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Korean Film News
Lotte Cinema and Lotte Entertainment Introduce a New Independent Corporate Body, Lotte Cultureworks
Apr 16, 2018
- Writerby KIM Su-bin
OTT Business to Launch Once Incorporated
Lotte Cinema will take a leap to become a multi-entertainment company. Lotte Cinema which was originally an affiliate of Lotte Shopping will now be incorporated as Lotte Cultureworks Co. Ltd in order to expand the theater business. This change was approved at Lotte Shopping’s regular board meeting that took place on April 6th. The independent corporation will be in business starting from June 1st. The Lotte Cultureworks’ name stands for a culture-making enterprise that’s flexible and full of diverse entertainment contents.
Currently, Lotte Shopping operates Lotte Cinema and Lotte Entertainment. Including Asia’s biggest theater, Lotte Cinema World Tower, Lotte Cinema is a multiplex chain with 113 domestic multiplexes and 45 international multiplexes. Lotte Entertainment is an investment and distribution company that distributes around 10 domestic films per year such as Along with the Gods: The Two Worlds (2017), as well as titles from Hollywood distributor Paramount Pictures.
Lotte Shopping’s cinema department intends on strengthening their new businesses once they become independent. Lotte cinema is the first in the exhibition industry to take a step in the OTT (over-the-top media service) market. They announced that they’re “aiming to start a new platform business in OTT among others starting June.” The new platform will bring theatrical and OTT platforms together through its online and offline services. It will offer not only Lotte Entertainment’s contents but also diverse film contents.