CGV Opens 50 Theaters Within 5 Years Of Entering Indonesia
CJ CGV has opened its 50th theater in Indonesia.
On November 30, CGV’s CEO, Choi Byung Hwan said, “We have opened CGV FX in Jakarta, Indonesia.
In January 2013, CJ CGV entered into a full-fledged operation in Indonesia, managed by Blitz Megaplex, an Indonesian theater chain. In August 2015, as a result of a brand conversion, the name changed to CGV Blitz, and further changed to CGV in 2017.
The number of theaters in CGV Indonesia has increased from 10 in 2013 to 20 in 2016 and significantly increased to 40 after 2017. With this momentum, they have achieved 50 location this year. The market share of the box office has also doubled from 8 percent in 2013 to 19 percent in 2018, expanding its presence in the local market.
Kim Kyung Tae, the head of the Indonesia subsidiary, said, “We have managed to achieve the opening of 50 locations in 5 years after expanding into the second and third tier cities centering on the first-tier cities. With the steady growth in Indonesia, CGV expects that Indonesia will be able to achieve a record breaking number of 20 million visitors for the first time since its launch.”