Megabox will cut commission and rent fees for businesses in cinemasMegabox announced Wednesday that it will be cutting commission fees for businesses located within their cinemas by 50 percent due to low foot traffic since the recent outbreak of the coronavirus.
Businesses operating within the complexes have to pay a commission fee at the end of the month.
Megabox added that it will also be reducing their monthly rents by 30 percent for the month of February.
The company is one of Korea’s largest movie theater chains along with CGV and Lotte Cinema.
Megabox’s executive board has also voluntarily cut their pay by 20 percent to help the company cope with the outbreak, the company said.
Discovered cases of the coronavirus have shown that the virus has a high tendency to spread from person to person in enclosed spaces, which has hurt the local cinema business. The number of people going to cinemas last month, 7.3 million, was the lowest tally for February since 2005.
By Esther Chung