There’s no doubt that the cinema industry has taken a hit in recent years, seeing how there’s been a decline in cinema-goers. Malaysia’s largest cinema exhibitor Golden Screen Cinemas (GSC) has also suffered a few closures in the past year – but it looks like they’re looking to say goodbye to more outlets soon.
GSC’s parent company, PPB Group Berhad, recently held a media conference to discuss plans for its subsidiaries, including their cinema. During the briefing, Chief Executive Officer Koh Mei Lee revealed that GSC will close two more Klang Valley outlets within the next few months. However, the CEO clarified that the closures of the two outlets are to boost the efficiency of its neighbouring branches, located in newer malls.
Koh Mei Lee explained that the decision to close the outlets was also due to its soon-to-expire leases, with one set to expire this year and the other in 2025. However, the CEO didn’t mention the names of the soon-to-close outlets or the exact dates. GSC currently operates over 50 locations nationwide, with some outlets operating under Aurum Theatre and one as Velvet Cinemas.
Over the past couple of years, GSC has closed down a shocking number of cinemas, including their 3 Damansara and Alamanda outlets, which operated for 15 years until its closures. However, the cinema also saw the opening of a new outlet at KL East Mall a few months back and several outlets are currently under construction.
The new openings seemed to put to rest the rumours of a declining business, but many movie fans are still concerned about the future of the cinema. Despite that, Koh Mei Lee said the GSC has seen a steady growth in profit in the past few months. She remains optimistic about the performance in the second half of 2024, adding that the release of Hollywood blockbusters could help bring in more audiences.
For now, we can only wait to see which outlets will close their curtains for good – but what are your thoughts on this?
Source: Oriental Daily
