South Korea's film investment market, frozen by plunging theater attendance and deteriorating profitability after the COVID-19 pandemic, is showing signs of a revival. CJ ENM (035760), which at one point halted new film investment altogether and faced speculation that it was scaling back its film business, is moving back into production, while global streaming platforms including Netflix are expanding investment from original series and dramas into feature films. Hwang Dong-hyuk, who achieved worldwide success with "Squid Game," is returning to theatrical filmmaking after about a decade, part of a broader return of creators to the big screen that has raised questions about whether the Korean film market is entering another boom.
Industry officials say it is too early to call this a full recovery for the Korean film market, but they see it as a signal that investment sentiment, which had contracted after the pandemic, is coming back. "What matters is not simply that more films are being released, but that new projects have started moving at the planning and development stage, which comes at the front end of film production," an industry official said.
The recovery at theaters this year is clearly visible in attendance figures. According to the Korean Film Council's integrated ticketing computer network, cumulative admissions through August reached 87,041,768, up 28.6% from a year earlier. August admissions, boosted by releases including "Spider-Man: Brand New Day" and "Odyssey," totaled 19,282,660, up 43.3% from a year earlier.
Against this backdrop of recovering theater attendance, symbolic news signaling the revival of the film market has arrived in succession, including Hwang's announcement of his return to the screen. Hwang will return to theaters with "K.O. Club," his first theatrical film in about a decade since "The Fortress" in 2017. He wrote and directed the film himself, and the cast includes Lee Byung-hun, Oh Jung-se, Park Hae-soo, Cho Yeo-jeong and Kim So-jin. Filming is scheduled to begin in the first half of 2027, and a distributor has not yet been determined. Hwang began conceiving "Squid Game" in 2008 and completed the script in 2009, but at the time it was judged too unfamiliar and bizarre to make as a film and failed to attract investors. It was eventually released through Netflix and became a global sensation.
CJ ENM's moves are also drawing attention. The company had been conservative about new film investment as box-office failures of major titles overlapped with the contraction of the theater market during the pandemic, and at one point it was said to have no films in preparation, fueling speculation that it was shrinking its film business. Recently, however, it has joined forces with Hive Media Corp to produce "The Gardeners," putting weight back into its film business. "The Gardeners" is directed by Nam Dong-hyeop and stars Song Kang-ho, Koo Kyo-hwan, Song Seung-heon, Lee Kwang-soo and Shin Hyun-been. Filming began in April and production has been completed, with CJ ENM participating as distributor.
Hive Media Corp has established itself as one of Korea's leading production houses by continuing to make films such as "12.12: The Day" and "Harbin" even during the pandemic. "Nambeol," the directorial debut of cinematographer Lee Mo-gae starring Lee Byung-hun and Go Youn-jung, is also set to begin filming in the second half of this year.
Netflix has also launched a series of film productions, including "Dochabi" and "Reinstated Cop." "Dochabi" is produced by Ondaworks, which made "The Great Flood," and stars Kim Do-hoon, Jeon Jong-seo, Lee Joon-gi, Lee Sang-yi and Bae In-hyuk. Set in a border region inhabited by fire-field farmers, it depicts a struggle against beings of unknown identity. "Reinstated Cop," starring Cha Tae-hyun and Uhm Ji-won, is also in preparation.
As film productions multiply, actors are also preparing to return to the screen one after another. With the number of films produced falling after COVID-19, even actors known for their strength in film could not find projects and had to broaden their activities to stages such as theater. But with film production reviving recently, they too are preparing to appear in new films.
