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Monday, September 2nd, 2013
SEOUL, KOREA- CJ CGV, Korea's largest multiplex cinema chain operator, has opened its 20th movie theater in China after setting up the first location seven years ago. The company said on August 29 that it launched a ten-movie theater multiplex in Shenyang's downtown. The 1,826-seat multiplex is complete with an IMAX theater and suites. Since the opening of the Daning location in Shanghai in 2006, CJ CGV has so far had a total of 20 multiplex theaters with 151 screens in Chinese cities such as Beijing, Wuhan, and Tianjin.
This year alone, the company has set up nine new multiplex theaters, with a plan to open seven more by the year's end. The sales revenue of CJ's movie theater operations in China is expected to surpass 100 billion won, up more than two-fold from last year's 45 billion won. By 2016, it plans to expand the number of theaters to 100 with more than 5,000 screens in all.
According to EntGroup, China's market research firm on the entertainment industry, CGV was ranked at 18th (box office market share of 1.6%) as of the end of June this year among China's movie theater operators, from 22nd (1.2%) as of the end of 2012.
