We're up to 41.

我们有个聪明的新想法，虽然还没验证过，但可能能再增加10家。

And we have a clever new idea, which we haven't proved out yet, where we might be able to get 10 new ones.

好的。

Okay.

你能分享一下吗？还是不行？

Could you share or no?

不行。

No.

好吧。

All right.

那我问你一个问题。

Well, let me ask you this.

我们为什么在票房上这么孤单？

What are what are we doing this alone in the box office?

因为票房波动很大。

Because it's lumpy.

对吧？

Right?

那季后赛期间，我们能不能搞尼克斯观赛派对之类的活动？

It's so can we do Knicks watch parties, for example, during the playoffs?

比如说，当票房不景气的时候，还有没有其他办法能吸引观众进场？

Like, are there other things that you can do to get asses in the seats when the box All office is fired?

关于这个嘛。

Of that.

去年我们做了120个内容项目，不只是电影。

So last year, we had 120 pieces of content, which included not only movies.

你们还没聊到这个，但我一开始就提过。

You guys haven't talked about it, but I mentioned at the beginning.

外国电影，国际电影。

Foreign movies, international movies.

动漫对我们来说是大生意，不只在日本。

So big business for us in anime and not just in Japan.

我们在中国也做。

We do it in China.

看看那个。

Look at that.

我们准备好了。

We're ready.

那是从

That's that's from

你的幻灯片。

your slide.

这些是

These are

你们一直在引进的大片外国电影。

big foreign films that you guys been

从2019年到2025年，年复合增长率是4%。

4% CAGR since from 2019 to 2025.

所以，你知道，这对我们来说是一笔大生意，而且不仅仅是日本国内的动漫，而是全球范围内的动漫业务。

So, you know, that's a big business for us, and it's a big business I'm not just showing like anime in Japan, but showing it worldwide.

今年有一部来自印度的大片要上映，叫《洛克曼》。

This year, there's a big film coming out of India, India called Rockman.

我觉得明年还会出第二部。

And I think there's a Rockman two coming next year.

我们会在全球范围内发行。

And we're gonna open that on a global basis.

所以这些超级大片的效应会延续下去。

So some of these really big ones bleed over.

顺便说一句，现在没有院线在放映这些电影。

And by the way, there's no theater chains playing them.

这完全是个全新的模式。

It's out of the box.

然后我们还有限度地做过NBA总决赛的转播，大家喜欢这个吗？

And then we've done the NBA finals on a limited basis in People go for that?

在中国。

China.

是的。

Yeah.

他们确实很买账。

They do go for it.

我们办过很多场音乐会。

We've had a lot of concerts.

我们还做过一场大卫·伯恩的现场演出，是从多伦多电影节那边过来的。

We did a live stop making sense concert with David Byrne from the Toronto Film Festival.

反响确实很好。

That did really well.

我们经常举办经典电影重映活动。

We've had events that we bring back movies all the time.

我们重映过《星际穿越》，我记得票房超过了五百万美元。

We brought back Interstellar, and I think it did over $5,000,000.

你们还会做更多类似的活动吗？

Do you guys do more than that?

这是制片厂的决定吗？

Is that is that the studio's decision?

比如说，你们重映《低俗小说》之类的，我会去看的。

Like, you rerelease Pulp Fiction or whatever, like, I would go.

真正的问题在于营销成本。

The the issue is really marketing costs.

所以当一部电影上映时，显然，它会在公交车站做广告。

So when a movie comes out, obviously, it's on bus stations.

对。

Yeah.

还有飞机飞过之类的。

And there's planes flying over and all that.

所以如果你只在一个周末做限量发行，营销费用会非常昂贵。

So if you have a limited release for one weekend, it's very expensive to market it.

所以你真的得选那些标志性的影片。

So you really have to do iconic titles.

我们在欧洲和NHL做过测试，播放了很多冰球比赛。

We've done tests with the NHL in Europe where we played a lot of hockey games.

我记得有些比赛是在这里播放的，有些是在那边播放的。

I think some there we showed here, some here we showed there.

我们做了一个HBO系列，播放了去年和今年的一些剧集，效果还不错。

We did an HBO series where we did some episodes from last year and then this year, and that did pretty well.

我们正在尝试这种做法。

We're experimenting with it.

我们还有一些非常引人注目的秘密项目，如果你们知道了，肯定会惊叹。

And we have a couple of really noteworthy projects in the skunk works where if you knew about them, you'd say, wow.

