Moreover, niche genres are gaining in popularity in Korea. In 2019, action movies including ‘Avengers: End Game’, ‘Spider-man: Far from Home’, and ‘Captain Marvel’ generated 25 percent of total box office followed by drama, comedy, and animation. In terms of genre, the Hollywood-style action blockbusters are trending. These new services are opening new opportunities for film markets as accessing a wider range of content is more convenient and easier. The popularity of OTT streaming platforms is changing the Korean film industry. Industry expects that OTT will continue to surpass cinema viewing this year. Many movies which have had their theatrical releases postponed or canceled due to the pandemic were released on OTT platforms.
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The most active local OTT platforms are Wavve (co-operated by terrestrial broadcasters MBC, SBS, KBS and mobile carrier SK Telecom) TVING (operated by CJ) and Watcha.įilm viewing via OTT) platforms took over cinema viewing and movie releases. Disney+ also plans to enter the Korean market soon.
Netflix first entered the Korean market in 2016 and became the largest by far and fastest growing OTT service in Korea, accounting for half of the total market value. Competition among local and foreign OTT platforms has intensified over the past few years and these platforms are stepping up their efforts to import more contents. Major film markets such as EFM, Cannes Film market and AFM provide an opportunity to build business connection with the local Korean film importers.Īs Over-the-top (OTT) services gain more popularity among Korean movie watcher, partnership with major/local OTT platforms can provide US content companies with access to local market. Additionally, JOYNCINEMA, NOORI pictures, Pop Entertainment, Mountain Pictures are other well-known local film importers. CJ Entertainment and Lotte Entertainment produce and distribute films and are also the largest importers of foreign films. Excluding the films handled by the US direct distributors such as Warner Bros, Walt Disney, UPI, and Sony Pictures, 90 percent of US films were released by local independent importers according to the Korea Box-Office Information System. 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. 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.