South Korea’s CJ-CGV has ordered an additional 25 IMAX giant screens which it will locate in its rapidly-expanding Chinese theater circuit.
The deal, announced to coincide with the CineAsia exhibitors and distributors convention in Hong Kong, lifts IMAX to over 500 theatre signings in Greater China. It also takes IMAX’s network total in the Asia region to 520 theatres, with 275 open and 245 contracted to open.
The deal brings CJ CGV’s IMAX commitment to 122 theaters, with two in Vietnam, 20 in South Korea and 100 in China. The company is IMAX’s second-largest exhibitor partner in Asia and its third-largest globally.
The theatres will be installed in new construction projects, most of which are located in first- or second-tier cities in China.
CJ-CGV has approximately 50% market share in its native Korea, operating 986 screens at over 130 sites. It opened its first overseas site in Shanghai in 2006, and by one count is now China’s eighth largest cinema chain.
"China’s exhibition industry is very competitive, and delivering the best entertainment experience possible is critical to our ongoing success. As we aggressively expand our circuit across China, IMAX will continue to serve as an anchor attraction in our new locations – providing the differentiated and immersive experience that Chinese moviegoers have come to embrace,” said Seo Jung, CEO of CJ CGV in a prepared statement.