Biggest cinema operator in CGV Vietnam records $139 mln revenue in 2023

CGV Vietnam, under South Korean conglomerate CJ Group’s cinema arm CJ CGV, reported revenues of KRW184.9 billion ($138.9 million) in the Southeast Asian nation in 2023, up 23.3% year-on-year.

As a result, Vietnam was CJ CGV’s third biggest market, only behind South Korea, its home market, and China.

With the performance, CGV Vietnam made an operating profit of KRW14 billion ($10.5 million) last year, up 32% year-on-year, according to a report from the parent organization.

For the fourth quarter of 2023, CGV Vietnam booked revenue of KRW36.2 billion ($27.2 million), down 7.2% year-on-year. Meanwhile, it recorded an operating loss of KRW1.3 billion ($976,767) versus an operating profit of KRW0.4 billion in Q4/2022.

The average ticket price at CGV Vietnam fell 1.7% year-on-year to VND102,800 ($4.2) in Q4/2023, according to a CJ CGV report.

As of end 2023, CGV Vietnam, featuring 82 sites and 477 screens, remained the biggest cinema operator in Vietnam with a 49% market share. However, its number of sites was down by one versus end-2022.

CJ CGV attributed the underperformance, despite the success of some box office hits such as Aquaman 2, to the delayed release of some products including Vietnamese movies Dat Rung Phuong Nam (Song of the South) and Chiem Doat (Black Rose).

The performance in Q1/2024 is expected to thrive with content serving the Lunar New Year (Tet) holiday, such as Mai.