Korean Box Office Recovers To 70% Of Pre-Pandemic Business In 2023 H1; Quartet Of Local Films Could Boost Summer Further
27.07.2023 - 14:59
/ deadline.com
Korea’s box office reached 70% of pre-pandemic levels of revenue in the first half of 2023, according to data released by the Korean Film Council (KOFIC).
Korean action film The Roundup: No Way Out was the highest-grossing film of the period – pulling in $82M from 10.68 million admissions – followed by two Japanese animated features, Suzume and The First Slam Dunk, and U.S. titles Avatar: The Way Of Water and Guardians Of The Galaxy Vol. 3.
Total box office for the period reached $475M (KRW606.7BN), equivalent to 72.5% of average box office during the January-June period in 2017-2019, before Covid-19 shuttered cinemas and played havoc with release schedules.
As in many other territories, the recovery was partly due to ticket price increases, as admissions totalled 58.39 million, which is only 57.8% of the pre-pandemic average in the same period during 2017-2019.
While the top-grossing film in the first half was Korean, local films achieved only 54% of their pre-pandemic average, with total revenues of $166M (KRW212.2BN). Recovery was even slower in admissions terms, with Korean movies pulling in 21.05 million viewers, only 44% of comparable figures for 2017-2019.
As a result, Korean films accounted for just 34.9% of total box office and 36% of admissions, a significant drop from pre-pandemic days when local movies usually had a more than 50% market share.
Meanwhile, foreign films grossed a combined $311M (KRW395.6BN), equivalent to 88.7% of average box office revenue from 2017-2019. Combined admissions for non-Korean movies reached 37.34 million, around 70% of of comparable figures for 2017-2019.
Japanese films saw the biggest increases, grossing a combined $103M (KRW131.5BN) from 12.68 million admissions, with