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Korean company plans to open 33 cinemas in Moscow and become the largest player in Russia

Until the end of 2020, Koreans are planning to open cultural centers based on the former municipal cinemas in the capital.

One of the CGV Cinemas Photo by The Business Journals

In March 2019, two Korean-Russian CGV cinemas will open in Moscow, Vedomosti reported . The first cinema will open in the Salaris complex near the Salaryevo metro station, the second one – the Angara – will be located on Varshavskoye Highway. The representative of the company said that the network has only a working name, the brand will be announced later.

Two cinemas are part of a large network, which is jointly launched in Russia by the Korean company CJ CGV and the Russian developer ADG Group, which became partners in 2017. Koreans received 70% of the joint venture CGV Russia, they will manage cinema halls. Investment in the project amounted to 57 billion rubles.

The basis of the network will be the former municipal cinemas of the capital. In 2014, the Moscow government auctioned off 39 cinema buildings and sites under them. The ADG won them and announced the creation of cultural district centers there. In 33 of them plan to open cinemas. The company intends to open regional centers by the end of 2020.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]In addition to cinemas in Korea, CJ CGV operates them in Indonesia, Turkey, China and the USA. The company claims to be the fifth largest cinema chain in the world.[/perfectpullquote]

In the fall of 2017, executive vice president of CJ CGV Brett Kim claimed that the Korean company wants to manage 150-200 cinemas in Russia and intends to become the largest player on the Russian film market, taking possession of 40%. Nothing is known about the cinema network and the concept of cultural centers, including the name.

The largest cinema network of “Russia” remains the association “Cinema Park” and “Formula Kino”, owned by businessman Alexander Mamut. According to Nevafilm Research, the united network has 75 cinemas with 631 halls – 12.1% of all Russian cinema halls. Initially, Cinema Park was to become the anchor tenant of Salaris, but the combined network is developing a new Okko format. The launch dates of Salaris did not allow opening a cinema in a new format, which is why Cinema Park left the project.

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