The deal suggests that China’s multiplex building boom still has some way to run, and that at least one Korean company is still willing to invest in China, despite China’s currently boycott of Korean cultural products.
Cgv and Imax will open the new systems primarily in Tier 1 and Tier 2 Chinese markets under a joint venture/revenue share model, and in additional Tier 3 to 5 markets under a hybrid model requiring no net capital commitment from Imax.
The new theaters will predominantly feature the latest Imax Laser projection system. When completed, Cgv will have more than 170 Imax screens in operation in China, Korea, and Vietnam.
“In recent years Chinese audiences have increasingly shown their desire to watch films in the most immersive way possible, driving a stronger demand for the Imax experience,