那可是个大新闻。

That's a big deal.

你们和流媒体平台合作了什么？

What are you doing with streamers?

上次通话你们提到，你们正在和流媒体平台合作，把发布活动搞得更有仪式感。

With you you guys mentioned in the last call that you're doing something with, like, the the to eventize the launches.

所以我提到了F1，我们在那上面赚了一个亿。

So I mentioned f one where we did a 100,000,000 in that.

那是苹果的。

That was an Apple

那是苹果发布的。

That was an Apple release.

那是个大事件，是苹果有史以来最大的一次发布。

It was big and it was the biggest Apple release ever.

他们赚了六个亿。

They did 600,000,000.

所以他们意识到有IMAX是个大事。

So they recognized having an IMAX was a big thing.

我们和亚马逊合作很多。

We do a lot with Amazon.

我们，你知道，我们发行他们的很多电影。

We, you know, we release a lot of their films.

今年我们做了《万福玛丽亚》，在IMAX上又拿了一个亿。

We did Hail Mary this year, which again did a 100,000,000 in IMAX.

非常成功。

Really big success.

电影很棒。

Great movie.

和Netflix合作，我们正在做《好莱坞往事》的续集。

With Netflix, we're doing the sort of sequel to Once Upon a Time in Hollywood.

由大卫·芬奇执导，塔伦蒂诺编剧，克里夫·布斯主演，布拉德·皮特也出演。

It's directed by David Fincher, written by Tarantino, Cliff Booth, and Brad Pitt stars

那肯定会出IMAX版。

That's gonna get an IMAX.

那肯定会出IMAX版。

That's gonna get an IMAX release.

在今年感恩节到圣诞节之间上映。

Between Thanksgiving and Christmas this year.

我记得布拉德·皮特，你知道，这是他拍过的最大的电影，他喜欢IMAX，因为是我们帮忙做出来的。

I remember Brad Pitt, you know, was the biggest movie he ever did, and he loves IMAX because we help make that.

所以他会宣传这部电影。

So he's gonna promote that.

而且它只在IMAX上映。

And it's exclusively in IMAX.

之后会在Netflix上流媒体播放。

And then it's running afterwards Netflix streaming.

对。

Yeah.

对。

Yeah.

你最好是这样。

You better be.

我们会去的。

We'll be there.

我们一定会去的。

We'll be there.

这正好在最佳时机上映。

It's in the sweet spot.

我们会去首映礼的。

We'll go to the premiere.

我不知道你们是不是有兴趣邀请我们。

I don't know if I don't know if if you're interested in having us.

我能问你一下我的股票现在怎么样，你持有多少吗？

Can I ask can I ask you about where my stock is and how much you own?

合理。

Fair.

我能问你一些关于诺兰的事吗？

Can I ask can I ask you about some Nolan stuff?

当然可以。

Sure.

好的。

Okay.

我在IMAX看了，但没看到70毫米的，因为那些一年前就卖光了。

So I saw it in IMAX, but I didn't get to the 70 millimeter because those were sold out a year ago.

所以我在你们改造过的影院看的，是数字影院。

So I saw it in, like, one of the retrofitted theaters that you guys have A digital theater.

对，是的。

Dig yes.

太震撼了。

I it was amazing.

那是一次难以置信的体验，我觉得每个人从影院出来都有同感。

It was the unbelievable experience, and I think everyone I think that's a universal sentiment that you're hearing from people coming out of it.

你们和克里斯·诺兰合作，发明了特殊摄像机，让他能用IMAX拍摄整部电影。

You guys worked with Chris Nolan to invent special cameras to allow him to film the entire movie with IMAX.

你们做了一些技术上的改进，其中一个限制就是以前噪音很大。

You did some technological stuff where one of the constraints was that it used to be really noisy.

你们发明了一种叫“飞艇”的东西，这样演员们就能看着对方，表达情感，而不用在中间有咔嗒咔嗒或嗡嗡响的设备。

You created something called the blimp so that the actors could look at each other and emote and not have something clicking and whirring in between them.

所以你们为了拍这部电影真是费尽心思。

So you went to great lengths to make this movie.

在那个阶段，你们参与得那么深，几乎就像电影的联合制片人了。

You're almost like a co producer of the movie at that stage when you're getting that in that deep.

从《奥德赛》的经历中，你们还学到了什么？无论是实际拍摄的技术方面，还是发行方面。

What else did you learn from that experience with The Odyssey, both the technological side of actually filming it and then the release?

