Theaters Without 10-Million-Viewer Hits... Will Na Hong-jin's 50 Billion-Won Blockbuster Lead a Summer Comeback?

Korean Films Hold 41.2% Market Share: Betting on Blockbuster Projects
A Fierce Box Office Battle with Hollywood Led by "Odyssey"

Movie Still Cut from "Hope"

The Korean film industry is facing a crisis. Audiences are turning away from theaters, and soaring production costs are discouraging investment. Last year, total theater attendance barely surpassed 100 million, reaching 105.2 million viewers. Not a single film attracted more than 10 million viewers. In particular, the market share of Korean films was only 41.2%, falling far short of expectations.

Starting this year, the industry has shifted its strategy. It is moving away from the era of mass-producing mid-level box office hits and focusing capital on blockbuster projects by renowned directors and on proven intellectual properties (IP).

Lunar New Year and Summer: The Watershed for Recovery

The prospects for a rebound in Korean cinema will be determined by the Lunar New Year and summer box office seasons. In February, during the Lunar New Year holiday, "The King and the Man Who Lives" directed by Jang Hang-jun and "Humint" directed by Ryoo Seung-wan will be released. The former is the first Korean historical drama to spotlight King Danjong, starring Yoo Hae-jin, Park Ji-hoon, and Yoo Ji-tae. The latter is a spy thriller set in Vladivostok, Russia, featuring secret agents from North and South Korea, with Jo In-sung, Park Jung-min, Park Hae-joon, and Shin Se-kyung in leading roles.

Movie Poster for "Humint"

In the summer market, director Na Hong-jin's "Hope" will be unveiled. This blockbuster, with a production budget of around 50 billion won-the largest in Korean film history-depicts a confrontation with mysterious extraterrestrial beings at Hopohang in the Demilitarized Zone. The cast includes Hwang Jung-min, Jo In-sung, Jung Ho-yeon, and Michael Fassbender.

Director Lee Chang-dong's new film "Possible Love" is also highly likely to be released on Netflix within the year. This drama tells the story of a laid-off worker and his wife who become involved in a documentary film project. The cast features Jeon Do-yeon, Sol Kyung-gu, Cho Yeo-jeong, and Jo In-sung. This move is expected to symbolize that theaters are no longer the only platform for films.

Hollywood: Banking on Nostalgia and Immersive Experiences

Hollywood is focusing on reaffirming the value of theaters. It is putting franchises with powerful fan bases and overwhelming visual experiences at the forefront. The most anticipated film is Marvel Studios' "Avengers: Doomsday," set for release in December. Robert Downey Jr. will return not as Iron Man, but as the villain Doctor Doom. In May, Lucasfilm's "The Mandalorian and Grogu" is expected to draw attention, followed by "Toy Story 5" and "Shrek 5" in June.

Movie 'Odyssey' still cut

In July, director Christopher Nolan's "Odyssey" will be released. It is the first film in history to be shot entirely with IMAX film cameras, with filming taking place across 10 countries including Italy and Scotland. The total length of film used reached 609 kilometers. The cast features Matt Damon, Tom Holland, Anne Hathaway, Robert Pattinson, Zendaya, and Charlize Theron.

Other major releases in the second half of the year include "Spider-Man: Brand New Day" starring Tom Holland (July), "The Batman - Part 2" starring Robert Pattinson (October), and "Dune: Part 3" directed by Denis Villeneuve (December).