Growing Cinema Business
CJ CGV announced on Jan. 19 that it won tenth place in Chinese box offices last year, which increased by 7 levels compared to the previous year.
CGV in China attracted 15 million viewers last year, which is 20 times bigger than the record of two years ago, which was 600,000 people. The growth rate of the audience number recorded 51 percent, which is 15 percent higher than that of second place Xingmei.
The market share of the cinema business also increased. Last year, CGV ranked 10th with a 2 percent market share in the fiercely competitive Chinese market, in which 250 multiplexes are operating.
Also, the size of sales by each cinema got larger. The number of cinemas exceeding 20 million yuan (about 3.5 billion won) in sales was 15 among the total 38 cinemas, accounting for 40 percent. It is much bigger than those of China's second and fourth largest Jjini and CFG, which recorded 16 percent and 25 percent, respectively.
CGV currently has 38 cinemas and 30 screens in major cities of China including Shanghai and Beijing. It increased by 11 cinemas and 84 screens only last year. The increased number of screens is the third largest, following the first and third Chinese businesses, Wanda and Ttadier.
CGV plans to increase the number of cinemas in China to 64 within this year and more than 80 next year, expanding its sales territory to Indonesia, Myanmar, and Vietnam.
Kim Jong-woo, director of the global business unit at the company, said, “We will quickly become the top 5 in the Chinese market two to three years from now.”