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NEWS & REPORTS
Lotte Cinema Eyes Indonesia Expansion
Oct 17, 2017
- Writer by Pierce Conran
- View3541
Korean Exhibitor Looks to Grow International Footprint
Lotte Cinema, the second largest film exhibition chain in Korea, behind CJ CGV, is entertaining an expansion to Indonesia, one of the most promising growth markets in the Southeast Asian region. The outfit is currently operational in both China and Vietnam.
Decision makers from Lotte Cinema recently sat down with government representatives in Indonesia to explore the feasibility of such a move. Reports that both Lotte Cinema and its sister company Lotte Entertainment, one of Korea’s top film financiers and distributors, will be reformed as a separate entity from the Lotte Group suggest that the companies will double down on the movie business, and with the local Korean market at saturation levels, both for distribution and exhibition, it is only natural that they would seek to further their reach overseas.
If Lotte makes the jump to Indonesia, it would follow CJ CGV, which has been active in the market since it took a stake in local exhibitor Blitz Cinema, which increased to a majority last year when rules on the activities of foreign companies in Indonesia were relaxed. CGV Blitz now operates 25 theaters with 174 screens in Indonesia, which gives them a 15% market share in the country.
Speaking to trade magazine Variety, a Lotte Group representative stated that “We don’t have an exact timeline for physically launching a new cinema business in Indonesia yet, but it is highly likely that the country will be our third territory overseas, following Vietnam and China.”
Lotte Cinema accounts for 30% of ticket sales in Korea and runs 42 location in China and 20 multiplexes in Vietnam.
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