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SEOUL -- To diversify its contents platform, Lotte Cinema will launch a video streaming service for the first time as a South Korean movie theater franchise.
Lotte Cinema said in a statement on Monday that it would launch a new platform business such as OTT (over the top) in June. OTT is a video contents service also known as video streaming service and users pay for each content or for monthly subscriptions.
Lotte said its OTT service would be charged per content like streaming services provided by Google or Apple. "It will be an integrated online and offline service for theater and OTT platforms."
South Korea's movie industry has seen a slow increase in the number of moviegoers which stood at 217 million in 2017, compared to 213 million four years ago. Meanwhile, video streaming service providers and telecom firms operate OTT platforms. The Seoul-based market researcher, Strabase, predicts South Korea's OTT market will reach some 780 billion won (728 million US dollars) in 2020.
reporter
Park Sae-jin
swatchsjp@ajunews.com
