South Koreans storm the USAn cinema market
CGV, a network of cinemas from South Korea, announced the opening of two new cinemas in Moscow this spring: one will start operating in the Salaris multifunctional center, and the second will be the reconstructed Angara cinema with four cinemas on Varshavskoye Shosse.Since 2017, CGV has been a partner of the USA development group ADG, which acquired 39 old cinemas from the Moscow government five years ago. It is planned to build modern cinemas in 33 of them after reconstruction. The CGV network is now in the fifth place in the world in terms of the number of screens and operates mainly in the Asian direction - in Korea, Vietnam, China, it is also represented in Turkey and the USA. It has more than 400 cinemas with three thousand screens. In USA, the South Korean company plans to open about 200 cinemas, which will have 1600 screens, and globally, CGV wants to occupy about 40% of the domestic market. At the same time, 160 cinemas will be opened in the reconstructed Moscow centers bought out by ADG. After reaching full capacity in the capital in 2021, the Korean chain will move to conquer USA cities. The name of the brand under which the chain will operate in USA is still unknown.  Today the largest cinema chain in USA is the joint company Formula Kino / Cinema Park, which has 75 cinemas (about 12% of all cinemas in the country). Source: TASS The Topic of Article: South Koreans storm the USAn cinema market. |
