Despite the success of ‘The Outlaws 4,’ which attracted 10 million viewers, the summer movie theater boom has disappeared. Even movies featuring A-list actors have failed to draw audiences, resulting in a difficult summer for movie theaters.
With the increasing prevalence of online video services (OTT) such as Netflix, movie theaters are shutting down one by one.
Despite the star-studded cast including Tang Wei, Suzy, and Park Bo-gum, the much-awaited movie ‘Wonderland’ has not been able to draw in 1 million viewers and is now facing the possibility of being taken down from cinemas.
The highly anticipated film ‘Wonderland’ featured an impressive cast including Tang Wei, Park Bo-gum, Choi Woo-shik, and Jung Yu-mi, with the added excitement of a special appearance by Gong Yoo. Fans were buzzing about the on-screen chemistry between Suzy and Park Bo-gum, and rumors about their off-screen relationship only added to the anticipation.
Despite the hype surrounding the cast, the movie failed to attract 1 million viewers. This seems to be a common trend for Korean films released this summer, as ‘Wonderland’ is not the only one struggling to make a profit and achieve box office success.
Due to a considerable decrease in audience attendance, additional theaters are being forced to shut down. CGV Incheon Nonhyeon, owned by CJ CGV, Korea’s largest multiplex chain, recently ceased operations after CGV Wonju. Furthermore, Lotte Cinema intends to shut down its Dunsan location in Daejeon.
A spokesperson for CJ CGV stated, “We are forced to close due to substantial losses.”
Despite being a landmark theater in Seoul’s Chungmuro for 66 years, Daehan Cinema will be forced to shut down on September 30 due to continuous deficits that have made it impossible to continue operating.
Despite the end of the pandemic, movie theaters continue to struggle as the number of moviegoers has significantly declined. Within a short period of time, the audience has dwindled to only a quarter of its former size, and there has been no resurgence in theater attendance.
Streaming video content through OTT platforms such as Netflix has become the standard, and the significant rise in movie ticket prices is a contributing factor. Prior to the pandemic, tickets ranged from 8,000 to 10,000 won, but now they have increased to 15,000 won. On average, a visit to the cinema, including tickets and snacks, costs 30,000 won per person. As a result, many individuals believe that it is more economical to watch Netflix in the comfort of their own home for the same amount.
In contrast, the number of domestic users of OTT apps has exceeded 30 million. These services have become a significant substitute for movie theaters, as the number of movie theater audiences continues to decline while the number of Netflix users grows by millions annually.
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