You may have heard that in order to take advantage of the new love for 3-D movies, Imax is considering the idea of creating portable bubbles in which 3-d movies can be shown. These bubbles can be built virtually anywhere, from main squares to rural towns, and can be used for promotional events or just to show movies. I think this is a brilliant idea by Imax. These bubble theatres cost only $1 million to construct, which is still a lot of money, but not compared to building an entire movie theatre. The bubbles can hold almost 500 people at a time, so they are big enough to re-create the feeling of a real movie theatre. Best of all, they can be set up anywhere to show 3-D movies. The projectors are digital and therefore the quality will be great. The bubbles can also be used as a giant billboard, so companies will be able to advertise and sponsor the bubbles as they are constructed. This helps generate revenue to cover the costs of construction.
I think this is a great example of a company using innovation to create a need. With the help of movies like Avatar and Alice in Wonderland, we may never want to watch non-3D movies ever again. The experience of watching these movies is so different from anything we have ever seen before. Imax will now be able to bring that experience to anyone in the world. They have leveraged their ability to innovate while taking advantage of a new market of 3-D movie-goers. At a time where entertainment options are aplenty and have been fairly successful, Imax is looking for ways to grow to new markets and create need for a whole new base of customers.
This is a great lesson for all companies: always look for the next great idea. In this case, there were a few factors that were working in Imax's favour:
- Imax saw that people still wanted to see movies
- they saw the popularity of the new 3-D movies and
- they knew that they had opportunities to break into new markets.
They then used those factors to develop a strategy to help meet their objectives of growing the company while leveraging a new technology where they had a competitive advantage.
We shall see how successful these 3-D movie bubbles become, but if they take off, I hope James Cameron and Tim Burton have negotiated a piece of the pie for themselves.