( June 26, 2024, 03:22 GMT | Official Statement) -- MLex Summary: CGV, Lotte Cinema and Megabox, which dominate South Korea's multiplex cinema market, have been reported to the country's competition watchdog for alleged price fixing and profiteering. Consumer and civic groups, including People's Solidarity for Participatory Democracy, claim the companies raised weekend ticket prices from 12,000 won (about $8.60) to 15,000 won between 2020 and 2022, an increase about 12 times higher than the average inflation rate during the same period. The groups argue that despite differences in operating costs, the three companies implemented identical price increases at similar times, raising suspicions of collusion. The groups allege the price hikes are leading to a vicious cycle of declining audiences and industry stagnation and call for a thorough investigation by the regulator.The statement, in Korean, is attached....
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