Korean film industry gains hope after 10-million-viewer hit

Mar 13, 2026, 09:31 am

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Moviegoers pass by a poster for the film “The King and the Man Who Lived” at a multiplex theater in Seoul. The film’s 10-million-viewer milestone is expected to inject new energy into South Korea’s struggling film industry. /Yonhap

The blockbuster success of “The King and the Man Who Lived,” which surpassed 10 million viewers, is raising hopes that South Korea’s struggling film industry could regain momentum.

Until January, the theatrical market had been overshadowed by pessimism. Hwang Jae-hyun, head of strategy support at CGV, said the industry outlook appeared bleak after last year’s annual audience barely exceeded 100 million and the performance of the much-anticipated “Avatar: Fire and Ash” fell short of expectations.

“For the multiplex industry to operate normally, at least 12 million people need to visit the three major theater chains each month,” Hwang said. “Even with ‘Avatar,’ we couldn’t reach that number, so the mood was very gloomy until January.”

However, the situation changed significantly in February after “The King and the Man Who Lived” became a major box-office hit. The film helped push the combined monthly attendance at the three major multiplex chains past 12 million viewers.

The film’s success is seen as a lifeline for South Korea’s film industry, which has struggled with declining theater attendance due to the rise of streaming services and higher ticket prices.

According to data from the Korean Film Council’s box-office information system, total theater revenue in February reached 118.5 billion won ($89 million), more than double the 53.1 billion won recorded during the same period last year.

“The King and the Man Who Lived,” which surpassed 12 million viewers earlier this week, generated about 73.7 billion won during that period, accounting for roughly 62 percent of total box-office revenue.

The film’s explosive success has brought renewed energy to theaters that had been focusing mainly on cost-cutting measures such as closing unprofitable locations.

The government’s support for film production is also expected to expand in response to the hit.

According to the Korean Film Council’s newly released policy plan for this year, funding for mid-budget Korean films with production costs between 2 billion won and 10 billion won has doubled from 10 billion won last year to 20 billion won.

The move aims to encourage the production of more films similar in scale to “The King and the Man Who Lived,” whose production cost was reportedly under 10 billion won excluding marketing expenses.

In addition, government investment in the film sector through the state-led “fund of funds” has increased to 70 billion won, roughly double last year’s amount. Industry observers say the film’s success could encourage more private capital to participate in such funds.

A representative from Showbox, the film’s investor and distributor, said it may take time before capital flows back into the industry at previous levels but expressed hope that the success could change investors’ perceptions of Korean cinema.

Beyond financial indicators, the film’s impact has also been psychological.

Several producers who had been inactive for years say the film has inspired them to consider returning to movie production.

Choi Aram, head of production company Filmsaram and a former colleague of producer Lim Eun-jung of Ondaworks, praised the film’s achievement.

“Even if a producer we had never met had made such a film, we would have applauded,” Choi said. “But seeing a former colleague accomplish something this big makes us even happier. It deserves high praise simply for showing that Korean cinema can rise again.”

Another producer who asked not to be named said the success encouraged him to reconsider focusing on film projects.

“Because of financial difficulties, I moved into television dramas, but the pay can sometimes barely cover labor costs,” he said. “Watching a new producer succeed with their first film gave me the courage to think about returning to cinema.”

Still, many industry insiders caution that the road to recovery remains long.

They say the success of “The King and the Man Who Lived” alone will not be enough to restore production volumes and audience numbers to pre-pandemic levels.

Upcoming films scheduled for release in May and July — including director Yeon Sang-ho’s “Colony” and Na Hong-jin’s “Hope” — are seen as critical tests for the industry.

Ha Cheol-seung, a professor of creative writing at Dongduk Women’s University, said the film proved that audiences are still willing to pay for compelling stories.

“‘The King and the Man Who Lived’ shows that viewers will open their wallets for stories that move them,” Ha said. “Now is the time for filmmakers to return to their original purpose and focus on developing sincere and engaging narratives.”

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