Move over, Hollywood: South Korean cinema has not only roared back to life but is now decisively beating imports at the domestic box office, capturing over 63% of market share and smashing records with a monumental 1.37 trillion KRW in revenue for 2023.
Key Takeaways
- In 2023, Korean films achieved a total box office revenue of 1.37 trillion KRW, marking the highest annual figure since 2019.
- The film "Exhuma" grossed 14.6 million admissions in 2023, becoming the highest-grossing Korean film of the year.
- Korean films captured 63.2% market share of total box office admissions in 2023, up from 56.7% in 2022.
- In 2022, 1,098 Korean films were released.
- Number of Korean feature films produced rose to 1,282 in 2023 from 1,098 in 2022.
- Average production cost for Korean films in 2023 was 5.2 billion KRW.
- "Parasite" won Best Picture at the 92nd Academy Awards in 2020.
- Bong Joon-ho received Best Director Oscar for "Parasite" in 2020.
- "Parasite" secured 4 Oscars including Best International Feature.
- 55% of Korean population aged 10-29 are frequent cinema-goers.
- Women comprised 52% of Korean cinema audience in 2023.
- Average annual cinema visits per Korean: 2.1 in 2023.
- Film industry contributed 1.2% to Korea's GDP in 2023.
- Total film industry employment: 120,000 jobs in 2023.
- Export revenue from Korean films: 120 billion KRW in 2023.
Korean cinema dominated its home market with record box office revenue in 2023.
Audience
- 55% of Korean population aged 10-29 are frequent cinema-goers.
- Women comprised 52% of Korean cinema audience in 2023.
- Average annual cinema visits per Korean: 2.1 in 2023.
- 20-29 age group: 35% of total admissions in 2023.
- Urban audience share: 78% in Seoul metro area 2023.
- Repeat viewers for top films: 42% watched twice or more.
- Mobile ticket purchases: 68% of total sales in 2023.
- Family audience for animations: 28% of admissions 2023.
- Seniors (60+) attendance up 15% post-COVID to 12% share.
- Horror films preferred by 25-34 females at 22% rate.
- Weekend peak attendance: 65% of weekly total.
- Loyalty programs used by 41% of audiences in 2023.
- Teens (13-19): 18% audience share, rom-com fans.
- Overseas Koreans contributed 5% to domestic box office.
- Discount ticket usage: 32% for students/seniors.
- Action genre top for males 30-39 at 38% preference.
- Evening screenings: 72% of daily attendance.
- Festival audience: 150,000 at Busan IFF 2023.
- Couples' viewing: 29% of rom-com admissions.
- Rural attendance recovery: 92% of pre-COVID levels.
- Social media influence: 55% decide via recommendations.
- Prime time (7-10pm): 58% occupancy rate average.
- Gen Z (under 24): 42% prefer Korean over Hollywood.
- Average group size: 1.8 persons per ticket buyer.
- Midweek attendance: 22% of total, up 10% YoY.
- VIP seating preference: 15% uptake in 2023.
- Comedy appeals to 48% of 40-49 age group.
Audience Interpretation
This is a generation that mainly goes to the movies alone or in pairs, overwhelmingly online and in the city, proving that while South Korea’s cinema might run on data, its heart still beats for a killer horror flick, a shared rom-com, and the simple joy of a post-7pm escape.
Awards
- "Parasite" won Best Picture at the 92nd Academy Awards in 2020.
- Bong Joon-ho received Best Director Oscar for "Parasite" in 2020.
- "Parasite" secured 4 Oscars including Best International Feature.
- Song Kang-ho won Best Actor at Cannes for "Broker" in 2022.
- "Decision to Leave" won Best Director at Cannes for Park Chan-wook in 2022.
- Korean films won 12 awards at Blue Dragon Film Awards 2023.
- "Exhuma" swept 5 Grand Bell Awards in 2023.
- Park So-dam won Best Actress for "Parasite" at BAFTAs 2020.
- "Oldboy" won Grand Prix at Cannes in 2004.
- 7 Korean films nominated for Oscars since 2000.
- "Mother" won Best Actress for Kim Hye-ja at Asian Film Awards 2009.
- Grand Bell Awards saw "The Roundup" win Best Film 2022.
- Korean Film Producers Association Awards: 15 categories in 2023.
