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NEWS & REPORTS
KOFIC Releases the Report on 2016 Korean Film Industry
May 08, 2017
- Writerby AHN Young-yoon
- View1261
The Korean Film Council (KOFIC) issued its report on the Korean film industry in 2016. According to the report, the Korean film industry recorded USD 1.98 billion in sales last year which constituted a 7.6% rise from the year before, thus its sales have surpassed USD 1.74 billion (KRW 2 trillion) for the third consecutive year.
Ticket sales in 2016 increased 1.6% year-on-year to USD 1.52 billion. However, the number of viewers last year was 217.02 million which represented a decrease of 0.1% compared to the previous year. Although the drop was slight, it was the first recorded decrease since 2010. This reflects that the Korean film industry has reached market saturation and stepped into a stage of sluggish development.
The total number of moviegoers for Korean films was 116.55 million (a 53.7% market share), up 3.2% from the year before, while that of moviegoers for foreign films was 100.47 million (a 46.3% market share) demonstrating a 3.7% of the year-on-year decrease.
The digital online market has been growing its sales volume after a period of stagnation. It turned over USD 359 million, which is 23.2% more than 2015. Market growth was led by a 28.3% rise in TV VOD sales and 16.7% uptick for Internet VOD sales.
Meanwhile, sales of local movies abroad in 2016 were USD 101.09 million with 82.1% rise from a year before. Finished films amounted to USD 43.89 million, up 49.4% year-on-year, while service sales were USD 57.2 million, which is the highest amount since 2011. These were mainly caused by the exports of major films like Train to Busan, VFX companies winning contracts for Chinese blockbusters and more location filming in Korea.
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