[Focus] "When Did Ticket Prices Go Up?" Audiences Searching for Reasons to Go to the Theater

Weekend Movie Ticket Prices Reach 15,000 Won Era
Flood of Summer Blockbusters
Audience Becomes Cautious in Front of Ticket Booths
Word of Mouth Spreads Within 2-3 Hours of Release
"Market Shifts Toward Theater and OTT Use"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Isul] "My family went out to watch a movie over the weekend, and the ticket price for four people was 60,000 won. When did it get this expensive?"

Audience member A (46, female), whom we met at the theater last weekend, expressed surprise upon learning that the movie ticket price was 15,000 won. Adding snacks like popcorn and cola increases the cost even more.

As the endemic era opens following the pandemic, the frozen theater industry is seeing a steady flow of moviegoers. According to the Korea Film Council's Integrated Computer Network for Movie Theater Tickets, the number of visitors to theaters over the last weekend (July 1?3) was counted at 1,974,349.

Theaters seem to be waiting for the arrival of Marvel. Based on a solid fandom and a high box office success rate, Marvel's new release Thor: Love and Thunder (directed by Taika Waititi) will open on the 6th, kicking off the summer market. Chris Hemsworth, who has played the thunder god Thor for 10 years, stars, and Natalie Portman plays the new hero Mighty Thor. Given the intense interest even before its release, it is expected to play a significant role in drawing attention to the film.

Major distributors are also presenting blockbuster films with budgets ranging from 10 to 20 billion won in the summer market. CJ ENM will release director Choi Dong-hoon's new film Alien+Human on the 20th, and Lotte Entertainment will present Hansan: Rising Dragon, the second installment of director Kim Han-min's Admiral Yi Sun-sin trilogy, on the 27th. Showbox will launch the aviation disaster film Emergency Declaration (directed by Han Jae-rim) on August 3, and Megabox JoongAng Plus M will bring director Lee Jung-jae's debut film Hunt to theaters on August 10.

The summer market is expected to be fiercely competitive. As theaters recover their peak season, the competition will heat up. Which films will be chosen by audiences? Following last month's pandemic-era first 10 million viewer film Crime City 2, attention is focused on whether a second 10 million viewer film will emerge.

A representative from a film production company said, "Now audiences look for a compelling reason to go to the theater. The days when you could watch a movie for 5,000 won are over, and since it costs 15,000 won on weekends, people inevitably become more cautious in their movie choices." They added, "If a movie is not entertaining, viewers will think about the money spent, which directly affects word of mouth. For films lacking cinematic enjoyment, the word spreads within 2 to 3 hours after release."

Another film industry insider said, "Ticket prices inevitably get compared to online streaming service (OTT) subscription fees. Since the pandemic, viewers and audiences have watched many high-quality contents, so they compare the cost of watching one movie to the monthly subscription fee for OTT content."

They continued, "The reason to watch a movie in a theater rather than at home has also become important. The recently released Top Gun: Maverick was designed as a blockbuster with a large scale suitable for theater enjoyment, satisfying audiences. After sweeping the box office overseas, it continues to perform strongly in its second week domestically. Crime City 2 also focuses on fun that is best enjoyed together in theaters." They predicted, "In the future, films chosen by theaters and OTT platforms will have distinct characteristics, and production will be tailored accordingly."