SEOUL — Megabox Theater, one of South Korea’s largest multiplex chains, is today hiking ticket prices by 14% to 9,000 won ($7). It’s the first rise in eight years.
“The raise was inevitable considering the high cost of maintaining theaters, increasing price of commodities and investments for installing digital projectors,” said Ha Dusun, manager of the Megabox’s brand marketing team.
Other loops, including CJ-CGV and Lotte Cinema, are mulling a price hike but are hanging back to avoid accusations of price fixing.
Distributors and producers seem delighted with the decision. “Consumers may complain, but we will reward them with better movies,” said Lee Joon-dong, VP of the Korean Film Producers’ Assn.