Korean Cinema,
Firing a Flare of Revival
In the second half of 2021, the Korean theater district was still in the shadow of the COVID-19 Pandemic, but we could see some signs of revival compared to the first half of the year and the previous year. Especially from November, when the vaccination rate exceeded 70% of the population, the government changed its COVID-19 quarantine system to a ‘Back-to-Normal’ in phases, boosting the theater district. In time, the KOFIC held the ‘Korean Cinema, Our Old Friend’ Campaign, including ‘All-day discount events,’ and played a major role in revitalizing the theater to promote the influx of audiences into the theater from November 1.
'Vaccination pass theater' system , which
allows only customers who have passed the
vaccination 14 days to enter
KOREAN FILMS IN
SUMMER THEATERS
AND THE COVER PLAY
OF HOLLYWOOD
BLOCKBUSTERS
In the second half of 2021, box office scores can be divided into the advancement of Korean films in summer theaters and the cover play of Hollywood blockbusters, which had been delayed due to the Pandemic. Among the releases of Korean theaters in the second half of the year, a total of 10 films had more than 1 million viewers, doubling the number of the 5 films released in the first half of the year with more than 1 million viewers. Among them, Director Ryoo Seungwan's Escape from Mogadishu (3,613,679 viewers), followed by Eternals (3,046,961 viewers), which was highly anticipated by Korean audiences with the appearance of Actor Don Lee.
Among the top 10 films in the second half of the year, the proportion of Korean films to overseas films was 4 to 6. If we look at it by month, in the summer of August, the strength of Korean films stood out, led by Escape from Mogadishu. In September, during the Chuseok holiday, the theater district saw its sales increase by 100% (26.2 billion won) year-on-year due to a counter operation between Marvel's Shang-Chi and the Legend of the Ten Rings and the Korean films On the Line and Miracle.
In October, which enjoyed holiday specials, Hollywood blockbusters such as Venom: Let There Be Carnage, 007 No Time to Die, and Dune, which postponed their release due to the Pandemic, were released one after another. As a result, the sales of Korean films in October reached the lowest level in October since 2004. In November, Marvel's Eternals and the Korean films Perhaps Love, Spiritwalker, and Nothing Serious faced off. In December, Spider-Man: No Way Home, Marvel's representative ‘box office hero,’ is expected to dominate the theater district. Especially, by joining The King's Man and The Matrix Resurrections in December, it is forecast that those 3 Hollywood blockbusters will race together.
IN AUGUST,
FOUR KOREAN FILMS
RANKED FROM FIRST
TO FOURTH IN THE BOX
OFFICE, AND THE
MARKET SHARE OF
KOREAN FILMS
SURPASSED 80%
In a nutshell, the advancement of Korean movies stood out. In August, Escape from Mogadishu, SINKHOLE, and Hostage: Missing Celebrity successively made a hit in theaters. Especially in the last week of August, GUIMOON: The Lightless Door joined the three films, making four Korean films ranked from first to fourth in the box office, and the market share of Korean films surpassed 80%. It was slightly less than 8.83 million viewers (77.2 billion won in sales) compared to the same month last year. (920,000 viewers & 800 million won decreased).
However, considering the 4th Level of social distancing in the Seoul metropolitan area due to the resurgence of COVID-19 in August, the audience's response in the theaters can be seen as a significant achievement. And Korean films were loved so much in August. Notably, it's the first month when the number of Korean film viewers surpassed that of foreign films this year.
Such success in Korean films was not an easy achievement in the summer vacation season. To create a virtuous cycle of the film industry, the Korean film industry and the multiplex theaters tried hard to release two Korean tentpole movies. The theaters decided to support 50% of the total production cost of Escape from Mogadishu and SINKHOLE. By signing a contract that the distributor could be paid first until 50% of the total production cost was achieved, it led to the release of the two films, whose production costs are more than 25 billion won and 14 billion won, respectively. Without such an agreement, it would not have been possible for Korean tentpole movies to make the summer appearance amid the horrors of COVID-19.
HOLLYWOOD
BLOCKBUSTERS,
WEAKER COMPARED TO
THEIR REPUTATIONS
ETERNALS
DUNE
In the second half of 2021, the Hollywood blockbusters, which had not been able to confirm the release dates due to the Pandemic, landed with with 1 or 2 week's interval. Starting with Shang-Chi and the Legend of the Ten Rings on September 1, overseas film sales and the number of moviegoers increased significantly compared to the same month last year with the release of Venom: Let There Be Carnage and Dune in October and Eternals in November. In the meantime, the hiatus of Korean movies continued. Until the release of the Korean film Perhaps Love on November 17, none of the Korean films had more than 500 theaters for their release.
However, compared to the theater situation and their reputations, the box office hit of Hollywood blockbusters in the second half of the year is somewhat disappointing. Except for Eternals, which will be a new start for Marvel's 4th generation superhero narrative, the rest of them had less than 3 million viewers. Venom: Let There Be Carnage (2,123,290 viewers), Shang-Chi and the Legend of the Ten Rings (1,740,871 viewers), Dune (1,543,538 viewers), and 007 No Time to Die (1,229,965 viewers) recorded rather disappointing results without strong Korean movie competitors.
Among them, Dune is noticeable. Released on October 20, Dune has remained in the top 5 in ticket sales for 50 days after its release (Based on December 10), continuing its long-term box office record. It is a masterpiece directed by Denis Villeneuve and starring famous actors such as Timothée Chalamet, but the recognition of Korean audiences was lower than that of Marvel's superhero movies. However, as the audience response spread, "It must be seen in theaters, especially IMAX," the ticket sales rate of the movie has begun to soar. Especially, it is noteworthy that Dune has resumed IMAX screenings, beating Eternals. It reminds us again that the driving force behind the audience visiting the theater is eventually a movie optimized for the environment of the theater.
SPIDER MAN, WILL THE
SUPERHERO BE ABLE TO
REVIVE THE KOREAN
THEATER DISTRICT
FROZEN BY THE COVID19 PANDEMIC?
The movie that will shoot the ‘flame of resurrection’ in the Korean theater district in 2021 is highly likely to be Spider-Man: No Way Home, released on December 15. The movie, which recorded 80% of its ticket sales rate even two weeks before its release, is expected to be a box office hit with a maximum ticket sales rate of 94.6%. Some critics say, “Isn't it going to be the 'only one' movie beyond the screen monopoly?”, but the Korean film industry is paying keen attention to the size of the final audience in that it is the last 'tentpole' that will raise the stagnant theater district.
Spider-Man: No Way Home, which boasted an overwhelming power with 800,000 reservation tickets the day before its release, topped the box office with 635,104 viewers a day after its release. It recorded over 200,000 more viewers than Fast & Furious 9 THE FAST SAGA(Opening day 400,372 viewers), the best opening score record in Korean theaters since the Pandemic. It also surpassed the record of opening scores for Spider-Man: Homecoming(2017, 545,302 viewers), which was released before the Pandemic. On December 22nd, a new revival of the Matrix series, The Matrix Resurrections, is also set to be released.
by Jeon Jonghyuk, Shin Minju