According to the 2018 Content Industry Statistics by the Korea Creative Content Agency, there are 50 local film buyers and distributors in Korea. One of the conventional ways to export film to Korea is partnering with local independent importers. The number of moviegoers dropped by 74 percent from 226 million to 60 million and the average films per capita also dropped from 4.37 to 1.15 according the latest available data from the Korea Film Council. The Korea Film Council (KOFIC) estimated that the total size of the Korean film market was down from approximately $5 billion to $4 billion. average of 3.51 films according to data from IHS Markit.įor 2020, COVID-19 substantially impacted the Korean film market. Overall, in 2019 South Korean consumers watched an average of about 4.37 films per capita, one of the highest numbers in the world compared to the U.S. According to the Korea Film Council, in 2019, the Korean film market was estimated to be $5 billion reporting over 226 million moviegoers, surpassing the 200 million mark for the eighth year in a row. The film industry in Korea has grown into one of the world’s most active markets through the development of multiplexes and the popularity of the movie-going culture.
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In fact, this blended genre Korean movie became the first foreign language film to win the Oscar for best picture. “Parasite”, one of the notable examples of the globalization of K-film won the 2020 Oscar’s for best picture. Over the past decade, South Korea’s status evolved to be a content powerhouse with popularity of “K-Wave” dramas, film, and music. For example, Virtual Reality has been widely adopted from gaming to sports broadcasting and many Hollywood movies are launching their world premieres in Seoul. Thanks to abundant ICT infrastructure such as high-speed mobile connectivity and diverse purchasing power in entertainment, South Korea has become an ideal test bed for new entertainment technology and media.
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The Korean government considers the entertainment and media industry as a key driver for the future national economy.
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Today, the Korean wave (Hallyu) has gained global popularity, seen everywhere from Korean TV shows and films on media service platforms to pop artists’ videos and games. One of South Korea’s goals is to become the world’s leading exporter and importer of entertainment and media.
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Chun Ji Woong is a college graduate who can’t find a job and calls his mother for money (which he spends on women), while Gu Hong Sil is an extremely frugal girl: she sells collected recyclables, steals as much sugar from coffee shops as possible, and walks instead of taking a bus. Penny Pinchers will make you smile a lot! It centers on two quite unordinary people who happen to be living next door to each other in a low-rent apartment. Penny Pinchers | Top 10 Korean Romantic Comedy Movies