你们从那次经历中得到了什么，对IMAX的未来会有意义？

What do you take away from that experience that's gonna be meaningful for IMAX in the future?

嗯，首先，当克里斯·诺兰让你做某件事时，你就去做。

Well, the first thing is when Chris Nolan asks you to do something You just do it.

你就去做。

You just do it.

而摄像机和飞艇只是其中的一部分。

And the camera and the blimp were just part of it.

他列了一个15项需求的清单，比如在全球各地放置零件库。

He had a list of 15 things he wanted, like a parts dump all over the world.

这样如果放映机坏了，附近就有零件可用。

So if the projector broke, there were parts nearby.

他还要求我们培训放映员。

He wanted us to train projectionists.

他有很多事情要做，我们都完成了，结果证明这是非常明智的。

He had a lot of things to do, and we did all of them and that proved to be a really good thing.

我们还从他那里学到，导演的积极参与至关重要。

We also learned from him that it has a lot to do with the director leaning in.

所以我们和瑞恩·库格勒合作了《罪人》，他在积极参与方面做得非常出色。

So we did Sinners with Ryan Coogler, and he did an incredible job leaning in.

如果你还记得，他发明了那个小小的宽高比手册，并把它分发到了各地。

If you remember, he invented this little aspect ratio book, which he sent all over the place.

而且，你知道，丹尼斯正在非常积极地投入到《沙丘3》中。

And, you know, Denis is leaning very much into, Dune three.

所以这不只是技术的问题。

So it's not just the technology.

你需要导演说，这就是我拍出来的样子，这就是它的呈现方式。

You need the filmmaker to say, this is the way I made it, And this is what the way

而且他们在电影的前期制作阶段就已经在考虑IMAX了。

And they're thinking about IMAX as they're, like, in preproduction for the film.

这不是那种“哦，对，我们顺便也做个IMAX版本”的想法。

It's not a, oh, yeah.

我们也会做IMAX。

We'll also do IMAX.

对。

Yeah.

而是把它作为镜头设计的核心。

As central to the shots

以及他们考虑画面效果的时候。

and as they think about how it looks.

你提了一个很好的点，很多人不知道，就是克里斯之所以用飞艇，部分原因是为了从演员那里得到更多表现。

And you made a very good point, which a lot of people don't know, is that, you know, part of Chris's motivation for the blimp was getting more out of the actors.

因为，你想啊，想想《奥德赛》里马特·达蒙经历海妖唱歌那段。

Because, you know, think about The Odyssey when Matt Damon went through the the singing of the sirens.

他被绑在船中间，四周都是水。

You know, he was in the middle of a boat in the middle of the water strapped to it.

他最后需要的就是一台在他脸上尖叫的摄像机。

I mean, the last thing he needed was a camera that was screeching in his face.

那可能真的会要了他的命。

That actually might have killed him.

我不想剧透，但他活下来了。

I don't wanna give away a spoiler, but he survived it.

比海妖还糟糕。

Worse than the sirens.

对。

Right.

所以我们现在做的事情，就是真正把这种经济上的优势展现给制片厂和电影制作人。

And so what we're doing now is we're really leaning in to the economics of it to studios and filmmakers.

然后我们说，你看，预售的尾巴有多长，所有东西提前多久就卖光了。

And we're saying, you know, look how how long the presales, the tail was, look how long in advance everything sold out.

看看这持久力。

Look at the legs.

所以，咱们来聊聊这个。

So, you you know, let's talk about that for a second.

所以今天这部电影大概会有三亿的票房，加上还有四千万的积压，会一直上映到九月。

So today will be around 300,000,000 in the movie and with the 40 in backlog, and it's gonna be around till September.

所以，昨天有人打电话给我说，哇，这部电影票房可能到三亿五。

So, you know, someone called me yesterday and said, wow, this movie could do three fifty.

我说，你不如拿个计算器把数字加起来算算。

I said, you know, why don't you get a calculator and add up the numbers?

你知道，那只是最低的估计。

You know, that's sort of the bottom of the range.

对。

Yeah.

你对好莱坞派拉蒙和华纳的情况有什么看法吗？

Do you have any thoughts on what's happening in Hollywood with Paramount and Warner?

亚当·艾伦刚刚表示支持。

Adam Aaron just came out in favor of it.

我想喜满客的CEO也表态了。

I think so did the CEO of Cinemark.

这对电影行业会有好处吗？

Is that gonna be good for the movie industry?

我们怎么看？

What do we think?

