This exploratory case study examines major competitors in multiplex theater market in Korea from their inception in 1998 to 2016. Although the competing firms are in the same industry, their competitive strategies differ systematically due primarily to three factors: disparity in their market and resource configurations, perceived competitive tensions, and espoused organizational identity domains. Overall, we find that competitive dynamics in the multiplex industry is determined by both the independent and joint effects of objective and perceptual dimensions of competition. Our qualitative yet systematic analysis of the external and internal environments of the major industry players provides new insights into Korea’s multiplex industry as a rich context for future research on interfirm rivalry.