MOVIE
Mid-tier Korean films have significantly contributed to the recovery of theaters
With the release of new films such as 'Escape,' 'Escape: Project Silence,' and 'Pilot,' along with the success of 'Handsome Guys' released in June, the revenue and audience numbers for Korean films in July saw a substantial increase compared to the previous year. In terms of revenue and audience numbers, July's performance for Korean films returned to pre-pandemic levels. The revenue for Korean films in July was 53.4 billion KRW, which is 130.7% (1.3 times) of the average revenue for Korean films in July from 2017 to 2019 (40.8 billion KRW), and it increased by 68.8% (21.8 billion KRW) compared to the same month last year (31.6 billion KRW). The audience number for Korean films in July was 5.62 million, which is 108.2% (1.1 times) of the average audience number for Korean films in July from 2017 to 2019 (5.2 million), and it increased by 69.0% (2.3 million) compared to the same month last year (3.32 million). Last July, there were no significant Korean film releases except for 'Smuggling,' resulting in a poor summer market performance with a market share of only 22.6%. In contrast, this July, the market share for Korean film revenue was 46.3%, and the market share for Korean film audience numbers was 46.7%. Additionally, various genres of K-movies, including action, disaster, and comedy, performed well in theaters in July.
At the center of this success were mid-tier Korean films like 'Escape,' 'Handsome Guys,' and 'Pilot,' which had a break-even point of around 2 million viewers. This indicates a shift from the traditional box office formula and distribution patterns, where the summer peak season was typically dominated by major Korean blockbusters. In the last week of July, which marks the beginning of the summer season in theaters, it was customary for tentpole films like 'Escape from Mogadishu' (2021), 'Hansan: Rising Dragon' (2022), and 'Smuggling' (2023) to be released. However, this year, the release of the mid-tier film 'Pilot' symbolically showcased the changes in the post-pandemic theater landscape.
◆ Foreign Films Struggle During Korean Film Peak Season, No Major Hits Except 'Inside Out 2'
The performance of foreign films in July was lackluster, except for 'Inside Out 2,' which was released two months ago. Among the foreign films released in July, the major film 'Deadpool and Wolverine' did not perform as well as its predecessors. Compared to the same month last year, which saw hits like 'Elemental' and 'Mission: Impossible - Dead Reckoning Part One,' the revenue and audience numbers for foreign films in July decreased. While 'Inside Out 2' topped the box office for two consecutive months, other foreign films did not achieve significant success. The revenue for foreign films in July was 61.9 billion KRW, which is 46.8% of the average revenue for foreign films in July from 2017 to 2019 (132.2 billion KRW), and it decreased by 42.9% (46.5 billion KRW) compared to the same month last year. The audience number for foreign films in July was 6.41 million, which is 40.5% of the average audience number for foreign films in July from 2017 to 2019 (15.82 million), and it decreased by 41.5% (4.54 million) compared to the same month last year.
◆ Diverse Summer Box Office Market, From Korean Comedies to Animations and Art Films
The family animation 'Inside Out 2' topped the overall box office in July with a revenue of 26.5 billion KRW (2.77 million viewers) and recorded a cumulative revenue of 80.8 billion KRW (8.41 million cumulative viewers), making it the highest-grossing foreign film of the year. 'Escape' ranked second with a revenue of 22.5 billion KRW (2.38 million viewers), becoming the first Korean film release of the summer to surpass 2 million viewers. 'Deadpool and Wolverine' ranked third with a revenue of 13.8 billion KRW (1.35 million viewers), and 'Handsome Guys' ranked fourth with a revenue of 12.1 billion KRW (1.29 million viewers), recording a cumulative revenue of 16.3 billion KRW (1.75 million cumulative viewers) by July. In the independent and art film category, 'Perfect Days,' which won the Best Actor Award at the 76th Cannes Film Festival, topped the box office with a revenue of 651.9 million KRW (69,811 viewers), and 'Zone of Interest,' which won the Grand Jury Prize at the 76th Cannes Film Festival, ranked second with a revenue of 315.24 million KRW (32,795 viewers). The box office success of film festival award winners continued with 'Perfect Days' and 'Zone of Interest.'
Reporter Kim Ji-won, TenAsia bella@tenasia.co.kr
