Despite DAD protests, South Korean box-office takings rocket up

18-Jan-2003 • Die Another Day

Screen Daily are reporting that South Korean cinema chains are seeing huge increases in turnover - despite "Die Another Day" - one of the year`s biggest films - being boycotted.

South Korea`s top three cinema circuits enjoyed strong growth in 2002 on the back of a building boom and an overall 20% rise in admissions.

Taken together, CGV, Megabox Cineplex and Lotte Cinema now account for 45m admissions, a 42% share of the nation`s total 107m admissions.

Market leader CGV, operated and 50% owned by local major CJ Entertainment, surged past the 20m admissions mark in 2002, up from 14m last year. Total revenues amounted to $117m, a 47% rise from 2001. CGV, which opened its first venue in 1998, currently operates 92 screens in 11 venues, and plans to add four more venues and 34 more screens in 2003.

Megabox Cineplex, a joint venture between the Orion (formerly Tongyang) Group and Loews Cineplex, also showed strong growth with 15m admissions for 2002, up from 9.9m last year. Megabox currently operates 58 screens in seven venues. Meanwhile Lotte Cinema crossed the 10m admissions mark with 53 screens built into seven of Lotte`s luxury department stores. The company, which debuted in 1999, plans to add another five venues and 39 screens in 2003.