By Cathy Rose A. Garcia
Staff Reporter
CJ Entertainment earned 4 billion won in net profits from the fantasy musical film ``August Rush,'' which topped the Korean box office last month.
CJ Entertainment said it invested in the film, which was produced by major Hollywood studio Warner Brothers. Of the film's $30 million budget, CJ Entertainment contributed 5% or $1.5 million.
As part of the deal, CJ Entertainment has co-production credits and holds the domestic distribution rights for ``August Rush.''
``August Rush" earned $75 million (70 billion won) from its worldwide distribution. CJ Entertainment announced on Tuesday that it is expected to earn 4 billion won in profits from the film, excluding its investment.
The musical film, which drew mixed reviews in the United States, did surprisingly well in Korea, attracting an audience of 2 million. It has earned 2.5 billion won since it opened Nov. 29.
CJ Entertainment said its investment in the Hollywood film does not just entail financial investment, but also participation in the film's production and development. The film's emphasis on the value of family reflected Korean sentiments. ``August Rush'' also helped publicize other CJ brands such as music channel M.Net.
``August Rush'' is a melodramatic fantasy musical starring Freddie Highmore, Keri Russell, Jonathan Rhys Meyers and Robin Williams. The film's heartwarming tale about a young orphan boy who is looking for his parents through music, appealed to Korean audiences.