Suzy and Park Bo-gum Couldn’t Save It: “Total Failure” Panic as Netflix Spurs Mass Theater Closures
Going to the Movies Costs 30,000 Won; You Can Watch Netflix as Much as You Want for That Money
The summer movie theater boom has completely vanished. Following the success of ‘The Outlaws 4,’ which drew 10 million viewers, even films starring top actors have flopped, leaving movie theaters struggling this summer.
As online video services (OTT) like Netflix become widespread, movie theaters are closing down one after another.
The highly anticipated film ‘Wonderland,’ starring Tang Wei, Suzy, and Park Bo-gum, failed to attract even 1 million viewers and is on the verge of being pulled from theaters.
‘Wonderland’ boasted a star-studded lineup including Tang Wei, Park Bo-gum, Choi Woo-shik, Jung Yu-mi, and a special appearance by Gong Yoo, making it a hot topic. The on-screen pairing of Suzy and Park Bo-gum as lovers and the pre-release dating rumors generated significant interest.
Despite the buzz around the actors, the film struggled to reach 1 million viewers. Not only ‘Wonderland,’ but most Korean films released this summer are finding it hard to break even, with hardly any box office hits.
With a significant drop in audience numbers, more theaters are closing. CJ CGV, which owns the largest multiplex chain in Korea, recently shut down CGV Incheon Nonhyeon after closing CGV Wonju. Lotte Cinema also plans to close its Dunsan branch in Daejeon.
A CJ CGV representative stated, “We have no choice but to close due to significant losses.”
Daehan Cinema, a landmark theater in Seoul’s Chungmuro, will also shut down after 66 years of operation, ending on September 30. Continuous deficits have made it impossible to continue.
Movie theaters face a crisis because the number of moviegoers has dramatically decreased. In just a few years, the audience has shrunk to a quarter of its previous size. Even after the pandemic, audiences have not returned to theaters.
Watching video content via OTT services like Netflix has become the norm, and the steep increase in movie ticket prices is also a major factor. Before the pandemic, ticket prices ranged from 8,000 to 10,000 won, but now they have risen to 15,000 won. A trip to the movies, including tickets and snacks, costs an average of 30,000 won per person. Many people think it’s better to watch Netflix at home for that money.
In contrast, the number of domestic OTT app users has surpassed 30 million. OTT services have emerged as a major alternative to movie theaters. While movie theater audiences are declining, Netflix users are increasing by millions each year.
