Source: Fortune.com
Summary
The release of Christopher Nolan’s film “The Odyssey” in 70mm IMAX format has created a surge in demand, driving a secondary ticket market. Tickets are being resold online for prices far exceeding face value, with some listings reaching as high as $2,000. The film’s limited release in only 34 IMAX theaters in the US and Canada has contributed to the scarcity, making tickets a hot commodity. The film’s success has also led to the extension of 70mm screenings into mid-September.
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The numbers tell one story. IMAX CEO Richard Gelfond says the company had to source vintage machinery from worldwide to increase the number of available IMAX theaters. The film’s production budget was $250 million, with an additional $125 million in marketing costs. The movie took 91 days to film, but the editing process was grueling, with 2 million feet of film to be cut and repackaged by hand. The film’s success could jumpstart future 70mm projects, with Gelfond predicting five or more films released on film in 2027.
The situation reframes the idea that scarcity can create a sense of exclusivity and drive demand, even in the age of digital streaming.
Author: Evan Null
