Grand Vision Media Holdings Plc today announces the appointment of a strategic partner in Korea. GVMH has signed a strategic alliance agreement with CY Group in Korea. CY Group is a privately held conglomerate with business interests in retail, cosmetics and marketing.
CY Group will introduce Korean advertisers to GVMH’s marketing services including GVMH’s cinema OOH network and its digital marketing solutions. These services will be of particular interest to Korea’s tourism and retail sectors, which are keen to capture a bigger portion of tourist spending. Korea has always been among the top travel destinations for Chinese tourists. In 2018, number of visits by Chinese tourists increased by 15% to 4.8 million, representing 31.2% of total foreign tourist visits to the country1.
In addition, through the introduction by CY Group, GVMH is working with CJ CGV Cinemas to do a pilot project implementing GVMH’s cinema-centric marketing model in Korea. GVMH will be installing glasses-free 3D advertising panels in several selected cinemas in Seoul to attract local advertisers. CJ CGV is the largest multiplex cinema chain in Korea. It currently operates at 463 locations internationally, including 151 locations in Korea2.
Jonathan Lo, CEO, said “GVMH continues its overseas expansion to capture a bigger share of Chinese outbound tourism marketing. With this new alliance, we are well placed to benefit by increasing our presence in Korea, one of the main tourist destinations for the Chinese. We are continuing to develop our business in line with our strategy of working with local partners to reach new advertisers. The pilot project with CJ CGV cinemas is also a significant milestone. It means our business model of cinema-centric marketing and use of innovative visual technologies has universal appeal.”
1. The Korea Bizwire, January 23 2019 (http://koreabizwire.com/number-of-foreign-tourists-to-s-korea-up-15-pct-in-2018/131016)
2. Variety, 10 July 2018 (https://variety.com/2018/film/asia/korea-cj-cgv-seeks-10000-screens-worldwide-by-2020-1202870154/)
For further information, photos and enquiries please contact:
|Grand Vision Media Holdings plc
|Jonathan Lo / Ajay Rajpal
|Tel: +44 (0) 20 7866 2145
|Alfred Henry Corporate Finance Ltd, Corporate Advisor
|Nick Michaels / Jon Isaacs
|Tel: +44 (0) 20 3772 0021
|Alexander David Securities Ltd, Broker
|Tel: +44 (0) 20 7448 9820
|Keene Communications, Public Relations
|Tel: +44 (0) 7887 610335
Company web site: www.gvmh.co.uk
Grand Vision Media Holdings Plc is an integrated out-door digital media company deploying innovative display and marketing technologies at strategic, high-traffic locations. Its glasses-free 3D technology in digital out-of-home (OOH) media is enabling advertisers to engage with affluent consumers in important and growing markets such as China and elsewhere around the world.
The company deploys glasses-free 3D technology in cinemas to take advantage of the growth in audiences in China in terms of box office, number of cinemas and number of viewers. In addition to traditional advertising revenue, we set out to monetise the benefits generated by user interaction with 3D panels by targeted social media advertising and, also by profit sharing from transactions.
In June 2018 the Company listed on The London Stock Exchange helping it to attract further investment to build out our business within China itself; the company’s current footprint in China represents less than 5% of the market there.
The digital signage market globally is expected to reach almost $30bn by 2024, compared to approximately $15bn in 2015. We believe that this growth will be driven not only by new, higher resolution displays and new types of technology, but also by integrating digital displays with customers’ smart phones.
Company web site: www.gvmh.co.uk
CY Group is a South Korean conglomerate holding company headquartered in Seoul. It comprises numerous businesses in various industries of food and food service, pharmaceutics and biotechnology, entertainment and media, home shopping and logistics.
CJ CGV is the largest multiplex cinema chain in South Korea with branches in China, Indonesia, Myanmar, Turkey, Vietnam and the US. It operates 3,412 screens at 455 locations in seven countries including 1,111 screens at 149 locations in South Korea. CJ CGV introduced the first multiplex theatres in South Korea, and the company has been developing what it calls “cultureplex”, a space where eateries, performance halls, shops and multiplex theatres come together to provide a richer cultural experience to consumers, CGV Cheongdam Cine City, which opened in 2011 being an example. CJ CGV listed on the Korean Stock Exchange in December 2004. It is the first listed theatre chain in Korea.