[Opinion] The Crisis of Movies Is Not a Crisis of Content

When a road is built in a quiet countryside, the outcome can differ from expectations. The expectation is that city people will flock to the countryside for tourism, helping to revitalize the village. However, the result can be the opposite, with rural residents leaving for the city to shop and other activities, leading to the hollowing out of the village. In such cases, it may appear developed on the surface, but it feels empty inside. This is not uncommon in our countryside.

Whether things go as expected or lead to different results depends on whether the countryside has “competitive and differentiated content.” Even in rural areas, if there is unique content that people cannot help but visit, the village thrives. It doesn’t matter if it’s cultural heritage, food, performances, or cafes. Flower fields or unique sculptures that capture the “Instagram vibe” are equally effective.

These days, I wonder if Korean cinema is in a similar situation. At the 2020 Academy Awards, director Bong Joon-ho won four awards including Best Picture and Best Director for Parasite, paving the “road” for Korean cinema. It seemed like the era of global expansion and K-movie was coming. However, the COVID-19 pandemic brought a dark period. Theaters closed, and audiences disappeared. Even amid this, in May last year at the Cannes Film Festival, director Park Chan-wook won Best Director for Decision to Leave, and actor Song Kang-ho won Best Actor for Broker. Until then, things were still okay. Although there was some unease, Crime City 2 surpassed 10 million viewers, and Hansan: Rising Dragon exceeded 7 million, maintaining some pride. But that was the limit.

The first half of 2023 has been the worst ever for Korean films. Of the seven major Korean films released up to March this year, only Negotiation, starring Hwang Jung-min and Hyun Bin, released in January, recorded 1.72 million viewers. The rest failed to surpass 1 million viewers. Not a single film has crossed the break-even point. As of April 17, the films drawing over 4 million viewers and continuing their success are Japanese films like Suzume no Tojimari and The First Slam Dunk. Korean films Rebound and Killing Romance, which were highly anticipated in April, failed at the box office.

Why has this happened? There are several reasons. One film industry insider said, “There’s talk that if a film is released now, it might not even recover the promotional costs. There are over 50 completed films yet to be released. Some are considering selling them to Netflix.” He added, “I feel a paradigm shift is happening.” With the rise of Over The Top (OTT) online video services, the era of theaters is fading. The way many people gather in a large space to watch movies is changing. It is moving toward “personalization.”

Most Korean films were shot before COVID-19, so they have not reflected the changed audience trends. For generations accustomed to short videos, a two-hour running time is too long, especially if the story is not solid. More writers and directors are venturing into OTT platforms beyond traditional cinema. Given these issues, lowering ticket prices alone will not immediately bring audiences back.

It is time to reflect on “competitive and differentiated content” and prepare for generational change and a new era. The crisis is clear for cinema. But is it really a crisis for Korean content as a whole?

This content was produced with the assistance of AI translation services.