Because filmmakers now pitch IMAX directly and an IMAX release is part of the green-light process at most major studios, IMAX has become more integrated into the ecosystem earlier, giving it a bigger runway.

11:24working on a blockbuster film that's not going to come out for 3 years, it's on your radar. You have >> somebody come to us way in advance. I'll use one example which was um last year F1 came out, you know, with Apple and they released it on IMAX and in theaters. And a year or more before it came out, um Jerry Brockheimimer, the producer, and Joe Kazinski, the

11:47director, called me up and they said, "We want to do a theatrical release." And we don't have a distributor yet, but it's important to us that we get an IMAX release slot. We want to shoot in an IMAX. So, could we make a commitment? We IMAX to a certain date. So, um, we went through a lot of what was entailed, had a film at an IMAX, and we agreed on a

12:10date. Then they went to a distributor and they they eventually got Warner Brothers, but we were the first stop. And one of the things that's happened in our evolution is we're getting pitched now direct directly by filmmakers. So filmmakers you and your audience has certainly heard of come by my office or we go see them and they I mean people have won Academy Awards and say we're

12:34thinking of doing this movie two years out you know we would you guys sign on to that and we ask who's the cast and who's the director and this and that and we sign up. So the business like you know we're part of the green light process now and I would say at most of the major studios an IMAX release is part of the green light. So when a

12:55filmmaker goes in there and says I want to make a movie in 27, they say I want to release in an IMAX and we'll sit down with the studio and the filmmaker and figure out what date works and how we could pull together the most marketing around it and you know and the studios will make marketing commitments. So for the next Mission Impossible, Mission 8, we committed to right when mission seven

13:21after it got done playing and Paramount agreed to put up a fair amount of money and they agreed to lean into the marketing and Tom agreed to lean into it in certain ways. So the the kind of short answer to your question is as we become more important in the ecosystem, we become more integrated and earlier on so we have a bigger runway. But the second part of the answer to your

13:47question where you going to get make more money is um we we never really had a merchandising effort and this year we started and we started small. So for um Odyssey we made popcorn buckets. I don't know if you guys have seen them or not. They look like an IMAX camera. And my team was fairly conservative. So, we put 2500 on sale and they sold in 2 hours.

14:12So, I said, "Put more on sale." They said, "We don't have them eBay." They said, "We don't have them." I said, "Put them on sale and deliver it whenever you can get them." So, we sold 2500 more in I think it was like less than an hour. And by the end of this in China, we put like 2500 on sale and I think we sold them in 60 seconds. So,