Can 'Hope' save Korea's bleeding cinema?

A scene from the film "Hope" / Courtesy of Netflix

Director Na Hong-jin speaks during a press conference for his movie "Hope" at a theater in Seoul, Monday. Yonhap

The Korean film industry currently finds itself in a strange paradox where its global influence is expanding while its domestic foundations are crumbling rapidly.

While prominent foreign filmmakers continue to praise the country as a world-class cinema powerhouse, local insiders fear that Korea might repeat the tragic decline of Hong Kong cinema due to an ongoing structural recession.

That's is why all eyes are now on director Na Hong-jin and his upcoming sci-fi thriller “Hope,” scheduled to hit theaters on July 15.

It is the most expensive project in Korean cinematic history with a budget exceeding 50 billion won ($33 million) and represents what many call the final lifeline of the domestic box office.

The global reputation of Korean films remains remarkably high, contrasting sharply with its grim domestic reality.

"I have long admired Korean cinema and Korean audiences for their enthusiasm," American director Josh Safdie said during an online press conference with Korean reporters on July 2, introducing his movie “Marty Supreme,” which hit local cinemas the day before. "Korea is one of those countries that are genuinely taken to cinema."

Actor Fan Bingbing speaks during a press conference for her movie "Mother Bhumi" during the 30th Bucheon International Fantastic Film Festival at Hyundai Department Store in Bucheon, Gyeonggi Province, July 3. Yonhap

Chinese actor Fan Bingbing shared similar praises at a press conference during the Bucheon International Fantastic Film Festival on July 3.

"Korea has a highly developed film industry with excellent directors and actors, making it world class," Fan said. "Every time I visit, I envy the Korean film industry because it bravely handles real social problems and complex human relationships."

However, behind this glittering international recognition lies a bleeding market backed by alarming industrial metrics.

The domestic theatrical market has seen a sharp downward spiral over the past few years, accelerated by a 25 percent hike in ticket prices that reached 15,000 won for standard admission. This steep increase drastically outpaced inflation and triggered a severe decline in theater attendance, leading major multiplex chains like CGV, Lotte Cinema and Megabox to shutter dozens of branches across the country.

The financial bleeding culminated last month when Megabox, the third-largest theater chain in the country, entered court receivership, causing severe disruptions in the industry.

According to the Korean Box Office Information System, Korean films generated over 370 billion won in revenue with 37 million admissions in the first half of 2026.

Yet, the industry said this growth is an anomaly driven entirely by the historic blockbuster "King's Warden," which attracted 16.9 million viewers to become the highest-grossing film in the history of Korean cinema. The broader market remains deeply troubled as midbudget projects have completely vanished and investments have dried up.

This internal crisis has triggered urgent warnings from veterans who witnessed the fall of another cinematic empire.

Chan Hing-kai, the legendary screenwriter of the 1987 classic “A Better Tomorrow,” pointed out the striking similarities between the current state of Korean cinema and the golden era of Hong Kong.

"In the 1980s, Hong Kong used to produce around 200 films a year, but that number has plummeted to just about 20 today," Chan said to Korean reporters in Seoul on June 28. "The traditional production model relying on massive budgets and famous casting is becoming increasingly difficult, pushing the industry into a vicious cycle of investment shrinkage."

Chan Hing-kai, left, screenwriter and producer of the 1987 movie "A Better Tomorrow," takes a photo with a fan during the Hong Kong Film Gala Presentation at Emu Artspace in Seoul, June 28. Courtesy of Asian Film Awards Academy

With the industry facing a deep crisis, the pressure on Na has reached an all-time high. His new film "Hope," which marks his return after a 10-year break since "The Wailing," is seen as a crucial test of whether the Korean film market can still support large-scale blockbusters.

The director is well aware of this heavy pressure.

"I feel deeply burdened by the public sentiment that 'Hope' must succeed to keep the Korean film industry alive," Na said during an interview, Tuesday.

"I suddenly questioned why everyone was putting this on me, but I have no choice but to do my absolute best and put everything into every single detail."

Whether “Hope” can live up to expectations and revive the domestic market remains to be seen. However, a single blockbuster cannot permanently fix the deep problems of the industry. Without real improvements in the overall market system, concerns that the Korean film industry may eventually face the same tragic decline as Hong Kong cinema will remain.