Movie ticket prices set to rise in Korea

SEOUL, June 21 (Yonhap) -- Megabox Cineplex, one of the nation's largest
multiplex cinema chains, said Sunday it will raise its ticket price starting this
week for the first time in eight years under pressure from inflation.
The raise, which will push up the ticket price by 1,000 won (slightly less than
US$1) to 9,000 won on weekends and 8,000 won on weekdays, is to take effect on
June 26 at Megabox theaters in Seoul, Suwon and Daegu, the company said in a
press release.
The hike is likely to prod other domestic multiplex chains to follow suit later
this year, as a simultaneous industry-wide raise is regulated under the current
fair trade law.
Megabox Cineplex, which operates 14 multi-screen theaters across the nation, said
it has been compelled to raise prices due to steady rises in overall commodity
costs, which put pressure on investment and maintenance.
samkim@yna.co.kr
(END)