Early to Mid-December Releases Clustered
OTT Content Faces Competition in Buzz and Marketing
The period from December 25th, Christmas, through the year-end and New Year is traditionally considered a peak season for theaters. Although the distinction between peak and off-peak seasons has disappeared since the pandemic, it remains a good time to showcase new films as many people enjoy leisure activities. Last year, 'Noryang: Sea of Death' was released, and 'Spring in Seoul' surpassed 10 million viewers on Christmas Eve. This year, the atmosphere is different. Unusually, many films were released in early to mid-December. This is due to the impact of the popular Netflix original series 'Squid Game 2.'
Four Korean Films Released in December, Concentrated in Early to Mid-Month
Next month, four Korean films will be screened in theaters. Among them, '1 Victory,' 'Firefighter,' and 'Large Family' will be released on December 4th and 11th, respectively, while the occult film 'The Black Nuns,' starring actress Song Hye-kyo, will meet audiences on January 24th next year. 'Harbin' is the only major film to be released at the year-end, on December 25th. 'Harbin' tells the story of independence activist Ahn Jung-geun, directed by Woo Min-ho and starring Hyun Bin. It depicts those heading to Harbin in 1909 for a single purpose and those pursuing them.
The investment and distribution company CJ ENM announced early on that the film would be released in December. The film industry had expected a late December release. However, the release date was only announced on the 18th. Considering that theater release dates are usually announced at least two months in advance, this was somewhat late. It is presumed that the release timing was carefully considered until the last moment.
Films that were considering winter season releases seem to have decided on early to mid-December or January to avoid 'Harbin,' but in reality, the influence of 'Squid Game 2' is significant. Netflix will release 'Squid Game 2' on December 26th. The production cost is estimated to be 100 billion KRW, about four times that of the first season. The first season was released on Netflix in 2019 during the COVID-19 pandemic and gained worldwide popularity, sparking the K-content syndrome. With the highest cumulative Netflix viewership (14.1 million views) and over 2.2 billion hours of total watch time, interest in the sequel is considerable.
"Netflix 'Squid Game 2' Dominates Issues and Marketing," a Sigh
Theatrical films now inevitably compete with OTT platforms. A film company CEO preparing for a new release said, "When OTT content dominates public attention, interest in films released in theaters declines. Given the already low public interest in theaters, the release of a popular OTT work causes significant damage."
It is not only about popularity but also economic risk. The American company Netflix has been conducting aggressive marketing for 'Squid Game 2' months before its release. A film industry insider said, "'Squid Game 2' has aggressively secured various advertising spaces early on, making it difficult to promote theatrical releases during the same period."
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