Major cinema chains close theaters amid box office slump

CGV, the country's largest multiplex chain, has recently announced the closure of a landmark cinema in downtown Seoul's Myeongdong district amid dwindling audience numbers, in a telling sign of the challenges gripping the local film industry. CGV said earlier this month that its Myeongdong Station Cine Library will stop operations after Oct. 29. The closure is symbolic as the venue is the country's first cinema that integrates an art-house theater and a movie library, offering a unique space where visitors can both watch films and explore books about cinema. The company cited "structural challenges in urban commercial areas following the COVID-19 pandemic and operational inefficiency" as the primary reasons for the shutdown. CGV has already closed 12 theaters nationwide so far this year, triple the number from last year, to improve profit margins by focusing on high-end cinematic experiences and enhanced service quality. Another movie chain Megabox has also recently announced the closure of its Seongsu branch. The shutdowns reflect a severe industry-wide slump. According to a recent reportWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times