Los angeles: CGV, a major multiplex cinema chain, announced on Wednesday that it has closed its last remaining theater in Los Angeles, marking the end of its 15-year physical presence in the North American market. The company revealed on its U.S. website that Sunday was the theater's final day of operation, following a decision made after extensive consideration.
According to Yonhap News Agency, the decision to close the Los Angeles theater is part of CGV's strategic shift towards focusing on more competitive and high-performing specialty theaters, specifically those utilizing 4DX and ScreenX technologies. CGV's operations in the United States commenced in June 2010 with the opening of a 600-seat theater in Los Angeles, later expanding to include a 1,187-seat location in Buena Park in 2017. Additionally, a large 14-auditorium theater was inaugurated in San Francisco in September 2021. However, the San Francisco location was shut down in 2023, and the Buena Park theater closed the previous year, due to the impact of the COVID-19 pandemic and a decline in moviegoers.
Shifting its business strategy, CGV now intends to concentrate on expanding its specialized theater technologies. This strategic pivot is supported by a substantial 47 percent year-over-year revenue increase from its 4DX and ScreenX formats in North America, which generated US$55 million in the first half of the year. Instead of managing its own cinema locations, CGV is likely to focus on marketing and licensing its immersive high-technology systems to other multiplex operations.
Globally, CJ operates 772 4DX and 439 ScreenX theaters, reflecting its commitment to expanding these innovative cinema experiences around the world.