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Lotte and Cinus Join Megabox to Increase Movie Ticket Prices

2009/07/02 Source

Lotte Cinemas and Cinus have just announced that they too are following Megabox's lead in raising ticket prices. Since 2001 prices have remained at 7000 ($5.50 U.S.) won in the weekdays and 8000 ($6.20 U.S.) at the weekends. These will increase to 8000 KRW and 9000 KRW respectively.

The price hikes started with Megabox's announcement nearly two weeks ago. Cinus and Lotte Cinema's announcement will affect ticket prices from today (July 1). The cinemas involved cite operational costs and the price of commodities as reasons for the increase.

The ancillary market in Korea is famously small due to illegal downloading and other issues. Therefore, what is bad news for the consumer is being cautiously welcomed by the Korean film industry badly in need of increased revenue. The only major cinema change not to follow suite is CJ's CGV.

David Oxenbridge (KOFIC)

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