×
You will be redirected back to your article in seconds

Korea’s Lotte Restructures Film Ahead of Overseas Push, Streaming Launch

South Korean conglomerate Lotte is to separate its film division into a new entity from June this year. It also aims to expand into video.

The hotels to department stores group said that its Lotte Shopping unit would spin off its cinema management and film production and distribution operations with effect from June 1. The new company is to be called Lotte CultureWorks.

The move is intended to increase efficiency of the film businesses and allow them to further expand abroad. That may lead to an IPO, sources close to the company indicate.

Lotte Cinema is already the second largest multiplex operator in South Korea, with a roughly 30% share of all cinema tickets sold, and is the Korean sub-distributor for Hollywood’s Paramount Pictures. Overseas, Lotte has a string of 45 cineplexes in China and Vietnam.

Lotte has purchased land and properties in Indonesia and is widely expected to formally announce its plans to start building cinemas in the most populous and under-screened nations in South East Asia. Local media, recently reporting on the Indonesian president Joko Widodo’s plans to expand the country’s creative economy, said that Lotte is targeting 60 sites in Indonesia.

In its statement announcing the establishment of Lotte CultureWorks, Lotte said that it aims to open 140 cinema complexes in South East Asia by 2022. That would appear to include Vietnam and Indonesia, and the company noted that it is also looking at possible expansion into Myanmar.

In a related announcement, Lotte Cinema said that it plans to launch an Internet-based video streaming service in Korea from June. Details of the service were few, but it pointed to a transactional-VoD model.

“We plan to provide a variety of film content in partnership with various film companies, not just content from Lotte Entertainment,” the company said. The streaming market in Korea is dominated by mobile carriers SK Telecom (with its Oksusu platform), KT (Olleh TV Mobile) and LG Uplus as well as pay-TV services CJ Hello and KT Skylife.

Lotte is currently riding high on the theatrical success of fantasy thriller “Along With The Gods” which has earned $106 million since a late-December release. A sequel was already planned and will be released this summer.

More Film

  • Josh Brolin, Kathryn Boyd. Josh Brolin,

    'Avengers: Endgame's' Josh Brolin: Thanos' Butt Is a 'Beautiful, Purple Peach'

    On the eve of “Avengers: Endgame’s” world premiere, everyone’s thoughts have turned to the one crucial detail that could be the difference between life or death for the Avengers: Does Thanos have a butt? “I don’t know what that whole thing is about! I really don’t!” Josh Brolin, who plays Thanos, told Variety‘s Marc Malkin [...]

  • Tessa Thompson'Avengers: Endgame' Film Premiere, Arrivals,

    'Avengers: Endgame's' Tessa Thompson Says Valkyrie Would Spoon Captain Marvel, Thor

    Tessa Thompson, who plays Valkyrie in the Marvel Cinematic Universe and upcoming “Avengers: Endgame,” had no problem addressing speculation about the character’s sexuality at the “Endgame” red carpet premiere Monday. The “Sorry to Bother You” actress explained that she played her Marvel character as bisexual. “In the canon, [Valkyrie] is bisexual. You see her with [...]

  • WGA Agency Packaging Fight Placeholder Writer

    Writers Guild Says Over 7,000 Members Have Fired Agents

    Over 7,000 members of the Writers Guild of America have fired their talent agents, the Hollywood union said on Monday. As promised, the guild delivered a first round of termination letters to agents in a show of support for the WGA’s full-on war with the Association of Talent Agents. “Today the Guild delivered a first [...]

  • BRAZILIAN FLAGFRENCH OPEN TENNIS, PARIS, FRANCE

    Brazil’s Ancine Freezes Incentives, Threatening Film-TV Industry Paralysis

    Brazil’s Ancine agency, its foremost public-sector source of film funding, has frozen all of its incentive programs, potentially near paralyzing new production in Latin America’s biggest film-TV industry. The dramatic decision, which has left Brazil’s industry is a state of shock and intense fear for its future, comes as it has taken further hits. In [...]

  • Jennifer Lopez

    Jennifer Lopez Reteams With STXfilms on Romantic-Comedy Co-Starring Owen Wilson

    Jennifer Lopez is reteaming with STXfilms on the upcoming romantic-comedy “Marry Me.” Kat Coiro is directing the film and Owen Wilson is in final negotiations to join the pic, which will likely shoot this fall. The script was written by John Rogers and Tami Sagher, with a rewrite by Harper Dill. Lopez and Wilson both [...]

  • Steve Golin The Revenant Spotlight Producer

    Steve Golin, Prolific Producer and Founder of Anonymous Content, Dies at 64

    Steve Golin, an Oscar-winning producer who was founder and CEO of Anonymous Content, died Sunday in Los Angeles of cancer. He was 64. Golin was a pioneer in blending the business of talent management with production. Anonymous Content, which Golin founded in 1999, worked with a stable of big name artists such as Steven Soderbergh, [...]

  • David Leitch Kelly McCormick

    'Hobbs & Shaw' Director David Leitch, Kelly McCormick Sign First-Look Deal With Universal (EXCLUSIVE)

    Universal Pictures is signing David Leitch, his longtime producing partner, Kelly McCormick and their recently founded 87North Production banner to a first-look production deal. “David and Kelly have established themselves as a distinctive, stylish filmmaking team who can do it all, from contained thrillers to franchise tentpoles,” said Universal’s president Peter Cramer. “We are confident [...]

More From Our Brands

Access exclusive content