"‘Odyssey’ Defies the Laws of Gravity”: IMAX Shares Hit an All-Time High

IMAX shares hit a record high after the company, which specializes in large-format cinema, announced that Christopher Nolan’s film *Odyssey* had delivered the highest-grossing month in history for theaters equipped with this technology, according to Forbes.

IMAX shares jumped 6% at the close of trading on August 3, closing at $51—an all-time high. The company’s shares have risen more than 30% since the film “Odyssey” was released in U.S. theaters on July 17. Year-to-date, they are up 36.4% and are on track to post a fourth consecutive year of growth, CNBC noted. On August 4, IMAX shares fell by about 0.3%.

On August 3, the company announced that global box office receipts at IMAX theaters for July totaled $257 million—a record monthly figure in its 50-year history. Of that total, $221 million came from “Odyssey,” which, according to the company, surpassed the $200 million mark faster than any other film in history.

"This film is an outstanding achievement in cinema, and its box office results are no less revolutionary. They continue to defy the laws of gravity in a way that only a few films have managed to do. It’s virtually impossible to predict just how high it will ultimately soar,” said company CEO Rich Gelfond.

"This guy is a genius. How do you thank a genius? By working with him again," Gelfond said on CNBC, referring to director Christopher Nolan. "This is the eighth movie we've made with Chris."

"Odyssey" is the first feature film shot entirely on 70-millimeter IMAX cameras. This format is recognized as the gold standard in the film industry, as the giant frame provides ultra-high resolution and fills the massive screen from top to bottom, explains MarketWatch. However, only 25 movie theaters in the U.S. are capable of showing *Odyssey* in this format, and there are only 41 such theaters worldwide.

The film marked the biggest global opening of Nolan’s career, grossing more than $260 million in its first weekend, according to Forbes. Tickets for screenings sold out several weeks before the premiere. IMAX extended the film’s run through mid-September, and some theaters added showings at 2 a.m. and 6 a.m. to meet the high demand, Forbes reports.

"The Odyssey" has not yet been released in major markets such as China, Japan, and South Korea, Forbes notes. In addition, the company expects to boost box office receipts this coming weekend, when IMAX theaters begin showing “Spider-Man: A New Day” begins in IMAX theaters—screenings that were postponed due to an exclusive screening agreement for “Odyssey,” CNBC notes.

This year, IMAX screens will also feature *Resident Evil*, *Digger* starring Tom Cruise, *Godzilla: Minus Zero*, David Fincher’s *The Adventures of Cliff Booth*, starring Brad Pitt, *Street Fighter*, and the third installment of *Dune*, directed by Denis Villeneuve.

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