South Korean cinema majors CJ CGV and Lotte Cinema have adopted very different strategies regarding their overseas businesses. Both companies have seen positive results in Vietnam, with CJ CGV experiencing significant sales growth and operating profit turning into a surplus. Lotte Cultureworks, operating Lotte Cinema, also recorded increased sales and operating profit in Vietnam. However, while Lotte Cultureworks has chosen to focus solely on Vietnam, leaving its businesses in China and Indonesia, CJ CGV is adopting a different approach. CJ CGV, despite facing losses in China, Turkey, and the United States, is not entirely withdrawing from these countries and is anticipating a recovery in business conditions. CJ CGV aims to improve its deficit by leveraging local characteristics, strengthening local content, and entering cities with high growth potential.

Lotte Cultureworks’ decision to concentrate solely on its operations in Vietnam is attributed to the challenging business environment both domestically and globally, influenced by the ongoing impact of the COVID-19 pandemic. The company aims to enhance its internal stability by streamlining its profit and loss structure. In contrast, CJ CGV remains optimistic about the potential for recovery in countries with deficits. CJ CGV highlights the improving trend in China, with a second-highest visitor count during the Lunar New Year period, and the positive performance in Turkey, despite the impact of an earthquake. Additionally, CJ CGV emphasizes its strategic presence in the United States, contributing to the promotion of Korean culture and providing opportunities for global fans of Korean films.

CJ CGV’s strategy revolves around selection and concentration, focusing on utilizing local characteristics, expanding special halls, and implementing differentiated marketing to revitalize local film markets. While the company has downsized its theater presence in China and Turkey over the years, it remains hopeful about the future prospects in these countries. CJ CGV aims to leverage its position in the United States to attract global audiences to Korean films and contribute to the promotion of Korean culture.