Korean films are struggling to maintain their market share, as a dearth of major hits undercuts their competitiveness, latest data released by the Korean Film Council (KOFIC) showed.
The number of Korean moviegoers who watched local films plunged 29.1 percent year-on-year in the January-October period this year. In contrast, foreign films witnessed a 35.3 percent growth in ticket sales during the same period.
The market share of Korean movies also tumbled from 62.3 percent last year to 46.4 percent this year, while foreign films rallied to achieve the remaining 53.6 percent, sharply up from 37.7 percent.
What's worse, while viewership slid significantly, the number of Korean films released in the first 10 months was 89, three more than the same period a year ago, further worsening profitability.
Hostile market conditions are dealing a harsh blow to major film distributors here. Heavyweight producers like CJ Entertainment, Showbox and ...More
Debuting director Kim Mi-jeong
joined the increasingly influential ranks of female directors in Korea. She starts out with a historical thriller set in a harem at a royal court, titled "Shadows in the Palace
portrays the protagonist. She investigates a murder in the court which is kept under wraps. The headstrong woman pushes on while being opposed and un...More
The summer season has been dominated by Hollywood blockbusters, but a wide collection of Korean films are lining up for a release during the Chuseok holiday in September.
The holiday, which will effectively last from September 22 to 26, is traditionally one of the busiest times of the year at the local box office. With many big hits having been launched during Chuseok in past years, attention is focusing on which of this year's films may have the potential to break out.
Local distributors CJ Entertainment, Lotte Entertainment, Showbox, and Cinema Service have each lined up a film for release, while Hollywood branch office Fox will also distribute one Korean title.
CJ's selection is "The Happy Life"
by director Lee Joon-ik
, who has acquired star status in Korea after box office smash "...More
SK Telecom, one of Korea's leading telecoms firms, is strongly considering a move into the Korean film industry.
The company announced on June 14 that it is considering setting up a film investment and distribution arm in 2008. Although SKT has already participated in film investment funds and owns a significant share of talent/production houses iHQ and Chungeorahm, the establishment of its own distribution arm would be expected to cause a considerable shakeup in the film industry.
"If we enter the film industry, we will unveil our new businesses from next year, however we have not yet determined the scale of the endeavor", the firm said. "We are also not ruling out the possibility of importing foreign titles in order to establish a distribution lineup".
Nonetheless, SKT stated that it is not consideri...More
As big Hollywood blockbusters start flooding our screens this summer, with every one claiming some box office record or other, the Chosun Ilbo for the first time rates the ticket sales of Korean movies, as opposed to audience numbers. The numbers come from movie distributors like CJ Entertainment, Showbox and Cinema Service, and the results are sometimes surprising.
When we rated the top 10 according to box office takings, the first to fifth were all overturned (chart 1). Thus "The Host"
by Bong Joon-ho
, which was seen by 13.02 million people, only comes second with a total income of W79.1 billion (US$1=938). Instead, "The King and the Clown
" by Lee Joon-ik
, which was seen by 12.3 million people, came first with a total income of W80.5 billion. "...More