Movie Industry Losses Surpass W1 Trillion
19 October, 2020
Korea's movie industry has suffered around W1 trillion in losses due to the coronavirus epidemic (US$1=W1,146).
According to the Ministry of Culture, Sports and Tourism, cumulative box-office sales from January to September totaled W424.3 billion, down 70.7 percent from W1.45 trillion for your of last year.
The number of moviegoers also declined 70.8 percent over the same period to 49.9 million. The common through the peak months of July and August stood at 52 million during the last five years.
Losses caused by production disruptions and cancellation ran to W24.1 billion as 121 films which were either in production or slated for release have already been put on ice.
This has resulted in substantial job losses in the market. At multiplex chains CJ CGV, Lotte Cinema, and Megabox the quantity of theater staff declined 63.8 percent in September compared to that in December this past year.
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