- "Burning" nominated for Palme d'Or at Cannes 2018.
- Blue Dragon: "Oasis" Best Film 2002.
- 3 Korean wins at Golden Globes for "Parasite" in 2020.
- Busan Film Critics Awards: 10 given in 2023.
- "Poetry" won Best Screenplay at Cannes 2010.
- Korean films took 8/15 top prizes at Fantasia Festival 2023.
- Director's Cut Awards: New category introduced 2023.
- "The Handmaiden" won Best Cinematography at BAFTAs 2017.
- 25 Korean films awarded at Asian Film Awards since 2007.
- "Memories of Murder" retrospective award at TIFF 2023.
- Grand Bell Technical Awards: 7 categories 2023.
- "Snowpiercer" Best Visual Effects nomination Saturn Awards 2014.
- Blue Dragon Audience Choice: "Exhuma" 2023.
- Korean cinema won Palme d'Or equivalent 3 times historically.
- "Hope" Best Film Blue Dragon 2013.
Awards Interpretation
While "Parasite" charmingly crashed Hollywood's gates with its Oscar haul, it was merely the most famous heist in a decades-long, meticulously plotted global cinematic takeover executed by Korean directors, actors, and genre-defying films collecting trophies and critical praise from Cannes to the BAFTAs with almost suspiciously consistent excellence.
Box Office
- In 2023, Korean films achieved a total box office revenue of 1.37 trillion KRW, marking the highest annual figure since 2019.
- The film "Exhuma" grossed 14.6 million admissions in 2023, becoming the highest-grossing Korean film of the year.
- Korean films captured 63.2% market share of total box office admissions in 2023, up from 56.7% in 2022.
- "The Roundup: Punishment" earned 11.6 million admissions in 2023, ranking second among Korean films.
- Total Korean film admissions reached 112.5 million in 2023, a 25.8% increase from 89.4 million in 2022.
- "Parasite" holds the record with 10.3 million domestic admissions in 2019.
- In 2022, "The Roundup" grossed 1.48 trillion KRW, the top film of the year.
- Korean films overtook Hollywood imports in box office revenue for the first time in 2023 with 1.37 trillion KRW vs. 1.12 trillion KRW.
- "Hunt" recorded 5.2 million admissions in 2022 despite competition.
- Average ticket price for Korean films in 2023 was 13,845 KRW.
- "Oppenheimer" grossed 4.2 million admissions in Korea in 2023, third highest for foreign films.
- Korean cinema admissions grew 34.7% year-on-year in the first half of 2023.
- "The Witch: Part 2" amassed 10.2 million admissions by late 2024.
- Total box office revenue in Korea hit 2.5 trillion KRW in 2023.
- "Smugglers" earned 3.8 million admissions in 2023.
- "The Point Men" grossed 4.7 million admissions in 2023.
- Korean films accounted for 55% of top 10 grossing films in 2023.
- "12.12: The Day" reached 8.3 million admissions in 2023.
- Annual box office recovery post-COVID reached 85% of 2019 levels in 2023.
- "Mission Impossible: Dead Reckoning" earned 2.1 million admissions in Korea 2023.
- "Concrete Utopia" grossed 11.4 million admissions lifetime.
- In Q1 2024, Korean films took 62% market share.
- "The Roundup 2" hit 1 trillion KRW in 11 days in 2024.
- Top 5 Korean films in 2023 grossed over 60% of total Korean revenue.
- "Broker" earned 4.2 million admissions in 2022.
- Korean box office screens numbered 2,252 in 2023.
- "Decision to Leave" grossed 4 million admissions in 2022.
- Foreign films' market share dropped to 36.8% in 2023.
- "Along with the Gods" series cumulative 26 million admissions.
- 2023 saw 20 Korean films exceed 1 million admissions.
Box Office Interpretation
Like a meticulously plotted box office heist, Korean cinema in 2023 successfully robbed Hollywood of its domestic crown, packing theaters with homegrown spectacles that proved the local appetite for Korean stories is not just strong, but record-breakingly voracious.
Economics
- Film industry contributed 1.2% to Korea's GDP in 2023.
- Total film industry employment: 120,000 jobs in 2023.
- Export revenue from Korean films: 120 billion KRW in 2023.
- Government funding for films: 450 billion KRW in 2023.
- Cinema chain revenue: 2.1 trillion KRW total 2023.
