Despite the initial success of ‘The Outlaws 4,’ which attracted 10 million viewers, the summer movie theater boom has disappeared. Even movies featuring famous actors have failed to perform well, resulting in a difficult summer for movie theaters.
With the increasing popularity of online video services such as Netflix, movie theaters are shutting down at an alarming rate.
Despite the high anticipation for the film ‘Wonderland,’ which features popular actors Tang Wei, Suzy, and Park Bo-gum, it has failed to reach 1 million viewers and is now at risk of being removed from theaters.
The highly-anticipated film ‘Wonderland’ featured a top-notch cast, including Tang Wei, Park Bo-gum, Choi Woo-shik, Jung Yu-mi, and a surprise appearance by Gong Yoo, which garnered much attention. The portrayal of Suzy and Park Bo-gum as a couple on screen, coupled with the buzz surrounding their rumored off-screen romance, added to the excitement surrounding the film’s release.
Despite the high media attention on the actors, the film failed to attract 1 million viewers. This trend is not limited to just ‘Wonderland,’ as many Korean films released this summer are facing challenges in breaking even and achieving box office success.
Despite a notable decrease in viewership, additional theaters are shutting down. CJ CGV, the owner of the biggest multiplex franchise in Korea, has recently closed CGV Incheon Nonhyeon after shutting down CGV Wonju. Lotte Cinema has also announced its intention to shut down its Dunsan location in Daejeon.
The representative of CJ CGV expressed that the company is forced to shut down because of substantial financial losses.
Despite its status as a landmark theater in Seoul’s Chungmuro, Daehan Cinema will be closing its doors after 66 years of operation on September 30. The continuous losses incurred by the theater have rendered it unable to sustain operations.
Despite the lifting of pandemic restrictions, movie theaters continue to struggle as the number of moviegoers has significantly declined. Within a short span of time, the audience has dwindled to only a quarter of its previous size and has not yet recovered even after the pandemic.
It has become commonplace to consume video content through OTT platforms such as Netflix, with the sharp rise in movie ticket costs being a significant contributor. Prior to the pandemic, ticket prices typically ranged from 8,000 to 10,000 won, but they have now skyrocketed to 15,000 won. On average, a visit to the cinema, including tickets and snacks, can cost a person around 30,000 won. As a result, many individuals believe that spending that amount of money is better allocated towards watching Netflix in the comfort of their own home.
The number of domestic OTT app users has exceeded 30 million, which is in stark contrast to the declining audiences at movie theaters. OTT services have become a significant substitute for movie theaters, as the number of Netflix users continues to grow by millions every year.
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