Following Korea’s other exhibitors Megabox, Lotte Cinema and Cinus, leading multiplex chain CJ CGV has announced today that it will also raise ticket prices for the first time in eight years.
The industry leader, CJ CGV owns 63 sites in South Korea. It will be raising its ticket prices by $0.78 (KW1,000) for all but its CGV Movie Collage arthouse film screenings. Weekday screenings will cost KW8,000 and weekend screenings will cost KW9,000.
Megabox’s first announcement of a ticket price increase starting June 26 quickly gave rise to speculation that CJ CGV would soon be following, if not only to make the most of the Transformers 2 box office.
Distributed locally by CGV affiliate CJ Entertainment, the Michael Bay film has already crossed the 3 million admissions mark since opening June 24 on more than 1,200 screens, according to the Korean Film Council.
CJ CGV had made it public that it agreed with the necessity of the price increase but that the company was unsure about when exactly to implement it in its own theatres.
The exhibitor announced today on its website that the new prices would go into effect July 3, citing rising price costs and exchange rates.