'Owl' Remade in China "Highest Price for a Korean Film"
"Localization in Progress Based on Original Major Settings"
NEW, Partial Box Office Share Upon Success
The movie 'Olbaemi' is being produced in Chinese. Distributor NEW recently announced on the 9th that it has signed a remake rights contract with a Chinese entertainment company. A representative explained, "This is the highest price ever paid for Korean film rights sold to China," adding, "If the film succeeds at the box office, we will also secure additional profits by receiving a portion of the box office revenue."
'Olbaemi' is a thriller historical drama. It deals with secrets and conspiracies witnessed by a visually impaired person with exceptional acupuncture skills who is recognized for his talent and enters the royal palace. Directed by Ahn Tae-jin, it stars Ryu Jun-yeol and Yoo Hae-jin. Released in November 2022, it attracted 3,329,547 viewers. The film was also recognized for its artistic merit, being selected for the competition section at the Sitges International Fantastic Film Festival.
Lee Jeong-ha, director of overseas sales at Contents Panda, said, "The success of this intellectual property (IP) was recognized due to the combination of historical drama and thriller genres," adding, "The remake will be reborn through localization based on the original's key settings." NEW is expanding the content life cycle by encouraging multiple remakes through Contents Panda. The most successful work is 'Miracle in Cell No. 7,' which was remade in Indonesia, T?rkiye, and the Philippines, achieving great success. A NEW representative stated, "'Train to Busan' is currently being remade in Hollywood, and a Japanese version of 'Hide and Seek' is also under joint production discussions."
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Content exports, which were previously focused on completed works, have gradually shifted toward IP contract forms. According to the Korean Film Council, last year’s export revenue from Korean film remake rights was about 3.8 million dollars, the highest since 2017. The response from the Greater China region has been especially enthusiastic. 'Your Wedding' was reinterpreted as 'Ni Jeok Honrye,' which recorded a box office of 150 billion won, and 'When a Man Loves' was remade as 'Dangnam Inyeonsaesi,' topping the box office in Taiwan.
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