(BUSAN=Newsis News) Korean film industry sales figures have exceeded KRW 2 trillion for the third consecutive year.
According to the 2016 Korean Film Industry End Of Year Report, released by the Korean Film Council (KOFIC) on Feb. 13, the entire Korean film industry last year recorded a sales figure of KRW 2.273 trillion, amounting to a 7.6 percent increase from the previous year.
It is the third year in a row to exceed KRW 2 trillion.
While ticket sales hit a record KRW 1.7432, a 1.6 percent increase from 2015, the total number of moviegoers dropped 0.1 percent during the same time.
Last year, a total of 116.55 million tickets (53.7%) were sold at the box office for Korean movies, 3.2 percent more than the previous year, while Foreign films sold 3.7 percent less with 100.47 million tickets (46.3%).
The digital online market grew by 23.2 percent, selling a total of 412.5 billion, propelled by the consistent growth of the TV and online VOD (Video On Demand) markets.
Korea film exports reached USD 101.09 million last year, a 82.1 percent increase from the previous year. Of all the films exported, those ready for screening brought in USD 43.89 million, a 49.4% increase from the previous year, while a total of USD 57.2 million was exported in film services, reaching the highest figures since data was first accumulated in 2011.
Behind this positive trend were mainly the overseas popularity of several films, such as Train to Busan, as well as visual effects projects commissioned by Chinese companies, and an increase in on-location shootings in Korea.
Of the 302 movies released at the box office last year, the 82 commercial films recorded an average 8.8 percent return on investment. Of the 82, those with a high budget and wide release showed a high return on investment, while the few mid- to low-budget limited-release films made suffered from a low return on investment, reflecting how it has become more difficult to produce and distribute movies on a middle or low budget.
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Source: Newsis News (Feb. 13, 2017)