Set in Motion
Forbes Indonesia|May 2020
CGV Cinemas aims to become a whole entertainment platform beyond screening movies
Marella Putri
Set in Motion

The film industry in Indonesia has been rising well in the last five years. The Creative Economy Agency noted a significant increase in the production of the local movie, from 115 films in 2015 to 172 in 2018. It grows in line with the number of audiences, which, according to data from film Indonesia.or.id, jumped from 16.2 million to more than 52 million viewers in the same time frame. While cinemas are essential to support the growth of the industry, there were only 343 cinemas with a total of 1,685 screens, making the screen to population ratio as low as 1:148,000. Those facts create an opportunity for cinema chain operators such as PT Graha Layar Prima (CGV Cinemas), which is one of the major players in Indonesia.

CGV Cinemas was formerly known as Blitzmegaplex, established in 2004. In 2014, when PT Graha Layar Prima went public, CJ CGV Co. Ltd. became a shareholder of the company and even acquired a majority share in 2016. CJ CGV is the largest multiplex cinema chain in South Korea and one of the largest in the world. Accordingly, Blitzmegaplex was first rebranded as CGV Blitz in 2015, and then officially as CGV Cinemas in 2017. By April, it operates 397 screens at 68 sites in 33 cities across the country. Indonesia is CJ CGV’s fifth-biggest market after South Korea, China, Turkey, and Vietnam, followed by Myanmar, the United States, and Russia. Altogether, CJ CGV has 4,197 screens in 584 sites combined per February.

Meanwhile in Indonesia, based on screen counts, CGV Cinemas claims to have more than 20% of market share, the second largest after the local cinema operator 21Cineplex. It also shows quite a leap compared to when Blitzmegaplex had only 7% in its early days. Following behind is Lippo Group’s Cinemaxx, which is now rebranding as Mexico-based Cinépolis.

This story is from the May 2020 edition of Forbes Indonesia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the May 2020 edition of Forbes Indonesia.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FORBES INDONESIAView All
BACK ON TRACK
Forbes Indonesia

BACK ON TRACK

Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.

time-read
10+ mins  |
December 2021
Championing Locals
Forbes Indonesia

Championing Locals

The wave of social commerce is enabling inclusive digital economies beyond urban areas.

time-read
6 mins  |
December 2021
Boys in the Bubble
Forbes Indonesia

Boys in the Bubble

Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.

time-read
6 mins  |
December 2021
Enduring Relations
Forbes Indonesia

Enduring Relations

The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.

time-read
6 mins  |
December 2021
Sweet Success
Forbes Indonesia

Sweet Success

Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.

time-read
5 mins  |
December 2021
Marathon Man
Forbes Indonesia

Marathon Man

Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.

time-read
5 mins  |
December 2021
Gold Rallies on Inflation Fears
Forbes Indonesia

Gold Rallies on Inflation Fears

During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.

time-read
2 mins  |
December 2021
Set Off to A New Start
Forbes Indonesia

Set Off to A New Start

Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.

time-read
5 mins  |
December 2021
The Daily Intake
Forbes Indonesia

The Daily Intake

YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.

time-read
4 mins  |
December 2021
THE CROESUS OF CRYPTO
Forbes Indonesia

THE CROESUS OF CRYPTO

FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.

time-read
10+ mins  |
November 2021