February 23, 2021 08:22
Cinema chains have started renting out movie screens and stages in a bid to improve their cash flow amid the coronavirus epidemic.
The three major move theater chains -- CGV, Lotte Cinema and Megabox -- have come up with new strategies as the industry continues to suffer badly from the pandemic. They rent out screens for console gaming and hold stand-up comedy shows on stage to get their businesses running.
"It's another way to bring people back to the cinemas, as well as a chance for comedians, driven offstage by the pandemic, to perform," a CGV spokesman said.
Other services introduced by cinemas include screenings of music concerts, overseas drama series and live sporting events.
Data from the Korean Film Council shows that the industry's revenue last year was down a whopping 73 percent on-year. The number of moviegoers also dropped significantly from 220 million visitors to fewer than 60 million.
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