你知道，电影行业的未来非常不确定，但预测者的数量却是确定的。

You know, the future is so uncertain in the movie industry, but the number of prognosticators is not uncertain.

每周都有越来越多的人来预测。

There are more and more every week.

还记得疫情期间那些预测家们，受Netflix影响，说没人会再回电影院了。

So remember during COVID when the prognosticators kind of fueled by Netflix said no one's ever going back to the theaters.

你知道，大家都坐在客厅里，被沙发绑着，孩子尖叫，吃剩饭。

You know, that everybody's going to sit in their living room chained to the couch with their kids screaming and eating leftovers.

那些预测家们，如果我能说一句，他们几乎总是对电影业的未来判断错误。

You know, the prognosticators, if I could say one thing about them, they've almost always been wrong about the future of the movie business.

就像电视出现时，广播说那是电影业的末日。

Like when television came out at radio, that was the end of the movie business.

你可以找到所有那些说这话的研究和人们。

And you could find all the research and the people who said that.

你知道，我觉得它会演变，你只是不知道它会走向何方。

You know, I think it evolves and you just don't know where it goes.

所以你说得对。

So you're right.

华纳兄弟的损失，一方面显然是创意人才和电影的损失，另一方面，所有流媒体平台的引入带来了更多内容。

The loss of Warner Brothers is an obvious, you know, loss on the one hand of some of the creative talent and movies on the other hand, the introduction of, of all the streamers in as a source of a lot more content.

就像我刚才跟你说的，F1和《向天》都是流媒体平台出的。

And as I just told you with f one and with hail Mary, they're both from streamers.

它们一直是我们最好的内容之一。

They've been among the best content we've had.

还有大卫·埃利斯，他今早承诺每年拍30部电影。

And David Ellis and his promised 30 movies a year this morning.

他上来就说

And he came up and

45天的窗口期。

he said forty five day windows.

所以他总是更有竞争力。

So he always more competitive.

我记得，环球影业当时有17天的SVOD窗口期。

I remember when remember, Universal had its seventeen day SVOD window.

有太多变数在变化，我无法预测说这是好是坏，是开始还是结束。

There are too many pieces that evolve where I can predict and say, is good or bad, the beginning or the end.

我觉得这几乎是自然而然的。

I think it's almost organic.

而且我觉得这既取决于合并本身，也取决于人们怎么反应。

And I think it'll depend as much on the merger as the way people respond to it.

所以我看到的一个可能的解决方案是，他们可能会卖掉其中一块地。

So one of the settlements I read might happen is they might sell one of the lots off.

那么，谁会买那块地呢？

So, you know, who's the buyer of the lot?

接下来会发生什么？

What happens there?

你知道，我觉得说它不好太简单了。

You know, I think it's too easy to say, you know, it's bad.

我觉得我们走着瞧吧。

I think we'll see.

电影行业，正如你指出的，非常难以预测。

The movie business, as you put pointed, is incredibly hard to predict.

这就像股市一样。

It's like the stock market.

我是说，威廉·戈德曼在八十年代写了《银幕贸易的冒险》，谈到没人知道什么会成功或失败。

I mean, William Goldman wrote The Inventures of Screen Trade in I think the eighties talking about how nobody knew what was going to succeed or not.

事实上，在2024年我第一次推销IMAX时制作的视频里，我说独立电影已经死了，当时确实如此。

Matter of fact, in the video that I made when I pitched IMAX for the first time in 2024, I said that indie movies are dead, and they were.

我还说你们处于独特的位置，因为电影是一种事件，当有事件发生时，人们会去IMAX。

And I said that you guys are in a unique position because movies are an event, and when there's an event, people go to IMAX.

当然，到了2026年，独立电影又回来了。

Of course, in 2026, indie movies are very back.

对吧？

Right?

比如，《Backrooms》很火，还有《Obsession》这种怪兽电影。

Like, there's Backrooms was huge and Obsession monster movie.

作为影迷，过去十年我们失去的一样东西让我非常难过，那就是喜剧片。

One of the things that we as moviegoers lost over the last decade, which makes me very sad as a as a fan, are comedies.

我觉得喜剧片死掉有两个原因。

I think comedies died for two reasons.

我和Josh聊过这个。

Josh and I were talking about this.

一个是取消文化，另一个是这些电影明星的片酬越来越高。

One was cancel culture, and two was these movie stars were getting, like, appetites crew.

