Korean multiplex chain CJ CGV, a subsidiary of the CJ E&M Group, will open its first location in Myanmar on December 6th. The top exhibitor in Korea, the company has in recent years expanded to China, Vietnam, Indonesia and the United States.

 

The company announced on December 2nd that it has received the required authorization from the Burmese government to begin operating Junction Cineplex, which it will run with local corporation Shwe Taung Development. Junction Cineplex, which was set up in 2009, currently has six theaters in three locations which account for 15% of the country’s exhibition sector.

 

Despite a population of 51.4 million, Myanmar’s film market counts only 70 screens which grossed USD 9 million last year. However, given the country’s changing economy and the relaxations of sanctions against it, strong growth is expected in the coming years with projections envisioning 7% growth by 2018.

 

CGV, which operates the most theatres in both South Korea and Vietnam, recently became one of only five exhibitors in the world to boast over 100 million admissions and is currently growing rapidly. The company entered China in 2006 and now runs 33 locations there, as well as 18 multiplexes in Vietnam, 12 in Indonesia and one in Los Angeles’ Koreatown. Myanmar is part of CGV’s next phase of expansion, which sees it enter underscreened territories with quickly developing economies. Other nations the Korean giant has its eye on include Malaysia.

 

Originally a venture set up between South Korean corporation CheilJedang, Hong Kong’s Golden Harvest and Australia’s Village Roadshow, CGV began operations in 1996.