CJ CGV, Korea's largest multiplex movie theater operator, is growing fast in China. The company, in its tenth years since moving into the Chinese market in 2006, will open the 50th movie theater in September.
This year to date, CJ CGV has opened nine new locations with the total number of screens reaching 73. As of July 30, it boasts 47 multiplex theater locations and 373 screens all across China.
Since entering into the top-ten box office ranks last year, it has gained fast by moving up to the ninth in January, eighth in March, and seventh in May. In terms of admission revenue, it has grown an annual rate of 69 percent for two years and a half between 2013 and the first half of 2015. Its admission numbers have increased rapidly. The figure of 5.35 million during the full year of 2012 has increased to 11.47 million in the first half of 2015 alone, up 63 percent from the same period last year. At this rate, it is projected to surpass the 20-million level by the year's end.
Its market share has also soared to 2.3 percent in the first half from 2.0 percent from the entire year of 2014, the highest growth rate among 250 multiplex theater operators in China. The size of sales revenue for individual locations was much higher than that of other competitors. The number of CGV locations whose sales were more than 10 million yuan (US$1.61 million) was 20 out of 46, reaching 46 percent. This was higher than that of Guangzhou Jinyi (19%) and China Film Group (38%), the No. 2 and No. 4 multiplex operators, respectively.
