Less Than Half the Audience of Q1 2019
Absence of Mega-Hits and the Rise of OTT Platforms
The stagnant film industry shows little sign of improvement. According to the March film industry report released by the Korean Film Council on April 17, the total number of moviegoers at theaters last month was 6,437,886. This is 45% (5,259,257) fewer than the 11,697,143 recorded in the same month last year. Revenue also fell to about 62 billion won, a decrease of 46.8% (about 54.6 billion won).
The industry remains trapped in a prolonged slump. The total number of theatergoers was only 8,905,791 in January and 5,474,329 in February. For the first quarter, the total was 20,818,006, slightly below the 23,931,150 recorded during the same period last year. In the first quarter of 2019, before the COVID-19 pandemic, the figure was 55,071,869, with 22,277,733 attending in February alone.
The main reasons for this roughly 50% contraction are cited as the absence of mega-hit films and the growing dominance of online video services (OTT). In the first quarter, the only release to attract more than three million viewers was director Bong Joon Ho's "Mickey 17" (3,011,538 viewers). Even this figure falls far short of his previous film "Parasite" (10,313,086 viewers). Other major releases included "Hitman 2" (2,547,448 viewers), "The Match" (1,892,922 viewers), "The Black Nuns" (1,670,555 viewers), "Captain America: Brave New World" (1,654,145 viewers), "Secret That Cannot Be Told" (824,109 viewers), "Attack on Titan: The Final Chapter - The Last Attack" (729,889 viewers), and "The Night Owl" (499,084 viewers). Of these, only five films surpassed the one million viewer mark. None managed to generate significant buzz, with most barely breaking even.
This month shows little improvement. Notably, on April 1, "Bridget Jones's Diary: New Chapter," which only held a preview screening, ranked second at the daily box office with 11,147 viewers, an unusual situation that drew attention.
While the film industry struggled, OTT platforms continued to thrive by releasing high-profile titles. In particular, Netflix garnered global attention in the first quarter with "Squid Game" Season 2, "Trauma Center," and "Chicken Nugget." This trend further entrenched a viewing culture focused on convenience, keeping audiences at home. The tendency may strengthen further, as the number of films produced this year has dropped significantly due to the slow recovery of the film industry. The perception that movie theaters are expensive has also become more widespread, highlighting the urgent need for comprehensive solutions.
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