成本太高，经济账算不过来，而且人们也不去电影院了。

It was just getting too expensive and the economics were upside down, and people weren't going to the movies.

这也是一个原因。

There was that too.

我一个月前看了《The Invite》。

I saw The Invite a month ago.

你看了那部电影吗？

Did you see that movie?

我还没看。

I haven't.

太棒了。

Amazing.

我知道这部电影，但还没看过。

I know about it, but I haven't

看过。

seen it.

太棒了。

Amazing.

我完全不了解它，但这是十年来我在电影院里笑得最开心的一次。

I knew nothing about it, and it's the hardest I've laughed in a theater in ten years.

而且当时观众爆满。

And it was a packed audience.

没有什么比和一群人一起在电影院里开怀大笑更棒的了。

And there's nothing like being in a theater with other people having that belly laughter.

你在家里沙发上可体会不到这种感觉。

You don't don't get on your couch.

所以因为电影回来了，你会看到这个，比如，我们会有喜剧吗？

So because movies are back and you would you would see this, like, we get comedies?

喜剧能卷土重来，还是永远死了？

Can comedies make a comeback, or are they just dead forever?

不过不是那部喜剧。

Not that particular comedy, though.

他们从不离开公寓。

They never leave the apartment.

我不知道是不是IMAX。

I don't know if it's an IMAX.

一个镜头。

One shot.

可能不是IMAX。

It's probably not an IMAX.

喜剧这种类型能回来吗？

Can comedies as a genre come back?

你提到你拍了一部电影，这让我想起了一件事。

So you reminded me of something when you said you made a movie.

我们的粉丝在《奥德赛》上映后，去了电影院，他们做了一个小木马放在一辆马车上。

So some of our fans after Odyssey came out, went to a theater, and they built a little Trojan horse on a wagon.

其中两个人藏在这个马车上的箱子里，另一个人进去买了一张票，然后把另外两个人偷偷带进去。

And two of them hid in this box in the wagon, and one went in and bought a ticket and snuck the other two in.

然后他们走的时候，门开着，那两个人就掉出来了。

And then while they were going, the door is open and they fell out, the two guys.

但所以答案是，创造力非常强大。

But the so the answer is the amount of creativity is so strong.

你知道，我从来不说永远不可能。

You know, I never say not never about anything.

我觉得，当然，喜剧可以回归并取得成功。

I I think, sure, comedies could come back and succeed.

而且，你刚才就举了一个例子。

And, you know, you named one of the examples of that.

还有那个，格伦·鲍威尔演的那部浪漫喜剧叫什么来着？

And even what's the one with Glenn Powell, the rom com he did?

哦，西德尼·斯威尼？

Oh, Sidney Sweeney?

有像你这样的吗？

Anyone like you?

亲爱的。

Sweetie.

不。

No.

对。

Yeah.

确实有一些。

There are some.

是的。

Yeah.

是西德尼·斯威尼。

It was Sidney Sweeney.

对。

Right.

那部片子又回来了。

That one that one came back.

所以我觉得，是的，会有喜剧片。

So I think, yeah, there'll be comedies.

我不确定会有多少部在IMAX上映，因为，再说一次，你得有大票房才行。

I'm I'm not sure how many will be in IMAX because, again, you've gotta do big box office.

而且，你知道，IMAX可能会让喜剧更好笑。

And, you know, I it you know, IMAX might make a comedy funnier.

我们知道它会让大片更震撼。

We know that it'll make a big movie.

他们以前就搞过那种很酷的办公室。

They used to do the badass office.

动作喜剧。

Action comedies.

你们可以拍动作喜剧。我觉得那些预测专家有一点说对了，我同意你的看法。

You you guys can have an I think one thing that the prognosticators were right about, I agree with you.

他们总说这又是某种东西的终结。

They're always saying this is the end of whatever.

人们不再去电影院了，但我觉得这其实对你们有利。

People don't go to the movies anymore, and I think this plays into your favor, actually.

他们还是会去看电影的。

They go to a movie.

我记得八十年代在长岛长大，如果下雨，我们会说，去看电影吧。

So I remember growing up in the eighties on Long Island, and if it was raining, we would say, let's go to the movies.

然后你就去，不管放什么，随便挑一部。

And you would go, and whatever was playing, you'd pick something.

我觉得现在的人不会这么想了。

I don't think people think that way now.

我觉得他们现在的想法是，我得去看那部电影。

I think the way they think is, I need to see that movie.

那是个大事，就像迈克尔说的，我想在IMAX看。

That is an event to Michael's point, and I wanna see it in IMAX.

