CGV Vietnam records $141.4 million revenue in 2024

CGV Vietnam records $141.4 million revenue in 2024

CGV Vietnam, the biggest cinema chain in Vietnam, posted revenue of ₩202.7 billion ($141.4 million) in 2024, up 12 per cent from the previous year.

According to its Q4/2024 report, CGV Vietnamalso 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.

VIR