Chungmuro's Daehan Cinema to close in September after 66-year run

Korea's oldest movie theater, Daehan Cinema, will close in September after 66 years of operation due to a "chronic deficit" brought about by changes in society, according to its operator.

Korea's oldest cinema Daehan Theater in Chugmuro, central Seoul [YONHAP]

Korea's oldest cinema will close in September after 66 years of operation due to a "chronic deficit" brought about by changes in society, according to its operator.

Daehan Cinema, located in central Seoul's Chungmuro neighborhood, will close on Sept. 30, 66 years after opening in 1958, according to theater operator The Century Company, also known as Segi Corporation in Korea, in an electronic disclosure.

The company said it aims to "eliminate the continuous losses brought about by a shift in the movie industry paradigm" and to improve its business structure and company assets by closing down Daehan Cinema.

Korea's oldest cinema Daehan Theater in Chugmuro, central Seoul [YONHAP]

The Daehan Cinema building will be transformed into a venue for immersive performance "Sleep No More." The show's team will perform at the new venue and share the revenue, the electronic disclosure said.

Immersive performance refers to a type of performance where the audience is encouraged to participate, and “Sleep No More” is a play that is considered a representative work of this genre.

The ultimate aim of the transformation is to "improve the business structure and the profit model of the company," The Century Company said.

Korea's oldest cinema Daehan Theater in Chugmuro, central Seoul [YONHAP]

Daehan Cinema opened in 1958 and was the largest theater in Korea at the time.

It was built according to the design of 20th Century Fox, a U.S. film company, and established itself as a leading theater in Chungmuro, with screenings centered on Western masterpieces such as "Ben-Hur" (1959), "The Sound of Music" (1965) and "The Killing Fields" (1984).

It was the only cinema in Korea with large-scale, high-quality sound, and it brought the whole neighborhood to life during its heyday. Cinemagoers came from all over the country to watch Western classics that were unavailable elsewhere.

Korea's oldest cinema Daehan Theater in Chugmuro, central Seoul [YONHAP NEWS]

In May 2001, its doors closed after a screening of “Genghis Khan” (1998) for a multiplex conversion. It reopened with 11 screening halls in December the following year after undergoing a renovation worth 25 billion won ($18 million).

After the three multiplexes of Korea — CGV, Lotte Cinema and Megabox — were established in 1999, Daehan Cinema began to struggle for market share. The competition became even more stiff after the emergence of streaming providers, making the movie theater industry a tough place for Daehan Cinema to compete.

BY LEE JI-YOUNG, KIM MIN-YOUNG [kim.minyoung5@joongang.co.kr]