Movie Industry Losses Surpass W1 Trillion

Korea's movie industry has suffered an estimated W1 trillion in losses due to the coronavirus epidemic (US$1=W1,146).

According the Ministry of Culture, Sports and Tourism, cumulative box-office sales from January to September totaled W424.3 billion, down 70.7 percent from W1.45 trillion for the whole of last year.

The number of moviegoers also declined 70.8 percent over the same period to 49.9 million. The average during the peak months of July and August stood at 52 million over the last five years.

Losses resulting from production disruptions and cancellation ran to W24.1 billion as 121 films that were either in production or slated for release have been put on ice.

This has led to substantial job losses in the industry. At multiplex chains CJ CGV, Lotte Cinema and Megabox the number of theater staff declined 63.8 percent in September compared to that in December last year.