Shares of Contentree JoongAng, a content affiliate of JoongAng Group, rose in early trading on the 19th. The gain is seen as stemming from a recovery at theaters as domestically produced films drawing attention have arrived recently.
As of 9:27 a.m. on the 19th, Contentree JoongAng was trading at 5,940 won, up 13.36% (700 won) from the previous session.
Contentree JoongAng operates the Megabox multiplex chain. The theater market showed signs of recovery in the first quarter this year. Megabox, on a separate basis, posted first-quarter revenue of 61.8 billion won and an operating loss of 1.4 billion won, sharply narrowing the operating loss (a 10.3 billion won deficit a year earlier).
In particular, the first-quarter box-office success of the film "The King's Warden" appears to have drawn more audiences to theaters. In addition, with director Na Hong-jin's "Hope" invited to the Cannes Film Festival, interest in Korean films is expected to continue into the second quarter.