This week, I’m sharing an article I wrote for KoBiz about how Korean films are being received internationally since the pandemic. Since I wrote this, a few mid-budget Korean films have been performing relatively well at the local box office, including Pilot, Handsome Guys and Escape, which is encouraging. But Korea continues to be a test case of what can happen to theatrical revenues when there is an over concentration of talent and investment in the streaming space.
KoBiz is a film industry online magazine run by the Korean Film Council. If you’re not familiar with it, I recommend you check it out because they have fantastic coverage of the Korean film industry, companies and talent, along with solid box office information. I only wish other territories in Asia had something similar..
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.
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, box office hasn’t fully recovered since.
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 [PICTURED ABOVE] and The Roundup: Punishment – the Korean market has become polarised with many local films performing far below expectations at the box office.
As the distributors of Korean films around the world explain, this has a knock-on effect for 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.
In the huge North America market, Korean films can also be distributed directly by a Korean studio such as CJ ENM, or in the case of films with Oscars potential, through distributors that can spend on an awards campaign, such as Neon (which distributed Parasite) or MUBI (Park Chan-wook’s Decision To Leave). However, most Korean films go through a distributor such as Well Go USA that specialise in Asian cinema and know how to reach diaspora audiences.
Well Go USA’s best-performing Korean films since the start of the pandemic include Yeon Sang-ho’s Peninsula, which grossed $1.23m in 2020, and Jang Jae-hyun’s Exhuma, which has taken $2.3m since its March 2024 release. “Peninsula’s success is due to its association with the beloved Train To Busan franchise, which already had a dedicated fan base, while Exhuma found success with its unique storyline and also appealed to both older and younger audiences,” Pfardrescher says.
Elsewhere in the world, Korean box office results are also a major influence in Asian markets. “We closely follow what is happening to Korean films in their home country,” says Ashwani Sharma, founder of Indian distributor Impact Films. “If a film does well in Korea or a big market like the US, we are more likely to do a theatrical release in India.”
To read the rest of this article, subscribe to the ‘Streamlined’ newsletter: