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Korean theater chain CGV pockets $361,000 a day

By Tat Dat   November 22, 2022 | 06:46 pm PT
Korean theater chain CGV pockets $361,000 a day
A staff at a CGV cinema in Hanoi in 2021. Photo by VnExpress/Giang Huy
South Korean cinema chain CGV Vietnam reported average daily box office collections of over US$361,000 in the third quarter.

Revenues from the unit of the Korean entertainment giant CJ CGV were KRW45.5 billion ($33.6 million), or 50 times the amount last year when Covid-19 was at its peak, but also marginally higher than in 2019 before the outbreak had begun, CJ CGV said.

Its profit for the quarter was KRW3.4 billion ($2.5 million) compared to KRW4.2 billion in Q2. CGV Vietnam pointed to Vietnam’s normalization post-Covid for the recovery.

The most lucrative movies during the third quarter were Hollywood cartoon "Minions: The Riseof Gru," which collected VND200 billion ($8 million) and South Korean comedy "6/45"(VND182 billion), according to Box Office Vietnam.

CGV said Vietnam is its third largest market behind only its home country South Korea and China's billion-people market.

In Southeast Asia, CGV only operates in Indonesia apart from Vietnam, but revenues and profits there are 40% and 32% lower.

CGV expects the fourth quarter to remain good thanks to the recovery in the domestic film market and the release of highly anticipated foreign movies.

CJ CGV, which has been in Vietnam since 2011, has 82 theaters and claims a 51 percent market share.

 
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