- Korean Film News
Korean Film News
CJ CGV Announced its Fourth Quarter Performance for 2017
Mar 05, 2018
- Writerby SONG Soon-jin
Report Revealed Sales Increase of 19.7% Over the Same Period Last Year
CJ CGV (CEO SEO Jeong) saw continued growth in the fourth quarter of 2017. “Our sales and operating profits increased because of our continuous development of overseas markets and we attracted more audiences by providing differentiated services based on the competitiveness in Korea.” The company said in a press release, on February 8th.
In the fourth quarter in 2017, CJ CGV’s sales reached USD 1.6 billion, up 19.7% from the same time of the previous year. It brought in 13.76 million moviegoers in Korea and 17.36 million moviegoers abroad. It was the first time that the size of CGV’s international audience exceeded that of its domestic audience. Overseas sales are also growing close to domestic sales. Overseas sales accounted for 17% of the total revenue in 2017, but reached 46% in 2017, up from 25% in 2015 and 36% in 2016. “The success of films released at the end of 2017, including Steel Rain (2017), Along with the Gods: The Two Worlds (2017) and 1987: When the Day Comes (2017), improved performance in Korea. The achievements of our major subsidiaries abroad influenced records, too. Especially, in Turkey, where CGV’s superb cinema infrastructure and service augmented sales and profits of cafeteria and advertisements.” CGV said.
“I am expecting that our overseas sales will exceed domestic sales this year, based on the competitive edge in Korea.” CEO SEO said. “We will continue making efforts to strengthen our competitiveness and to lead cinema culture all over the world, through differentiated services, technologies and customer oriented marketing.” As of the end of 2017, CJ CGV is operating 3,348 screens at 445 theaters in 7 countries. Of them, 68% are abroad and 32% at home. In addition, theaters featuring 4DX, CJ CGV’s motion picture presentation with environmental effects, were installed at 129 more screens during the year, increasing the technology’s worldwide footprint to 475 theaters with more than 50,000 seats in 57 nations.