MegaStar, the country's most popular cinema brand, has been renamed as CGV, a cinema brand of South Korea's CJ Group.
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| A new CGV cinema in HCMC |
MegaStar, the country’s most popular cinema brand, has been renamed as CGV, a cinema brand of South Korea’s CJ Group.
At the launch of CGV brand at CGV Celadon Tan Phu Cineplex at Aeon Mall in HCMC’s Tan Phu District on Wednesday, CEO of CGV Seo Jung announced the name change.
Founded in 2005 by Vietnamese and foreign investors, MegaStar opened its first MegaStar Cineplex in Hanoi in 2006 and another in HCMC a year later. MegaStar currently has the highest number of cinemas in Vietnam with 13 cineplexes in 7 cities and provinces, with over 50% market share.
CGV took over MegaStar in 2011 and is working on a plan to upgrade its cineplexes. The aim of CGV is to stay on top of the cinema market and become the premiere destination for entertainment in Vietnam. To this aim, CGV is looking to have 20 cineplexes nationwide this year and 30 in 2017.
According to CGV, the cinema market totaled only US$6 million in 2008 and expanded ten times last year. The market is full of potentials as Vietnam has a population of 90 million, with most of them young.
Together with the name change, CGV will be providing audiences with new cinema experiences through the establishment of cultureplex, a modern cinema model characterized by entertaining cultural experience. Cultureplex is a venue that meets diverse needs of audiences with food, event spaces, shopping and premium theaters, according to Seo.
In addition, CGV will produce high-quality movies, promote Vietnam’s culture and film industry and bring fresh entertaining experiences to Vietnam.
CGV Vietnam said it would be bringing good movies to Vietnam, including those produced by South Korea. CGV Picks will introduce foreign award-winning movies in Vietnam.
In mid-2011, CJ-CGV spent US$73.6 million taking over MegaStar. As reported by Film Business Asia, with US$73.6 million, CJ-CGV owns 92% of the British Virgin Islands-registered Envoy Media Partners which in turn owns 80% of MegaStar. The remaining stake belongs to Phuong Nam Corporation.
CGV Celadon Tan Phu and CGV Halong, which have been opened recently, now have an all-new CGV design and look. Renovations are under way at CGV Vincom Ba Trieu and CGV Hung Vuong and will be completed this month while other MegaStar cinemas will carry CGV brand in the coming time.
(Source:SGT)
