South Korea’s largest movie theater chain CJ CGV said Thursday it aims to open 19 new theaters and record 170 billion won ($159.74 million) in sales in the Chinese market this year, more than double last year’s revenue of 80 billion won there.
The company said it has designated China as a major hub of its globalization as it steps up efforts to advance into Southeast Asia as well as North America.
Since opening China’s first CGV theater in Shanghai in 2006, CGV has added 26 more in 16 cities around the country.
In the world’s No. 2 movie market next to the United States, 20 out of some 200 multiplex chains dominate 65 percent of the market.
CGV experienced the highest growth in market share in China from 2009-2013, jumping from 35th place (with 0.9 percent) to 14th (with 2.1 percent). (Yonhap News)