SPAIN’S two biggest Imax cinemas are set to close after years of making losses.
The cinemas, in Madrid and Barcelona, are owned by Teatromax, which claims to have never made a profit.
Three high-resolution, giant-screen cinemas remain in Spain, located in Palma de Mallorca, Valencia and Leganes, near Madrid.
“We have held on against all odds until now, but we just can’t keep hoping things will improve,” Juan José Castelló, Teatromax CEO, told El Pais.
The cinemas will certainly be closed by the end of September, although it could happen as early as this week.
Spain is not an exceptional case, as about 150 Imax theatres have closed around the world over the last two years.
“Imax technology has not kept up with the pace of technological change, and has still failed to come up with laser projectors, as we were hoping,” says Castelló.
Imax first arrived in Spain in 1992 in Sevilla, but that cinema closed in 2005.