Movie theaters keep closing even as 'The King's Warden,' 'Odyssey' top 10 million admissions

Even as several films this year have drawn more than 10 million viewers, movie theaters across South Korea continue to shut their doors.

According to the film industry, Megabox announced it will close its Sinchon branch in Seodaemun-gu, Seoul, on Monday. The location opened in 2006 and is shutting down after 20 years as its lease expires.

The Megabox Dongdaemun branch in Dongdaemun-gu will also cease operations on Sept. 30. The theater opened in 2008 and served the Dongdaemun area for nearly two decades.

Other multiplex chains are also closing locations.

CGV Pangyo held its final screenings on Aug. 19. The branch, located inside a department store, had been a flagship theater in the area, featuring premium formats including IMAX and 4DX. It closed after 11 years since its 2015 opening, following the expiration of its lease.

Lotte Cinema Hapjeong closed on Aug. 31, and Lotte Cinema Bupyeong shut down on Aug. 19.

According to annual business reports filed by the three major multiplex chains — CGV, Lotte Cinema and Megabox — the combined number of theaters stood at 419 as of the end of June, down nine from 428 at the end of last year. The count is expected to fall further by year's end.

Still, box office performance this year has improved from last year. According to the Korean Film Council, cumulative admissions from January through August reached about 87.26 million, while cumulative revenue came to 898.3 billion won ($651 million). Those figures represent increases of 28.9 percent, or about 19.58 million admissions, and 36.4 percent, or 239.9 billion won, respectively, compared with the same period last year.

Hit films drove the recovery, led by The King's Warden, a period drama about Joseon's King Danjong, and Odyssey, directed by Christopher Nolan. The King's Warden drew about 16.92 million viewers this year, making it the second-highest-grossing film in Korean box office history. Odyssey drew about 9.01 million admissions through August before surpassing 11 million this month. Spider-Man: Brand New Day also cleared about 8 million admissions.

Even so, the market is not expected to return to the boom it enjoyed before the COVID-19 pandemic. In 2019, annual admissions reached about 226.67 million and revenue totaled about 1.91 trillion won.

Analysts say the restructuring and streamlining of the theater industry is ongoing as a result. According to a Korean Film Council survey, the total number of cinemas nationwide peaked at 573 in 2023 before falling to 570 in 2024 and 547 in 2025.

"Audience numbers are down from before COVID-19, while labor costs, production costs and rent have all risen," an industry official said. "From a theater operator's perspective, reducing the number of locations is unavoidable to improve financial health."

The financial difficulties at Megabox Joongang, which is undergoing court receivership amid a liquidity crisis at Joongang Group, are also contributing to the decline in theater numbers.

The closures also reflect shifting commercial landscapes. The Sinchon district, where Megabox is closing, has seen foot traffic decline as the student population shrinks. The Dongdaemun area has similarly contracted amid the rise of online shopping. Near Hongdae, where Lotte Cinema Hapjeong is located, the market was already crowded with CGV Hongdae, Megabox Hongdae and CGV Yeonnam all competing for the same audience.