Imax Monday announced an expansion of a longstanding partnership with South Korea’s CGV to launch 17 new theaters in that country as well as in Turkey, Vietnam, and Indonesia. Imax said South Korea…
Imax said South Korea, where it’s putting nine new theatres, is one of its fastest-growing markets and home of its highest grossing screen worldwide.
The pact is the large-format exhibitor’s biggest theater deal in 2020 and comes as the global movie theatre industry seeks to reopen, with South Korea among markets leading the charge. Some 18 IMAX theaters are currently open across there including CGV’s flagship location, CGV Yongsan, which was the top grossing Imax theatre in the world in 2018 and 2019.
The two companies have been working together for 15 years with over 185 theaters open or contracted worldwide. Agreements over the past year include deals 58 new theatres — including for 40 in China signed in June 2019. CGV is the largest multiplex cinema chain in South Korea and has branches in China, Indonesia, Myanmar, Turkey, Vietnam, and the U.S.. It is the fifth largest multiplex theater company in the world.
Several theaters included in the agreement will roll out with Imax’s most advanced high-resolution system,Financial terms weren’t disclosed. The agreement includes joint venture, revenue share models in South Korea and hybrid models requiring no net capital commitment from Imax in the other markets.
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