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| ▲ Moviegoers buy movie tickets at a theater in Seoul in this file photo taken on July 25, 2025. (Yonhap) |
theaters-closure
Major cinema chains close theaters amid box office slump
SEOUL, Oct. 19 (Yonhap) -- 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 report from the Korean Film Council (KOFIC), box office revenue for the first six months of the year was 407.9 billion won (US$286 million), a decrease of 33.2 percent from a year ago.
KOFIC attributed the sharp decline to a combination of factors: the wide use of streaming platforms, rising ticket prices and the weak performance of recent blockbuster movies. It also noted that local audiences have been slow to return to theaters since the pandemic.
In response to this crisis, cinema chains are trying to seek breakthroughs by repurposing their spaces. Lotte Cinema, for example, has begun renovating some of its outlets into interactive exhibition halls and live performance stages, hoping to attract visitors with new forms of entertainment.
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