Lotte Cinema to Raise Movie Ticket Prices Next Month: "An Inevitable Choice"

Weekday 13,000 KRW, Weekend 14,000 KRW... Early Morning Showtimes Expanded
1.6 Billion KRW Operating Loss Last Year "Sorry for the Burden on Viewers"

Multiplex Lotte Cinema announced on the 7th that it will raise movie ticket prices starting next month. The prices will be 13,000 KRW on weekdays and 14,000 KRW on weekends (based on adult 2D movies during regular hours). This is an increase of 1,000 KRW compared to before. However, the time slots will be reduced from three (early morning, regular, prime) to two (early morning, regular), and the early morning time frame will be extended from before 10 AM to before 12 PM. A company official explained, "This measure was taken to overcome the long-term slump in the film industry, which is on the verge of collapse due to COVID-19," adding, "It is an unavoidable choice for the normalization and survival of the film industry." The official also expressed regret, saying, "We apologize for the increased burden on moviegoers and feel heavy-hearted."

This price increase by Lotte Cinema comes six months after the last one in December of last year. Previously, CGV also raised prices repeatedly, in October last year and again in April. The reason for following the same path is due to internal difficulties. Lotte Cinema recorded an operating loss of 160 billion KRW last year. In the first quarter of this year, it recorded 40 billion KRW in losses. The prolonged slump in the film market, the ban on eating and drinking inside theaters, and fixed costs such as rent have placed the company in a serious management crisis.

A company official stated, "We have reached the limit of hiring staff," explaining, "The number of part-time workers (Dreamy) in March decreased by more than 85% compared to March 2019." The official lamented, "Over the past year, we have enforced the suspension of direct management theaters, termination of VOD business, salary returns by executives and employees, voluntary unpaid leave, and voluntary retirement, but the situation has not improved significantly."

This content was produced with the assistance of AI translation services.