The Reason Behind CJ ENM’s Decision to Release Lee Sun-kyun’s ‘Project Silence’

Despite facing significant losses in the film industry, it appears that CJ ENM struggled to let go of the late Lee Sun-kyun’s film.

It was announced by CJ ENM that ‘Project Silence’ is planned to be released in July.

CJ produced ‘Project Silence’, a film with a production cost of 20 billion won.

CJ ENM’s reversal card is being praised for the lead actors’ performances, which showcase their potential. The film’s quality has also garnered attention, indicating potential success even before its domestic release.

‘Project Silence’ has received positive reception for its intense disaster scenes and engaging plot, and it is predicted to draw in 4 million viewers upon its release, reaching the break-even point.

Last year, ‘Project Silence’ was the sole Korean film to be officially invited to the non-competitive section of the 76th Cannes Film Festival. During its screening, the film garnered a standing ovation that lasted four minutes.

Despite a decline in CJ ENM’s once dominant film business, they ultimately made the decision to release ‘Project Silence’, the final film of Lee Sun-kyun, which they had previously been hesitant to do so.

Despite being a traditional powerhouse responsible for producing box office hits such as ‘Extreme Job,’ ‘Veteran,’ and ‘Parasite,’ CJ ENM has recently fallen to the bottom of the film distributor rankings.

According to data from the Korean Film Council, CJ ENM’s lack of success at the box office in the previous year resulted in a meager market share of 6.5%, positioning them at the bottom compared to other major distributors.

Despite high expectations, CJ ENM’s ‘Alienoid Part 2’ performed poorly at the box office, resulting in reported losses.

Despite releasing multiple films last year, CJ ENM suffered significant losses in their film business, with each consecutive release failing to perform well at the box office. Not a single film released by the company last year was able to surpass 1 million viewers.

Despite CJ ENM’s high hopes for ‘Alienoid Part 2’, the project only managed to draw in 1.5 million viewers this year. It fell far short of the break-even point of 7 million and even failed to surpass the 1.54 million viewers of Part 1.

Despite CJ ENM managing to just eke out a profit, the film industry continues to experience considerable losses.

Despite online video services (OTT) surpassing theaters in film viewership, it was still discovered that a larger number of consumers prefer to go to theaters to watch the newest releases.

Based on a recent ‘Film Consumer Behavior Survey’ carried out by Consumer Insight, it was found that within the last year, 74% of individuals watched films through OTT platforms, while 66% chose to watch in theaters. Interestingly, for the most recent movie releases, 37% of participants expressed a preference for watching in theaters, while 33% favored streaming through OTT services.

The source can be found at daum.