所以我觉得消费者的口味变了，他们把看电影当成一种大事。

So I actually think the consumer tastes have changed, and they think about movies as an event.

还有什么比IMAX更好的体验方式呢？

And what a what better way to experience that than IMAX?

嗯，你正好说到我们的公司战略了。我们几年前制定过一个使命宣言。

Well, I mean, you're leading right into our corporate strategy is we did, a mission statement years ago.

我们当时说，与其让人说“咱们去看那部电影吧”，不如让人早上醒来就说“咱们去IMAX吧”。

And we said rather than people saying, you know, let's go see that movie.

我们觉得人们应该醒来就说“咱们去IMAX吧”。

We thought people would should wake up and say, let's go to the IMAX.

而且我认识一些影迷，他们觉得不管放什么，就冲那个放映效果，都值得一看。

And I know some fans who just think whatever you're showing because of the way that it's displayed, it's gonna be a worthwhile event.

我继子就是那种人，每个周末他都会去看IMAX电影，不管是什么片子。

My stepson is one of those every weekend, he's going to an IMAX, movie somehow.

这就是我的梦想，他们醒来就说，咱们去IMAX吧。

And that's that's kinda my dream when they wake up, say, let's go to the IMAX.

我觉得这次《奥德赛》上映，确实就是这样。

And I think this time with Odyssey, it's definitely playing out that way.

那当然。

Well, definitely.

所以我觉得现在电影要成功，需要三个要素。

So I think right now for for movies to make it, there's three ingredients.

第一是IMAX。

One is IMAX.

我的意思是，你们是首选。

I mean, you guys are at the top of the list.

比如，当你们出现在电影海报上时，你们的名字排在导演和演员前面。

Like, when you're on a movie poster, you're above the director and the the actors.

所以你是三条腿的凳子的一条腿，另一条是电影明星，也许最重要的是导演。

So you're one leg of the stool, the other is the movie star, and maybe most importantly is the director.

我觉得像诺兰和丹尼斯这样的导演，他们就是新的电影明星。

I feel like with Nolan and Denis, like, directors are the new movie stars.

人们会为了看保罗·托马斯·安德森而到场。

People show up to see Paul Thomas Anderson.

对。

Yeah.

莱昂纳多出演这部电影很棒，但人们去是为了导演。

It's great that The Caprio's in the movie, but they're there

为了导演。

for the director.

我觉得你说得对了一半。

I think you're partly right.

我的意思是，对于克里斯和丹尼斯来说肯定如此，PTA也是，但他的粉丝基础比较小。

I mean, definitely with Chris and with Denis and PTA also, but he has a smaller base.

你知道，为导演而来的观众屈指可数，而且他们

You know, you could count on one hand, that, you know, showing up for the director and how well they

表现如何。

do.

斯皮尔伯格、斯科塞斯。

Spielberg, Scorsese.

对。

Yeah.

他是同性恋。

He's a lesbian.

还有斯科塞斯。

And Scorsese.

但是，是的，那些电影，你知道，票房上限比较低。对。

But, yeah, those movies, you know, kind of cap out at a lower Yeah.

数字。

Number.

所以我觉得他们会给你一些东西，但你需要一部真正的好电影。

So I think they they'll get you something, but I think you need a really good movie.

你还需要明星。

You need the star also.

还有IP？

And IP?

对。

Yeah.

还有

And

IP，所以展望2027年，我觉得《塞尔达》会是一部大热门。

IP So is looking to 2027, like, think Zelda is gonna be a monster.

是的。

Yeah.

我们，我见过那个导演，我忘了他的名字。

We I met the I forget the director's name.

他非常酷。

He's very cool.

他是个很棒的人。

He's a great guy.

这就是一个例子。

That's an example.

大约一年前，他突然给我打电话。

The guy called me out of the blue like about a year ago.

他说，必须用IMAX格式。

And he said, It has to be an IMAX.

然后我……

And I

那是《塞尔达传说》，是任天堂的IP。

It's The Legend of Zelda, which is the Nintendo IP.

没错。

Exactly.

对。

Yeah.

我记得我参与了最后一部《猩球崛起》电影。

Like I did the the last Planet of the Apes movie, I believe.

对。

Yeah.

这是个很好的例子。

It's a it's a great example.

而且你知道，我们现在已经聊过了。

And we you know, we now we've talked.

那是明年的事。

That's next year.

你还有什么？

What else do you have?

