It Seems Unlikely to Reach 100 Million Moviegoers This Year
Major Distributors Put the Brakes on Investments... Some Blockbusters Abandoned
A Blockbuster Is Not Essential for a Turnaround
"Zombie Daughter" Is an Encouraging Sign
The government has invested 27.1 billion won to put out the urgent fire. This is the story of the stagnant movie theater industry. On July 25, when 4.5 million 6,000-won discount coupons were distributed, the number of moviegoers increased. The following day, 729,067 people visited theaters, and on July 30, which was "Culture Day" (the last Wednesday of every month), 862,198 people flocked to cinemas. On August 2, the number reached 883,847, marking the highest daily audience count of the year.
However, there are clear limitations to such short-term measures. After the distribution of discount coupons, the number of moviegoers has returned to a level similar to last year. It still falls far short of pre-COVID-19 pandemic numbers. In July 2019, there were seven days when more than 1 million people went to the movies. The highest daily audience that year was 1,732,892 (on the 6th). The total number of moviegoers that year was 226,678,228.
This year, even reaching the critical threshold of 100 million seems difficult. As of August 3, only 56,429,935 people have visited theaters. In the first half of the year, the number was just 42,497,753. This is a dramatic decrease of 32.5% compared to last year. The decline for Korean films was even steeper, at 42.7%. There has not been a so-called "blockbuster" hit. The Korean film that attracted the most viewers so far this year is "Yadang," which drew 3,378,166 people.
For the number of moviegoers to increase, a film capable of leading a dramatic turnaround, such as a "10-million-viewer movie," is needed. This year, the most likely candidate was "Omniscient Reader's Viewpoint" ("Jeondoksi"). It was produced over five years by Realize Pictures, the company behind the "Along with the Gods" series, which attracted over 20 million viewers. With a production cost of 31.2 billion won, the film needs to attract at least 6 million viewers to avoid losses.
The result has been disappointing. Despite optimal conditions with government support, the film failed to attract even 1 million viewers in the first twelve days through August 3. Its daily box office ranking fell to 5th place (34,477 viewers), making it unlikely to surpass 1.5 million viewers. Even considering its pre-sales to 113 countries, losses of over 10 billion won are inevitable.
The adaptation is frequently cited as a reason for the poor performance. There is criticism that the vast original web novel was excessively compressed. Many are questioning the story's persuasiveness. There are pointed remarks that the protagonist, Kim Dokja (Ahn Hyo-seop), is not convincingly portrayed as to why he must fight and survive in the now-real world of the novel. He is depicted merely as a character who sees through the story, making it difficult for the audience to actively engage.
As the film heads toward failure, a sense of crisis is growing at the distributor Lotte Cultureworks. An internal source said, "With such large losses, we may have to completely reconsider the films we were preparing."
This is not just a problem for Lotte Cultureworks. Megabox Plus M recently abandoned investment and distribution for a film with a production budget of 30 billion won, even though top stars had already been cast. CJ ENM, the leading domestic investor and distributor, is also preparing multiple films, but investment has stalled, causing repeated delays in announcements.
A film production company insider said, "With major films like 'The Moon' (2023), the 'Alienoid' series (2022·2024), and 'Project Silence: Escape' (2024) all failing at the box office, the investment market has shrunk significantly," adding, "Given the poor performance of 'Jeondoksi,' there is a high possibility that this trend will continue for a long time."
A blockbuster is not a prerequisite for the revival of Korean cinema. Even recently, "Zombie Daughter," which had a production cost of 11 billion won, has been performing strongly. In just five days through August 3, it attracted 1,866,251 viewers. By following a relatively safe formula and targeting the parent generation, it became the biggest beneficiary of the discount coupon campaign.
Another production company insider emphasized, "'Zombie Daughter' proves once again that even a melodramatic film can succeed at the box office if it sufficiently reflects the public’s tastes," and added, "Finding elements that can attract audience interest and expectations has become more important than ever." He continued, "If the momentum continues with genre films like 'The Devil Has Moved In' (to be released on the 13th) and director Park Chanwook's 'It Can't Be Helped' (to be released in September), it could bring favorable winds not only to Korean cinema but also to theaters overall."
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