With movie show chains globally dropping big quantities of income as a result of pandemic, many are on the lookout for new methods to make a revenue.
In November, a Memphis-based movie show chain known as Malco Theaters began renting out its screens. Now, theaters in South Korea are beginning to do the identical.
Since November, Malco has been permitting as much as 20 individuals to hire a display screen at $100 for 2 hours or $150 for 3 hours. The corporate has 36 theaters throughout Arkansas, Tennessee, Mississippi, Louisiana, and Kentucky, and the follow has been gaining traction, however not sufficient. In accordance with Malco VP Karen Melton: “It’s gaining traction, and is changing into fashionable, however nothing is including to our profitability at this level.”
Theaters have been hit laborious by the COVID-19 pandemic, with each US and World income dropping considerably in 2020 according to Variety. US field workplaces skilled an 80% year-over-year decline from 2019, struggling to succeed in $2.2 billion in complete in the course of the pandemic. Worldwide returns appeared comparable, with ticket gross sales totaling at $12.4 billion–a 71% drop from 2019.
Regardless of this, theaters in South Korea are actually renting out their screens, as effectively. Although cinemas there are at present restricted to 50% capability, CVG (South Korea’s largest theater chain) has began renting out its theaters for gaming to create a brand new income stream. Earlier than 6 PM, as much as 4 individuals can reserve a display screen at $90 for 2 hours; this payment rises to $135 after 6 PM. Players who wish to hire screens additionally have to carry their very own video games, consoles, and controllers to play.
CVG worker Seung Woo Han got here up with the concept to hire screens out for gaming after realizing that video games and flicks share quite a lot of similarities. “When fascinated by the best way to make use of empty cinema areas, I seen that video games these days boast glorious graphics and well-structured tales identical to films,” he advised . “Each have a storytelling side to them, so if somebody can get pleasure from watching a movie within the cinema, I assumed they’d additionally get pleasure from enjoying laptop video games in a single.”