November 23, 2020 10:26
Multiplex cinema chain Lotte Cinema will raise ticket prices next month, following in the footsteps of its rival CGV. It explained it has been forced to do so, as people shun crowded places like movie theaters amid the coronavirus epidemic.
The industry has been hit hard by the epidemic. The number of moviegoers this year has fallen to 30 percent from a year ago.
The cinema chain said ticket prices, which currently range from W7,000 to W12,000, will rise to W8,000 to W13,000 from Dec. 2 (US$1=W1,117).
"We tried various ways to overcome the difficulties caused by the epidemic, with executives forgoing their salaries and other employees taking unpaid leave or voluntary redundancy. But we now have no choice but to raise ticket prices and scale back our operations to remain afloat," a Lotte Cinema spokesman said.
Earlier, Korea's largest multiplex cinema chain CGV became the first to raise ticket prices.
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