×
You will be redirected back to your article in seconds

Korea’s CJ CGV Seeks 10,000 Screens Worldwide by 2020

CJ CGV, the Korean company that is the world’s fifth largest cinema exhibition firm, says it seeks to operate 10,000 screens in 11 countries by 2020. That implies a tripling of its global footprint.

The company made the announcement at a corporate event on Tuesday in Seoul. It implies huge faith in a sector that is no longer growing or is in retreat in several developed world countries.

“Securing 10,000 screens worldwide would mean that 86% of our revenue will come from overseas,” said CJ CGV CEO Seo Jung. CJ CGV currently operates 3,456 screens in 463 venues (including 1,117 at 151 venues in Korea), putting it behind the four market leaders China’s Wanda, the U.K.’s Cineworld Group; the U.S.’s Cinemark, and Mexico’s Cinepolis. By the end of this year CJ CGV expects to operate 500 multiplexes and derive more than half of its revenue from outside Korea. Overseas ticket sales exceeded Korean numbers for the first time last year.

To reach its target, CJ CGV aims to expand into four new territories, adding to its existing seven. These were built up through a mix of organic growth and acquisitions. It bought Vietnam’s Megastar Media Company in 2011. In 2016 it acquired Turkey’s Mars and expanded its stake in Indonesia’s Blitz, since renamed CGV Blitz. It is also operational in China, Myanmar and the U.S.

It aims to refine its brand and operations in its existing territories. “We aim to expand the concept of the cultureplex, a comprehensive entertainment destination spanning film and other forms of culture and entertainment, across the world,” said CGV CEO Seo Jung.

More Film

  • Singapore Actor Aloysius Pang, 28, Dies

    Singaporean Actor Aloysius Pang, 28, Dies While on Military Service

    Singaporean actor Aloysius Pang died Wednesday of injuries sustained while on military training in New Zealand. He was 28. Pang was best known for his appearance in movies “Young & Fabulous” and “Timeless Love.” He also had a string of credits in Singapore TV series. Pang was involved in an accident last week while repairing [...]

  • Alibaba Lends $100 Million to Huayi

    Alibaba Lends $100 Million to Huayi Bros. in Film Investment Expansion

    Alibaba Pictures Group, the film business arm of Chinese e-commerce giant Alibaba, has struck a strategic cooperation deal with leading film studio Huayi Bros. The deal includes a $103 million (RMB700 million) loan to Huayi. Alibaba Pictures said the agreement was part of its recently announced strategy to be involved in major movies aimed for [...]

  • Netflix Buys Taiwan Black Comedy 'Dear

    Netflix Buys Taiwan Black Comedy 'Dear Ex'

    Netflix has added to its roster of Mandarin-language content with the acquisition of rights to Taiwanese dark comedy “Dear Ex.” The award-winning film will play out from Feb. 1. The story involves a recently bereaved widow and a gay man fighting over a dead man’s inheritance, with the woman’s teenage son caught in the middle. [...]

  • Audrey Wells

    Film News Roundup: Audrey Wells Scholarships Launched by UCLA, China's Pearl Studio

    In today’s film news roundup, Pearl Studio and UCLA start a “Say Yes!” scholarship in memory of Audrey Well; Gina Lollobrigida and Claudia Cardinale are honored; and the “General Magic” documentary gets bought. SCHOLARSHIPS UNVEILED China’s Pearl Studio has made a gift of $100,000 for endowed scholarships to the UCLA School of Theater, Film and [...]

  • Honey Boy Knock Down the House

    Sundance Hot Titles List: 13 Buzzy Films That Have Buyers Talking

    There’s a good reason that much of Hollywood braves the thin mountain air each year to make the trek to the Sundance Film Festival, and it’s not to check out the nearby ski slopes. The annual launch of the indie film gathering brings with it the possibility of discovering the next big thing in moviemaking. [...]

  • (L to R) VIGGO MORTENSEN and

    Will Oscar Nominations Give This Year's Contenders a Box Office Boost?

    With nominees like “Black Panther,” “Bohemian Rhapsody,” and “A Star Is Born,” the 2018 class of movies proved the Oscars don’t need a popular films category to recognize movies that also made bank in theaters. But now that the academy has selected this year’s crop of awards hopefuls, is there any green left to squeeze [...]

  • A24 Buys Sequel to Tilda Swinton's

    Sundance: A24 Buys Sequel to Tilda Swinton's Romance-Drama 'The Souvenir'

    A24 has bought the North American rights to Tilda Swinton’s romance-drama “The Souvenir – Part 2,” closing the deal on the eve of the Sundance Film Festival. “The Souvenir” is set to make its world premiere at Sundance on Jan. 27, followed by playing in the Panorama section of the Berlin Film Festival in February. [...]

More From Our Brands

Access exclusive content