Although Korean films have a stellar reputation for quality and storytelling, a challenging theatrical market in Korea and overseas is impacting their international success 

※ The contributions of external writers may differ from the opinions of KoBiz & KOFIC, and they do not represent the official views of KOFIC. 

Parasite, by Bong Joon Ho. © CJ Entertainment. 

There must be many film industries around the world who regard Korean cinema with envy. Following the success of Bong Joon Ho's Oscar-winning film Parasite, and with the global popularity of K-pop and K-dramas, Korean films have a 'brand awareness', backed up by a reputation for quality and strong storytelling, that very few other countries can match.

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And yet, the producers, filmmakers and international sales agents toiling away at the coalface of Korean cinema are probably not feeling like this is a golden era. Interest in Korean films hit a high point with Parasite's multiple awards at the Oscars in 2020, but the ceremony coincided with the start of the pandemic and removed any chance for the Korean industry to capitalise on the film's success. Cinemas across the world were shuttered, audiences turned to streaming platforms, and in most countries, the box office hasn't fully recovered since.

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But perhaps the Korean film industry's biggest headache is in their home market, where total box office reached only $964m in 2023, which is 45% below pre-pandemic levels, according to Korean Film Council figures. While there have been a few big hits over the past year - 12.12: The Day, Exhuma and The Roundup: Punishment - the Korean market has become polarised with many local films performing far below expectations at the box office.

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As the distributors of Korean films around the world explain, this has a knock-on effect on the films' performance in the international market. "These days, Korean films are facing significant challenges at the box office. Success [in the US] often hinges on their performance in Korea itself, especially since many of our Korean films cater to the Korean diaspora," explains Doris Pfardrescher, CEO of Well Go USA, one of the biggest buyers of Korean movies.