- VOD rights sales: 89 billion KRW for Korean films 2023.
- Ancillary revenue (merch, etc.): 45 billion KRW in 2023.
- Production investment return ratio: 1:5.2 for hits.
- Tax incentives attracted 30 billion KRW foreign investment.
- Distributor profits: 320 billion KRW from top films.
- OTT content spend on Korean films: 210 billion KRW.
- Multiplex operators: 85% market share of revenue.
- Film fund returns: 15% ROI average for KOFIC funds.
- Overseas licensing: China market 40 billion KRW.
- Independent cinema revenue: 8% of total box office.
- Streaming rights growth: 28% YoY to 89 billion.
- Labor costs: 42% of total production budget.
- Tourism boost from films: 5 trillion KRW indirect.
- Equity crowdfunding for films: 12 billion KRW raised.
- Break-even point for Korean films: 1.2 million admissions.
- Corporate sponsorships: 67 billion KRW in 2023.
- IP adaptation deals: 34 billion KRW value.
- Remake rights sales: 15 deals worth 20 billion KRW.
- Concession sales: 450 billion KRW cinema revenue.
- R&D investment in film tech: 25 billion KRW.
- Global market share of Korean films: 2.1% of world box office.
Economics Interpretation
The Korean film industry is a meticulously crafted blockbuster where every 1.2% of GDP is fueled by box office dreams, strategic government funding, and a global fanbase buying not just tickets but the entire cultural experience, from streaming rights to souvenir t-shirts.
Production
- In 2022, 1,098 Korean films were released.
- Number of Korean feature films produced rose to 1,282 in 2023 from 1,098 in 2022.
- Average production cost for Korean films in 2023 was 5.2 billion KRW.
- 45 Korean films were exported to over 100 theaters internationally in 2023.
- Indie films accounted for 78% of total Korean productions in 2023.
- Number of 3D Korean films released: 12 in 2023.
- Screenplay development support went to 156 projects in 2023.
- Digital distribution platforms hosted 512 Korean films in 2023.
- Post-production VFX spending on Korean films totaled 120 billion KRW in 2023.
- Number of Korean animations produced: 28 features in 2023.
- Co-productions with foreign partners: 15 Korean films in 2023.
- Average shooting days for Korean blockbusters: 120 days in 2023.
- Government subsidies supported 320 film projects in 2023.
- Number of Korean documentaries released: 142 in 2023.
- OTT platform originals by Korean studios: 67 films in 2023.
- Film festival submissions from Korea: 89 to Busan IFF 2023.
- Remakes and sequels comprised 22% of releases in 2023.
- Women directors helmed 28% of Korean films in 2023.
- 4K/8K productions: 56 Korean films in 2023.
- Pre-production planning grants awarded to 89 scripts in 2023.
- Horror genre films produced: 34 in 2023.
- Action films dominated with 112 releases in 2023.
- Total Korean film production budget: 6.8 trillion KRW in 2023.
- Number of multi-language dubbed Korean films: 23 in 2023.
- Student films produced: 456 from film schools in 2023.
- Comedy genre: 98 releases in 2023.
- SFX-heavy films: 41 in 2023.
Production Interpretation
In a year where Korean cinema defiantly produced more indie films than blockbusters, it turns out that the true "Squid Game" was actually the industry itself, masterfully balancing a precarious yet booming ecosystem of art, commerce, and government support to conquer both local screens and the global stage.
Sources & References
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- Reference 3VARIETYvariety.comVisit source
- Reference 4ENen.wikipedia.orgVisit source
- Reference 5HOLLYWOODREPORTERhollywoodreporter.comVisit source
- Reference 6SCREENANARCHYscreenanarchy.comVisit source
- Reference 7BIFFbiff.krVisit source
- Reference 8OSCARSoscars.orgVisit source
- Reference 9FESTIVAL-CANNESfestival-cannes.comVisit source
- Reference 10BAFTAbafta.orgVisit source
- Reference 11ASIANFILMAWARDSasianfilmawards.comVisit source
- Reference 12GOLDENGLOBESgoldenglobes.comVisit source
- Reference 13FANTASIAFESTIVALfantasiafestival.comVisit source
- Reference 14TIFF-JPtiff-jp.netVisit source
- Reference 15SATURNAWARDSsaturnawards.orgVisit source