The Korean Film Drought: A Scarcity of Stars on the Silver Screen?
The South Korean movie landscape is about to undergo a dramatic shift. While 2022 saw a backlog of films collecting dust on studio shelves, the following years could face a critical shortage of new releases. A perfect storm of financial caution and decreased viewer confidence has led major studios to tighten their belts, raising concerns about the future of Korean cinema.
Despite clearing out its backlog, the industry is producing far fewer new films. In 2024, only a handful of big-budget productions will be vying for audience attention. Major studios like CJ ENM, Lotte Entertainment, Showbox, New, and PlusM Entertainment, typically responsible for major Korean blockbusters, have scaled back their investment significantly.
"The number of theater audiences hasn’t fully recovered since the pandemic, and the box office is increasingly polarized," confessed a representative from a leading distribution company. "We have no choice but to be cautious in our investment decisions."
CJ, traditionally a powerhouse in the film industry, is only slated to release two films in 2025: "The Devil Has Moved In," directed by "Exit"(2019) helmer Lee Sang-geun, and Park Chan-wook’s highly anticipated next project, "I Can’t Help It.”
Rumours are swirling about CJ’s potential withdrawal from film production altogether, though the studio vehemently denies these claims. The success or failure of "Harbin," a gargantuan historical drama with a rumored 30 billion won budget (approximately $23 million USD), scheduled to premiere this December, may determine the studio’s future in the industry.
Lotte Entertainment, known for hits like "Parasite" and "Train to Busan," is pinning its hopes on several upcoming projects, including the summer blockbuster "Omniscient Reader’s Perspective," Koo Kyo-hwan’s "Resurrected Man," and Ma Dong-seok action thriller "Holy Night: Demon Hunters."
Showbox, riding high on the success of "Pamyo," is focusing on mid-budget productions like the Chinese remake "Someday in the Future" and the thriller "Snowfall," starring Kim Yun-seok and Koo Kyo-hwan.
New is banking on Song Hye-kyo’s star power in the Lunar New Year holiday release "Black Nuns" and a summer blockbuster featuring Jo Jung-seok and Lee Jeong-eun, "My Daughter Who Became a Zombie."
PlusM Entertainment, surprisingly, is bucking the trend. Fresh from the success of "Spring in Seoul", they are among the few studios actively investing for 2025. "Generously investing in creators" is their stated goal.
Their ambitious slate includes director Na Hong-jin’s new $40 million USD epic "Hope," featuring a star-studded cast with Hwang Jung-min, Jo In-seong, and Hollywood A-lister Michael Fassbender. While the film has finished filming, its extensive post-production, requiring heavy CGI and editing, will likely push its release to 2026, targeting international audiences.
Nearby, Director Na Hong-jin, known for his meticulous artistry, chats with lead actor Jo In-seong on the set of his latest dark fantasy epic "Hope,"
In response to this growing lack of new Korean content, cinemas are turning to re-releases. Films like "Begin Again" successfully drew in audiences after being re-released months after their initial run, exceeding the box office grosses of many recent newcomers. CGV cinemas have even launched a program showcasing one re-released film each month.
“There are definitely concerns about the lack of Korean films next year compared to foreign releases," admitted Hwang Jae-hyeon of CGV’s strategic support team. "But building a sustainable film business requires audience engagement. Word of mouth and nostalgia can attract viewers even after a film’s initial release."
This trend could mark a period of adjustment for the Korean film industry, a time for studios to reassess their strategies and for audiences to rediscover cinematic gems of the past.
## Teh Korean Film Drought: An Interview with Director Park Chan-wook
**World Today News:** The South Korean film industry seems to be facing a challenging period. While 2022 saw a backlog of unreleased films, 2024 is looking dramatically different with very few big-budget productions in the pipeline. Director Park Chan-wook, renowned for his captivating work in films like “Oldboy” and “The Handmaiden,” joins us today to discuss this pressing issue. director Park, thank you for your time.
**Director Park Chan-wook:** It’s my pleasure to be hear.
**WTN:** The industry is grappling with a perfect storm of financial caution and dwindling audience confidence. what are your thoughts on the current state of the Korean film industry?
**DPW:** It’s certainly a complex situation. While the pandemic undoubtedly dealt a blow to the industry,the issues we face go beyond that. There’s a growing sense of risk aversion among studios, understandably so given the fluctuating box office returns.
**WTN:** We’ve seen major studios like CJ ENM and Lotte Entertainment scaling back their investments. How do you think this will affect the type of films we see coming out in the future?
**DPW:** I worry that this trend could lead to a homogenization of content. Producers might potentially be tempted to play it safe,focusing on formulaic genres that have proven prosperous in the past,rather than taking risks on innovative and daring narratives.
**WTN:**
You’ve been a champion for auteur filmmaking throughout your career. Do you think this landscape will make it harder for directors like yourself to get their projects greenlit?
**DPW:** It’s always been a challenge for auteur filmmakers to secure funding, especially in a market driven by commercial considerations. This current climate undoubtedly accentuates those challenges. However, I believe that true artistic vision will always find a way. independent productions and international collaborations might become increasingly crucial for filmmakers seeking creative freedom.
**WTN:** What advice would you give to emerging filmmakers navigating this uncertain landscape?
**DPW:** Stay true to your vision. Never compromise your artistic integrity for the sake of commercial viability. Build strong relationships with collaborators you trust and explore alternative funding sources.And most importantly, don’t lose faith in the power of cinema to move and inspire audiences.
**WTN:** Do you see any silver linings in this challenging time? Are there any opportunities for the industry to emerge stronger?
**DPW:** I believe this period of introspection can be an opportunity for the Korean film industry to re-evaluate its priorities.Perhaps we can move towards more enduring models of production and distribution,focusing on quality over quantity. We can also leverage our global appeal to forge new international partnerships and broaden the reach of Korean cinema.
**WTN:** Thank you for sharing your insights, Director park. we hope to see your next masterpiece on the silver screen soon.
**DPW:** Thank you. I certainly hope so too.
**WTN:**
This has been a thought-provoking conversation. We’ll be keeping a close eye on the evolution of the Korean film industry as it navigates this critical juncture. Stay tuned for more updates on World Today News.
