A South Korea-based entertainment and media-content company, CJ E&M, announced its first joint venture into ASEAN through Thailand's Major Cineplex Group. Under the joint venture, worth 100 million baht, Major Cineplex Group hopes to expand its collection of cinemas in Thailand, Cambodia, Laos, Myanmar and Vietnam from a little over 600 cinemas to 1,000 by 2020.

VichaPoolvaraluck, chairman of the executive committee and chief executive officer of Major Cineplex Group, hopes that the joint venture will encourage the production of up to 20 films in the next five years to be screened to audiences not just in Thailand but around the world.

Vicha feels that the share of Thai films in the Thai film industry is relatively low in comparison to those of other countries like China. 

Part of the problem lies in the fact that the average Thai person wathces less than one movie a year, but Thai films have recently found a large following in the ASEAN region.

Jeong Tae-Sung, CEO of CJ E&M Film Division, believes that this joint venture into Southeast Asia has great potential for growth and that the quality of Thai films continues to improve in quality.

http://www.nationmultimedia.com/business/Major-Cineplex-Korean-company-form-first-joint-ven-30282747.html