SINGAPORE: Filmgarde Cineplexes said on Tuesday that it is shutting two of its cinemas, as part of a business transformation plan to cope with"changing trends" in the industry.
The company added that it will retain all employees at the two cinemas and redeploy them across other divisions, such as its property and hospitality businesses. “Since 2013, Singapore’s overall cinema attendance has been on a general decline. This is in spite of an increase in the number of screens and seating capacity during the same period,” he added in the news release.
The surge in online streaming platforms, he added, has “fundamentally altered global content production and distribution models as well as audience behaviour and media consumption patterns”. Filmgarde is one of the smaller players in the local cinema industry which has received relentless hits amid the COVID-19 pandemic. This included a four-month closure at the height of the outbreak in 2020 and brief bans on food and beverage consumption last year, while seats in cinema halls remain marked out to leave gaps in between movie-goers.
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Source: IndependentSG - 🏆 2. / 72 Read more »