Entertainment Platform
CJ CGV started its overseas business in Shanghai in October 2006. On Nov. 14 of this year, it opened its 34th movie theater in Yancheng. Also, it opened another one in Los Angeles in June 2010. Additionally it took over Megastar, the number one multiplex in Vietnam, in July 2011 to turn a profit before brand integration in January this year. At the same time, CJ CGV has been entrusted with the management of the Blitz Megaplex in Indonesia, to spread the film culture of Korea.
These aggressive steps share the same thread with the CJ Group’s vision for becoming a global culture creator that spreads Korean culinary culture, cultural content, lifestyle, and much more worldwide. The CJ Group is planning to reach 100 trillion won (US$89.9 billion) in sales, 10 trillion won (US$8.9 billion) in operating profits, and 70 percent in its overseas sales ratio by 2020. Specific action plans to this end include a paradigm shift from a film-centered multiplex toward an all-in-one entertainment platform for cultural experience.
CJ CGV is also the first multiplex in China. It has 272 screens in 34 major cities such as Tianjin, Wuhan, Beijing, Shenyang, and Fushun. It is also running 117 screens in 17 theaters in Vietnam, and is going to increase the numbers to 146 and 22 by the end of this year.