Why are Korean films struggling to compete in summer blockbuster race?
Summary
Korean films are struggling in the summer blockbuster race as Hollywood titles dominate the box office and local productions fail to gain traction. Three Korean releases this summer, including Hope, have drawn far fewer viewers than the major foreign hits. The article says the weak investment climate after the pandemic has made big-budget Korean films harder to produce. It also warns the slump may continue beyond this summer.
Key Facts
- As of Aug. 27, Spider-Man: Brand New had drawn 8.29 million viewers and The Odyssey had drawn 7.2 million.
- The Odyssey is likely to pass 10 million admissions, which would make it the first film to exceed that mark during the summer since August 2018.
- As of Aug. 27, 28.42 million people had visited theaters in July and August, up from 25.04 million in the same period last year.
- Foreign films accounted for 88.9 percent of the Korean box office in August.
- Hope had an estimated production budget of more than 50 billion won and drew 4.52 million viewers, while Okay! Madam 2 drew 320,000 and The Journey to Gyeong-ju drew 60,000 after opening on Aug. 26.
Foreign films account for 88.9 percent of Korean box office in Aug.
A scene from"Okay! Madam 2"/ Courtesy of CGV Pictures
Moviegoers flocked to theaters this summer. “Spider-Man: Brand New” had drawn 8.29 million viewers as of Aug. 27, while “The Odyssey” attracted 7.2 million. With “The Odyssey” showing no signs of slowing down, it is highly likely to surpass the 10 million mark. That will make it the first film to draw more than 10 million viewers here during the summer, traditionally considered peak moviegoing season, since August 2018 when “Along With the Gods: The Last 49 Days” attracted 12.27 million viewers after its release.
The number of moviegoers surged in July and August as well. As of Aug. 27, 28.42 million people had visited theaters, up 3.38 million from the 25.04 million who did so during the same period last year. In other words, Korean theaters are enjoying a genuinely lively summer for the first time in years. For theaters that have endured a brutal slump since the COVID-19 pandemic, they must feel like bowing down in gratitude to the two Hollywood films driving the box office.
A poster for Christopher Nolan's movie "The Odyssey" / Courtesy of Universal Pictures
Summer has often been a playground for Korean cinema. In 2017, “A Taxi Driver,” released in August, attracted 12.18 million viewers, while “Train to Busan,” released in July 2016, drew 11.56 million.
It was not always the case that a single Korean film dominated the summer market. In 2016, “Tunnel” and “Operation Chromite” attracted 7.1 million and 7 million viewers, respectively. In 2015, “Veteran” (13.41 million) and “Assassination” (12.7 million) divided the summer market between them. With so many Korean films scoring major hits during the summer, three or four big-budget productions would typically set their sights on July and August.
Actress Uhm Jung-hwa poses at the press conference for the film "Okay! Madam 2" in Seoul, July 13. Yonhap
This year is different. Korean films have barely been able to enter the race. “Hope,” “Okay! Madam 2” and “The Journey to Gyeong-ju ” all took on the summer market, but only “Hope,” with an estimated production budget of more than 50 billion won ($36 million), can reasonably be called a blockbuster. “Okay! Madam 2” cost around 7 billion won to make, while approximately 3 billion won was spent on “The Journey to Gyeong-ju.” In the past, productions of such scale would have struggled to compete in the summer blockbuster race.
A moviegoer watches a trailer for Na Hong-jin’s film "Hope"outside a theater in Seoul, July 19. Yonhap
“Hope” has been seen by 4.52 million people, while “Okay! Madam 2” has attracted just 320,000. “The Journey to Gyeong-ju,” which opened on Aug. 26, has drawn 60,000 viewers. All three are expected to struggle to reach their break-even points. With Korean films failing to gain traction, foreign films accounted for 88.9 percent of the Korean box office in August. Hollywood films have effectively gobbled up the giant pizza that is the summer movie market.
Several factors are behind the weakness of Korean films. The biggest negative factor is the chilling investment climate. Theater audiences shrank dramatically during the pandemic, dealing a direct blow to Korean cinema. With little money to be made, investment declined, and with less money available to spend, the number of films being produced inevitably fell. That is why big-budget films targeting the lucrative summer season have become increasingly difficult to find.
A promotional display for "The King's Warden" hangs outside a theater in Seoul, March 3. Yonhap
And this is not merely a problem with this summer's market. Korean cinema could remain in a prolonged slump. Even with hits such as "The King's Warden" the Korean film industry is still in the depths of winter.
This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.
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