{"id":2203409,"date":"2024-01-11T16:57:08","date_gmt":"2024-01-11T07:57:08","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203409"},"modified":"2024-01-12T17:10:58","modified_gmt":"2024-01-12T08:10:58","slug":"why-south-koreas-film-industry-struggled-to-draw-audiences-in-2023","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/01\/why-south-koreas-film-industry-struggled-to-draw-audiences-in-2023\/","title":{"rendered":"Why South Korea\u2019s film industry struggled to draw audiences in 2023"},"content":{"rendered":"
Experts anticipated the South Korean film industry to rebound in 2023, with pandemic restrictions and fears over. However, contrary to these expectations, the industry faced a stark reality. While the U.S. film market saw a resurgence with successful viral marketing campaigns like \u201c<\/span>Barbenheimer<\/span><\/a>,\u201d the Korean film scene struggled, with only a few films achieving profitability.<\/span><\/p>\n This unexpected downturn signaled a critical moment for an industry at a crossroads, challenging its traditional strategies and market dynamics.<\/span><\/p>\n A CRISIS YEAR<\/b><\/p>\n In 2023, the Korean film industry released over a hundred films in cinemas, but success was elusive, as <\/span>only six<\/span><\/a> of these managed to recoup their production costs. Among the few successes were\u201cThe Roundup: No Way Out,\u201d \u201cSmugglers,\u201d \u201cSleep,\u201d \u201cLove Reset,\u201d \u201cThe Ghost Station\u201d and \u201c12.12: The Day.\u201d This underperformance of the majority of releases underscores a deepening crisis.<\/span><\/p>\n The financial struggles extended across various genres and production scales. A case in point was the sci-fi disaster film \u201cThe Moon.\u201d Despite considerable backing from CJ ENM, to the tune of $21.5 million (28 billion won), the film fell drastically short of its break-even goal of 6 million admissions, selling only half a million tickets.<\/span><\/p>\n Similarly, \u201cRoad to Boston,\u201d a historical drama from Lotte Entertainment with a budget of $16.1 million (21 billion won), also faced a significant shortfall, attracting just over a million admissions, far below the required 4.5 million.<\/span><\/p>\n These instances were not anomalies but part of a broader trend of underperformance, with other major releases like \u201cPhantom,\u201d \u201cRansomed,\u201d and \u201cThe Point Men\u201d echoing similar disappointing outcomes. Even films like \u201cConcrete Utopia,\u201d which achieved a measure of success and was selected as South Korea\u2019s <\/span>submission for the Academy Awards<\/span><\/a>, struggled to meet its admission targets, barely reaching the threshold of 3.8 million.<\/span><\/p>\n A particularly alarming aspect was the industry\u2019s inability to attract audiences to local films. Between <\/span>January and August<\/span><\/a>, the total revenue generated by Korean films reached only 45.9% of their pre-pandemic levels. In contrast, international films showed a robust recovery, achieving 89.7% of their previous performance.<\/span><\/p>\n This disparity highlights a troubling trend for the Korean film industry, which once prided itself on its strong domestic appeal.<\/span><\/p>\n