Spain’s two biggest Imax cinemas, in Madrid and Barcelona, are set to close after years of making losses and racking up large debts.
That will leave just three Imax format cinemas in Spain, in Leganés, Palma de Mallorca and Valencia, although these have smaller screens than the ones in Madrid and Barcelona.
Annual turnover at the two cinemas has been €1.5 million and they have never made a profit and debts now exceed €5.5 million. The financial crisis and increased taxes on entertainment have contributed to falling audience numbers.
A single reel of high-resolution Imax film costs €40,000, far higher than for regular cinemas, even those with 3D.
Around 150 Imax cinemas have closed worldwide during the past year but it still has 640 cinemas in 57 countries and there are plans for new cinemas in the UK, Chile, Brazil and China.