我们有新的，我们会让你轻松一点。

We have the new we have the 'll make it easy for you.

《天罗地网》？

Thomas Crown affair?

可惜这不是IMAX的。

This is not an IMAX, unfortunately.

《天罗地网》是IMAX电影。

Thomas Crown is film IMAX.

还有一部新的《星球大战》，我知道你一听《曼达洛人》就翻白眼。

There's a new Star Wars, and I know you're rolling your eyes because of Mandalorian.

那部确实不怎么样。

Sucks.

但这部不一样，片场有瑞恩·高斯林。

But this one, was on set, Ryan Gosling.

它让我想起哈里森·福特那种风格的《星球大战》。

It reminds me of the Harrison Ford kind of Star Wars.

我觉得这会是一部大片。

I think it's gonna be a big movie.

《冰雪奇缘》明年上映。

Frozen is out next year.

《我的世界》也会上映。

Minecraft will And be

然后还有《复仇者联盟》的续集，明年年底圣诞节前后上映。

then there's the sequel to Avengers is out next Christmas at the end of next year.

我觉得《沙丘》会一直上映到明年。

I think Dune's gonna play in to next year.

中国新年的时候。

Chinese New Year.

今年很多电影都没拍成。

This year, a lot of movies weren't made.

明年会有很多电影拍出来。

Next year, a lot of movies were made.

所以我觉得我们会做得很好。

So I think we're gonna do very well.

我很难看清那个东西。

It's hard for me to read that thing.

《木乃伊》，

The Mummy,

《冰雪奇缘》

Frozen

第三部，我很好，《木乃伊》。

three, I'm doing Great the Mummy.

所以，这就是可见性。

So, this is visibility.

你不知道这些里面哪个会最火。

You don't know which of these will be the biggest hits.

哦，《怪物史莱克》

Oh, Shrek

第五部。

five.

《怪物史莱克5》肯定会大卖。

Shrek five is going to be a monster.

对。

Yeah.

你不知道哪些会成为最火的。

You don't know which of these are the biggest hits.

《明日之人》可能会。

Man of Tomorrow would be

但你知道你会有产品。

But you know you're gonna have product

是的。

Yeah.

我们有人做。

We that people do.

而且大多数人都已经报名了。

And most of them already signed up.

我们知道日期。

We know the dates.

已经处理好了。

It's already dealt with.

所以我知道，这就是为什么我之前回答你的问题时说，这不是一个可预测的行业。

So I know That's why I was saying in response to your question before that it's not a predictable business.

我认为它比几乎任何行业都更可预测，因为我们知道影院有积压的订单。

I think it's more predictable than almost any business because we know the theaters are in backlog.

我们正在安装。

We're installing.

我们知道即将上映的电影。

We know the movies that are coming out.

你知道，我们有很好的可见性。

You know, we have great visibility.

我们不知道票房，但你们就像这样。

We don't know the box office, but you guys are like this.

这就像市场一样。

It's like the market.

你会有120部内容。

You'll have a 120 pieces of content.

如果你有足够的多元化，你知道，你会有些成功，有些失败。

If you have enough diversification, you know, you know, you're gonna hit on some and you're gonna miss on some.

但你可以，你知道，去年我们预期是12亿，结果我们达到了，我想，大约13亿。

But you can, you know, last year, we guided to one point 2,000,000,000, and we came in, I think, around 1,300,000,000.

今年我们预期是14亿。

This year, we guided to 1.4.

而且我想目前我们还差大约3亿，还有七个月的时间，可能再多一点。

And I think at the moment, we're about 300,000,000 away with seven months to go, maybe a little bit more.

所以，但你知道，我们有很好的可见性。

So but, you know, we have good visibility.

所以我听说你今年早些时候回应了彭博社记者的问题。

So I heard you respond to a Bloomberg reporter earlier this year.

当时有传言说IMAX要出售或被收购之类的。

There were rumors going around about IMAX being for sale or being acquired or whatever the case may be.

你说过，如果有消息要公布，我会说的。

And you said, if there's something to say, I'll say it.

对吧？

You know?

但现在没什么可说的。

But right now, there's nothing to say.

我真不敢相信你们还没被收购。

I can't believe that you haven't been bought out yet.

考虑到IMAX存在了这么久，品牌这么大，迈克尔提到的那个观点，品牌价值和市值之间的差距，可能是整个股市里最悬殊的情况之一。

Given how long IMAX has been around, how big the brand is, the point that Michael made, the brand versus the market cap might be one of the most lopsided situations like that in the whole stock market.

