The South Korean box office, once a powerhouse in the global cinema industry, suffered a challenging year in 2023. Despite a strong December for local films, the overall performance remained far below the levels seen before the pandemic.
A Disappointing Year
According to data from the Korean Film Council’s Kobis tracking service, the box office grossed KRW1.261 trillion ($964 million at Jan 2024 rates), marking a 9% increase compared to the previous year. However, this figure pales in comparison to the KRW1.91 trillion ($1.46 billion) recorded in 2019, the last pre-COVID year.
Attendance Numbers
Cinema attendance in 2023 reached 125 million, showing an 11% increase from 2022. Despite the slight improvement, it was a significant drop of 45% compared to the 227 million recorded in 2019.
Peaks and Troughs
Throughout the year, the box office experienced ups and downs. January started on a positive note, largely thanks to the continued success of “Avatar: The Way of Water.” However, the following quarter, from February to April, proved challenging for Korean films, which typically dominate the market. They accounted for only 25% of the total box office during this period.
Summer Surprises
The situation improved during the summer months, with Korean-produced films like “The Roundup: No Way Out,” “The Smugglers,” and “Concrete Utopia” making significant earnings. Additionally, “Mission: Impossible – Dead Reckoning Part 1” and “Oppenheimer” emerged as the top-performing imported films, contributing to a brighter season. However, as the year progressed into autumn, both Korean and imported titles struggled to find an audience, resulting in decreased box office revenue.
December Highlights
December saw a glimmer of hope, thanks to the political thriller “12.12: The Day,” which became the top film of the year, grossing $88 million. Additionally, the action thriller “Noryang: The Deadly Sea” generated $26 million within the first ten days of its release.
Concerning Trends
Market share for Korean films slipped from 56% in 2022 to 48.5% in 2023, making it a cause for concern. Only two films, “12.12: The Day” and “The Roundup: No Way Out,” managed to attract more than ten million admissions, with many others falling short of expectations.
Imported Films
Even Hollywood experienced disappointments at the Korean box office. While “Elemental” emerged as the top-performing foreign film, earning $54.3 million, Japanese animation films like “Suzume” and “The First Slam Dunk” took the second and third positions. Several Hollywood films, including “Spider-Man: Across the Spider-Verse” and “Indiana Jones and the Dial of Destiny,” failed to resonate with Korean audiences.
Fewer Releases
The struggle to engage audiences resulted in a decline in the number of film releases. In 2023, only 1,539 titles reached Korean screens, compared to 1,774 in 2022 and 1,943 in 2019.
Although the Korean box office faced multiple challenges in 2023, it is essential to remember that the industry has shown resilience in the face of adversity. With the hope of a brighter future, industry professionals are eager to attract audiences and revive the thriving cinema landscape.