KUALA LUMPUR: Golden Screen Cinema (GSC) Sdn Bhd is expected to close down more outlets this year, a move attributed to the growing competition from streaming services.
According to industry insiders, the rise of services like Netflix, Amazon Prime Video, and Disney+ has put pressure on traditional movie theater offerings by giving customers easy access to a wide selection of films and TV series from the comfort of their homes.
In contrast to theaters that have set times for showings, these streaming services provide on-demand viewing, which lets patrons watch content whenever it's convenient for them.
The insiders said that the Covid-19 epidemic further expedited the trend towards streaming services as individuals sought safe entertainment options amid lockdowns and social distancing measures.
"In response to this competition, cinema operators have been adjusting their strategies, focusing on enhancing the in-theater experience, offering premium amenities, and securing exclusive releases to attract audiences back to cinemas.
"However, the increasing ticket prices have also posed a challenge, particularly for budget-conscious moviegoers," the insider told Business Times.
Key GSC officials were not available for comment at the time of writing.
GSC recently announced the closure of its outlets in Klang Parade Mall and Heritage Mall Kota Tinggi effective April 1, following the closure of the 3 Damansara Mall branch earlier in March after 15 years of operation.
The announcement on the closure of its outlets in Klang Parade Mall and Heritage Mall Kota Tinggi was made via the company's online platform on March 20.
Expressing gratitude for years of support and enthusiasm, GSC stated, "It's been an incredible ride and a pleasure to serve you. We cannot express enough gratitude for your unwavering support and enthusiasm over these years."
GSC suggests that patrons visit GSC Setia City and GSC IOI Mall Kulai, the nearest alternative outlets to those being closed.
Last year Berjaya Times Square Kuala Lumpur reached an agreement with mm2 Asia Ltd to establish mmCineplexes as one of the mall's new anchor tenants to replace GSC.
GSC decided to move after 17 years of operation at the mall to the nearby LalaPort, located within the ongoing development of Bukit Bintang City Centre on the former historic site of Pudu Prison.
It ceased to operate out of Berjaya Times Square on Nov 26.
Berjaya Times Square Sdn Bhd executive director Tan Tee Meng told Business Times back than that GSC had expressed intention to leave the mall during the Covid-19 pandemic.