CGV Vietnam records $141.4 million revenue in 2024

According to its Q4/2024 report, CGV Vietnam also recorded an operating profit of ₩26.3 billion ($18.3 million), a surge of 89 per cent on-year.

In Q4, its revenue from the Vietnamese market reached ₩38.3 billion, increasing 5.8 per cent from the year before.

The 2024 revenue and operating profit are the highest levels recorded by CGV since its inception in Vietnam, surpassing pre-pandemic levels.

The positive performance in Vietnam is attributed to local films invested in and distributed by CJ CGV, such as Mai, Lat Mat 7, alongside the distribution of imported movies like Doremon and Conan. Meanwhile, the company achieved higher profits by improving fixed costs related to premises, staff, and gross profits.

In 2025, CJ CGV plans to expand its locations and bolster investment and distribution for locally made content, widening the gap with other players in the Vietnamese market. To increase profits and market share, the chain is set to refurbish cinemas, ramp up its marketing activities, and diversify food and beverage menus.

CJ CGV leads in Vietnam with 45 per cent of its market share. The chain had 83 cinemas with 478 screens nationally.

South Korea's CJ CGV entered the Vietnamese market in 2011 after spending $73.6 million to acquire 80 per cent of MegaStar. Two years later, MegaStar was renamed CGV. The company has also become a distribution unit for US-based studios like UIP and Warner Bros.

OTT takes advantage of cinema slumps National social distancing measures are dragging CGV and other cineplexes down, causing substantital losses. However, over-the-top services operating online like Netflix have greatly profited from the crisis, especially since they have yet to observe their tax obligations in Vietnam.

Beta Media receives cash injection amid cinema industry's hefty losses Cineplexes startup Beta Media just received an investment of several million US dollars from Daiwa PI Partner, fueling the firm's ambitions to expand its network and create more Vietnam-made movies for local customers.

Vietnam - one of Asia's fastest growing cinema markets: US news site Deadline.com, a US premier news source covering the business of entertainment, including movies, television, online, digital and related areas, has described Vietnam as one of Asia's fastest-growing cinema markets.