[Popular Culture Review] ① Distant Spring Days for Theaters... Korean Films Struggle Despite Two 10-Million Hits

Analysis of This Year's Movie Rankings and Theater Outlook

Popular Sequels, Strong Presence of 80s-born Young Directors
Plus M Smiles, CJ and Lotte Sigh
After Clearing Out Warehouse Films... Next Year's Theater Scene Looks Dull

Exterior view of a movie theater in Seoul. Photo by Yonhap News

The theater audience that left did not return this year. The annual number of viewers surpassed 200 million in 2013 and remained at a similar level until 2019, but it was halved in 2020 due to the COVID-19 pandemic. Last year, a total of 125.14 million people visited theaters, but this year the number decreased further. The inability to grow the shrunken theater market for five consecutive years is analyzed not as a temporary slump but as a solidified trend in the industry.

The Most Watched Movie Was 'Pamyo'... Sequels on the Rise

According to the 2024 Korea Film Council's integrated ticketing system statistics, the total number of theatergoers this year was 115.87 million (from January 1 to December 16), about 10 million fewer than last year. Although there were two films that surpassed 10 million viewers in the first half of the year, the number of viewers decreased due to sluggish performance in the second half.

The most watched movie in theaters this year was the occult film 'Pamyo,' with 11.91 million viewers and cumulative revenue of 115.15655 billion KRW. The second place was 'Crime City 4,' starring actor Ma Dong-seok, with 11.5 million viewers and cumulative revenue of 110.05 billion KRW. Third place was the animated film 'Inside Out 2' (8.79 million), followed by 'Veteran 2' (7.52 million), and 'Pilot' (4.71 million).

Among the top 10 films by audience count, six were popular sequels. Two Hollywood animated films also made the rankings. Of the five Korean films in the top 10, four were directed by young-generation directors born around the 1980s, excluding 'Veteran 2' (directed by Ryu Seung-wan): 'Pamyo' (directed by Jang Jae-hyun), 'Crime City 4' (directed by Heo Myeong-haeng), 'Pilot' (directed by Kim Han-gyeol), and 'Talju' (directed by Lee Jong-pil).

It was a year notable for genre diversity. 'Pamyo' became the first occult film to attract 10 million viewers, and although not in the top 10, the B-grade horror comedy 'Handsome Guys' (1.77 million viewers) and the concert live film 'Lim Young-woong: I'm Hero The Stadium' (350,000 viewers) were well received.

The animation 'Sarang-ui Hatchuping' (1.23 million viewers) achieved a brief box office success with cumulative revenue of 1.19778 billion KRW. The progress of art films 'John of Interest' (204,362 viewers) and 'Perfect Days' (137,916 viewers) was also notable. Unlike the past when large blockbusters had an advantage, films with clear target audiences succeeded.

Plus M Flourishes Again This Year... Showbox Breathes Easier

Showbox, a distribution company that recorded significant operating losses over the past four years, found relief with 'Pamyo.' It surpassed the break-even point for the first time since 'Sinkhole' (2021) and exceeded 5 million viewers for the first time in seven years since 'Taxi Driver' (2017). Plus M Entertainment, which distributed 'Crime City 4' and 'Talju,' continued its upward trend by producing another 10-million viewer film this year following last year.

Lotte Entertainment achieved a solid hit with the comedy 'Pilot,' which had a production budget of around 10 billion KRW, but aside from this, there were no notable hits. CJ ENM, which released 'Alien+ 2 Part,' 'Dog Days,' and 'Escape: Project Silence' this year?all of which failed to break even?only had 'Veteran 2' on the list, continuing its slump from last year.

Growing Uncertainty in the Theater Market... 'No Choice' for Next Year

As uncertainty in theaters increased, the traditional release timing, which was a major consideration in promotional marketing, lost its influence. This year's 10-million viewer films were released in February ('Pamyo') and April ('Crime City 4'), rather than the traditional tentpole seasons of summer (July-August) and winter (December-January). Especially in summer, there were no blockbuster or tentpole-scale major releases; mid-level films were released but the market did not expand.

Although the number of Korean film releases was not small this year due to the release of previously shelved 'warehouse films,' it is expected that the number of Korean films shown in theaters will be limited over the next two years. Typically, major corporate investors invested in 10 to 12 films per year, but due to the production market slump after the pandemic, production companies decide to invest in only 2 to 3 films per year, at most 5. The total number of newly invested films this year is around 20.

Accordingly, next year's theaters are expected to be mostly filled with foreign films such as blockbusters and animations, with a sharp decline in the number of Korean film releases. CJ ENM has only two films scheduled for release in 2025: 'The Devil Has Moved In' (directed by Lee Sang-geun), which finished filming in 2022, and Park Chan-wook's new work 'Eojjeol Su-ga Eopda' (No Choice), currently in production. Including CJ ENM, major investment and distribution companies such as Lotte Entertainment, NEW, Plus M Entertainment, and Showbox are preparing about 10 to 12 major commercial film releases for next year.