Japan's 'Slam Dunk' hits screens in February, Korean movies hit record low

In February, the sales share and audience share of Korean films hit the lowest in 19 years.

According to the Korean film industry settlement for February 2023 announced by the Korean Film Council on the 15th, Korean film sales in February were 13.4 billion won, only 9.2% of February 2019.

The sales decreased by 70.1% (KRW 31.5 billion) compared to the previous month, and increased by about 5.5% (KRW 700 million) compared to February 2022, which was struggling due to the pandemic. The number of Korean film audiences in February was 1.27 million, which was 7.4% of February 2019. The number of Korean movie audiences in February decreased by 71.5% (3.19 million people) compared to the previous month, and also decreased by 7.7% (110,000 people) compared to the same month last year.

Before the pandemic, February was a time when Korean movies released targeting the Lunar New Year holiday were popular, so Korean movies tended to be strong. However, this year, the box office performance of Korean movies released during the Lunar New Year holiday was poor. In particular, with the release of Marvel movies in mid-February, both Korean film sales share and audience share hit their lowest figures in February since 2004, when the integrated movie theater ticket network began operation.

In February, the strength of foreign films such as ‘The First Slam Dunk’ and ‘Ant-Man and the Wasp: Quantum Mania’ stood out. As a result, Korean film sales decreased further. Foreign film sales in February were 55.6 billion won, a decrease of 29.7% (23.5 billion won) from the previous month, but an increase of 205.5% (37.4 billion won) compared to the previous year. Korean film sales amounted to 13.4 billion won, only 9.2% of February 2019. Korean film sales in February decreased by 70.1% (KRW 31.5 billion) compared to the previous month, and increased by 5.5% (KRW 700 million) compared to the same month last year, recording similar figures to the same month last year.

The #1 box office hit in February was ‘The First Slam Dunk.’ This movie ranked first in the box office in February with sales of 16.8 billion won (1.65 million viewers). Cumulative sales as of February were 37.4 billion won (cumulative number of viewers: 3.64 million). 'Ant-Man and the Wasp: Quantum Mania' ranked second with sales of 14.5 billion won (1.38 million viewers), and 'Titanic', a 25th anniversary re-release, ranked third with 6.5 billion won (450,000 viewers).

Choi Ji-ye, Ten Asia Reporter wisdomart@tenasia.co.kr