Missing all Cannes Festival selections for the first time in 26 years came as a brutal yet necessary wake up call for Korean cinema.
Everybody knew the figures were bad, but there was always an opportunity to cheer up on the creative side. This year, no one passed the cut for the Croisette.
And business-wise, the maths don't look good:
- Ticket sales nosedived by 46% between 2019 and 2024, from 226.9 to 123.1M. And Korea was not hit as hard by COVID as France, who shrunk by only 16% (from 213.3 to 181M).
- Premium experiences (4D, norebang-style individual projection rooms, k-pop corn, or high tech retailtainment) don't make up for the decline in the average ticket price (8% last year according to KOFIC). More coupons, more promotions for more budget-conscious viewers.
Don't blame only the usual streaming suspects; the local context clearly didn't help:
- Koreans have been busy worrying about democracy and demonstrating en masse on the streets
- Koreans don't go and stay out as often and as late as they used to. Even before COVID, the nation's nightlife declined sharply due to abrupt labor reforms - now most restaurants close early, and formerly buzzing areas have become eerily quiet
The near future doesn't look bright because there will be a shortage of new films in 2026: the well of COVID-delayed movies is drying up, and risk-adverse Korean majors have divided by two their number of yearly releases.
Of course, Korea wouldn't be this vulnerable if it weren't that blockbuster-dependent. France's resilience is in great part linked to the diversity of movies and documentaries screened nationwide, and I have already stressed the importance of indie cinema to save Korean cinema as a whole for decades (i.e. 'Saving Korean cinema... and even Chaebolplex').
One of Korean cinema's fundamental problems is that, in this country, most movie theaters are not about culture but about real estate. And like with residential or office real estate, diversity and obvious demographics trends are not really taken into account. Worse, when a movie theater has a unique cultural value, authorities destroy it to make room for a parking lot - yes, our dear Wonju landmark ('Wonju's Academy Theater') was eventually obliterated last October.
Yet. The widening gap between these huge pipes and thinning streams might be the kick in the butt multiplex operators needed. If they don't diversify their offer now, they never will, and they will never survive. They can't wait for Korean majors to de-hibernate. They must leverage their assets to act as cultural leaders, like MK2 in France, with weekly events like encounters with players in the film industry or stimulating lectures on science or culture.
We also see new venues searching for the essence of cinema. From CHO Minsuk's new Seoul Cinematheque, which fosters a dialog with film archives and even provides an outdoor venue to Laika Cinema in Yeonhui-dong, a young, well curated, intimate and cosy boutique theater giving meaningful movies the place they deserve.
And by the way, Korean majors must also seize this kick in the butt as an opportunity to improve their failing business model and to leave their comfort zone without risking much: instead of doing business as usual and betting everything on elusive blockbusters, they should devote a greater share of their budgets to small films, to source the new blood Hallyuwood needs. If you invest in startups, you know most of the time you won't hit the jackpot, but taking more small risks allows you to give disruptors and game changers a chance, to nurture the whole ecosystem. And spotting new talents will become even more vital for Korean majors now that technology enables every creator to make a film. Look how an unknown Latvian creator could claim an Academy Award (Gints Zilbalodis with his lovely 'Flow').
Beyond the movie industry, Korea Inc as a whole can play a role by financing original creations. Hyundai had the brilliant idea to sponsor 'Night Fishing', a short film by MOON Byounggon's 'Night Fishing' starring SON Suk-ku and of course one of its electric cars. The short was screened in 15 CGV theaters for a symbolic price of KRW 1,000. That's not just smart advertising and PPL, that's true cultural leadership contributing to the pedagogy of an audience formatted for blockbusters.
All stakeholders can make a positive difference, even local and national authorities. For instance by subsidizing or offering incentives only to venues devoting a significant share of independent films.
Remember that movie theaters are all about projection. Not only about projecting stuff to consumers, but about projecting people into different contexts and mindsets. We're not entering a dark bubble, we're disconnected from our phones and ambient noise, with unknown people focusing at the same time on the same brain stimulators. And when these stimulators are not the usual formatted algorhythms but creative works of art, each member of the audience sees, remembers, imagines something different, almost like we do by reading a good book.
Don't worry, this is not The End: after this welcome kick in the ass, Korean cinema will kick ass again.
Seoul Village 2025
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