Imax to Launch in Vietnam With Two-Theater Deal
The Canada-based company is partnering with Korean media group CJ CGV to expand its giant-screen network in Asia.
Imax is headed to Vietnam as it continues to expand into Asia's emerging markets.
The giant-screen exhibitor has extended its partnership with Korean exhibitor CJ CGV Holdings Ltd. to enter Vietnam with two new super-sized screens. The first will go into a new real estate development in Ho Chi Minh City, with the second venue still to be determined.
The latest deal with CJ CGV comes as Toronto-based Imax continues to target Asia as a growth market as the North American exhibition market matures. "CJ CGV is a world-class exhibitor and powerful force in the Asia Pacific entertainment market that has helped strengthen the Imax brand throughout the region," Imax managing director, Asia Pacific, Don Savant said in a statement Wednesday.
Imax, while making China its second-largest market outside of the U.S. with 75 screens open or contracted to open, also has expanded in other emerging Asian markets such as South Korea, Singapore, Japan and Thailand. CJ CGV is the second-largest operator of joint venture Imax screens in China, behind Wanda Cinemas, China's largest theater chain.