[K Movie Golden Age]⑤ Korean Films Beyond 10 Million Viewers, Looking Ahead

Endemic Era, Film Industry Diagnosis
"10 Million Theater Admissions No Longer a Success Indicator"
Rapid Changes in Content Industry Environment
Changed Market, What Is Film?
The Concept of 'Theatrical Release' Becomes Ambiguous

[Image source=Yonhap News]

[Asia Economy Reporter Lee Isul] Korean films are gaining global trust beyond just being 'K-movies.' Following the sweep of the Palme d'Or and acting awards at the prestigious Cannes Film Festival, K-content has not only made waves at the Oscars but is now also eyeing the Emmys. Our filmmakers, who have diligently created content while flexibly adapting to market changes after the pandemic, are achieving remarkable accomplishments worldwide.

In June, the Ma Dong-seok-led film Crime City 2 (directed by Lee Sang-yong) became the first movie this year to surpass 10 million viewers. Drawing a total of 12.13 million audience members, the box office also flourished accordingly. Adding to this, Hollywood’s representative commercial series Top Gun: Maverick has exceeded 2 million cumulative viewers, continuing the heated momentum.

There was a time when capital and manpower were poured into creating well-planned '10 million viewer films.' While this is still relevant today, the context has changed somewhat. Although attracting a large audience can bring financial gains, the film and content industry is evolving rapidly, and '10 million viewers' is no longer considered the sole indicator of success.

The sales structure has also changed. As we move from the pandemic into the endemic era, the concept of 'theatrical films' is becoming ambiguous. While some countries like South Korea have revived their theaters, others still have cinemas that remain closed. In such places, sales through online video streaming services (OTT platforms) are gaining traction. The market is expanding across various platforms.

Kim Dosu, CEO of Showbox, told Asia Economy, "Until now, attracting '10 million viewers' was regarded as a success indicator for film investment and distribution companies, but as the content industry environment rapidly changes, the criteria for judging success have diversified."

Currently, Showbox is preparing 27 content pieces based on original works as well as popular IPs (intellectual property) from novels, webtoons, and films. CEO Kim said, "We are aggressively preparing new content suitable for next-generation platforms, not only films and series. The essence that presenting entertaining content on any platform is the most important has not changed."

He added, "Showbox is focusing on the development and expansion of original IP through close collaboration with creators. Along with these changes, we have evolved from an investment and distribution company that produced multiple '10 million viewer films' into a multi-content studio."

[Image source=Yonhap News]

The market and revenue structures have drastically changed due to the pandemic’s impact. The flow of capital has shifted. This is closely related to changes in the global theater industry. Lee Jungha, head of Content Panda, said, "K-content is recognized as the best in the Asian market and is receiving high attention. It is traded across various platforms, including theaters and proprietary OTT services. Having achieved remarkable results worldwide, its credibility has increased, and recently, Europe has also shown interest."

In the endemic era, there is talk about redefining the concept of film. Previously, a movie was recognized as such only if it was screened in theaters, but now, not being shown in theaters does not mean it is not a film. People can enjoy movies comfortably at home, and OTT content is sometimes screened in theaters as well.