The Korea Film Council reported on April 17th that CJ ENM held a 6.55% audience share in the previous year. This was due to the underperformance of highly anticipated films such as “The Moon”, “The Boys”, and “Alienoid 2”.
Specifically, the success of “Exhuma” propelled Showbox to overtake CJ ENM, which had been the top film distributor until then.
Plus M Entertainment secured the first place by drawing in over 20 million admissions (17.2%). In terms of domestic distributors, Plus M had a dominant figure of 35.5%, thanks to the success of its box office hits “12.12: The Day” and “The Roundup: No Way Out” in the previous year.
Noryang: Deadly Sea, Single in Seoul, Sleep, and Concrete Utopia are all distributed by Lotte Culture Works, which ranked second among Korean distributors with 11.9%. Next Entertainment World (NEW) followed in third place.
Despite introducing a number of new movies last year, CJ ENM faced a significant loss of tens of billions of won. Disappointingly, not one of these movies was able to surpass 1 million admissions. The highly anticipated “Alienoid 2″also fell short and failed to reach the break-even point. In an effort to address the company’s struggles in the film industry, CEO Koo Chang-geun took over the movie division this year, but his recent sudden resignation has only added to the confusion within the company.
Despite the shift towards OTT content, movies like “The Roundup: No Way Out”, “12.12: The Day”, and others continued to draw in over 10 million viewers. Showbox also reached the 10-million-viewer mark this year with “Exhuma”. However, CJ ENM has not yet had a box office success in the current year.
The results of the “Film Consumer Behavior Survey” conducted by Consumer Insights revealed that in the past year, 74% of consumers watched movies through OTT platforms, which exceeded the number of people who watched movies in theaters (66%). However, when it came to the latest movie releases, 37% of respondents preferred going to the theater to watch, which was slightly higher than the 33% who preferred OTT viewing.
Leave a Reply