我知道你不会告诉我们公司要卖，但你肯定收到过报价吧，我不知道，每周还是每月，还是说不是这样？

I know you're not gonna tell us, yes, we're selling the company, but like, you must get offers, I don't know, every week, every month, or or is it not

不是这样吗？

that way?

长期以来一直有人来试探性的接触。

There have been people kicking the tires over a very long period of time.

而且，你知道，如果有人给出合适的价格，就像我告诉彭博社的那样，你会是巡演的第二站，如果你愿意的话。

And, you know, if someone puts the right number out there, like I told Bloomberg, you'll be the second stop on the tour if you'd like.

好的。

Okay.

但是，你知道，我们就是不谈论，我的意思是，你知道，这家公司发生的最好的事情就是十年前没有卖掉，因为我们说过我们对它寄予厚望，我们经营它就是为了最大化股东价值。

But, you know, we just don't talk about I mean, you know, the best thing that's happened to this company is that it didn't sell ten years ago because we've said we have so much promise in it and we run it to maximize shareholder value.

如果有人以惊人的价格出现，我们会谈的。

And if someone comes along, you know, at a blowaway price, we'll talk.

是的。

Yeah.

但我们并没有主动去寻找任何人。

But we're not actively, you know, seeking out anybody.

好的。

Okay.

你不会主动去问别人，嘿，你愿意出多少钱买这个？

You're not asking people, hey, what would you pay for this?

但如果有人主动来找你，你会听。

But you're listening if people come to you.

我觉得我已经回答了这个问题。

I think I answered the question.

对。

Yeah.

好。

Okay.

那倒也是。

Fair no.

有道理，有道理。

Fair fair enough.

明白了。

Understood.

既然你已经尝到了和诺兰直接合作的滋味，你会考虑自己创作内容吗？

Would you ever get into making your own content now that you've had this taste of working directly with Nolan?

其实我们已经在做了。

Well, we do.

你知道的，我们以前制作鲸鱼海豹相关的纪录片。

I mean, as you know, we make we used to make whale seals and documentaries.

现在，我们和亚马逊合作了一个项目，非常有意思。

Now, we did one with Amazon, which is very interesting.

我们和亚马逊合作了《蓝天使》，我们把它广泛发行，之后又上了流媒体平台。

We did Blue Angels with Amazon and they we opened it fairly wide and then it went on the streaming service later.

之后我们又把它带进了机构市场。

Then we brought it into the institutional market after that.

所以我们就是制作这类电影的。

So we make those kinds of movies.

我觉得，你的问题更多是关于商业电影的。

I think, you know, your question is more about commercial movies.

我想你会很感兴趣的。

I think you'll be very interested.

看看 Cliff Booth 会怎么样会很有趣，因为它只在 IMAX 影院独家上映。

It'll be very interested to see what happens with Cliff Booth because it's being released exclusively in IMAX theatrically.

所以，你知道，就像其他内容一样，我喜欢做事情，看看世界如何反应，然后我们再看。

So, you know, like with alternative content, I like doing things and seeing how the world reacts, and then we'll see.

好的。

Okay.

还有其他事吗？

Any anything else?

我没事了。

I'm good.

Rich，谢谢你。

Rich, thank you.

我们玩得很开心。

It's been so much fun for us.

我们对这个故事很着迷，当然，还有股价，但更重要的是，你们不断推出的精彩内容。

We're fascinated by the story, the the obviously, stock price, but more importantly, the amazing content that you guys continue to put out.

我们觉得这是一家非常有趣的公司，故事也很吸引人，我们真的很感谢有机会向你们提问。

We just think it's such an interesting company, such a fascinating story, and we really appreciate the chance to ask you questions about it.

那么，谢谢。

So Well, thanks.

这是我的荣幸。

It's my pleasure.

现在正是谈论这个的最佳时机。

There's never been a better time to talk about it.

所以，时机正好，各位。

So good timing, guys.

谢谢。

Thank you.

我同意。

I agree.

非常感谢。

Thank you so much.

感谢大家观看。

Thanks to everyone for watching.

感谢收听。

Thanks for listening.

我想可以访问imax.com获取更多信息。

I guess imax.com for more information.

当然。

Sure.

好的。

Alright.

去imax.com了解更多，查看即将上映的影片完整列表等。

Go to imax.com to learn more and see that whole list of upcoming films and more.

所以非常感谢大家。

So thank you guys so much.