S. Korean box office shows mixed recovery in 2024: report
South Korean theaters pulled in 1.19 trillion won ($911 million) and 123.1 million admissions in 2024, marking declines of 5.3 percent and 1.6 percent, respectively, from 2023, according to the Korean Film Council's annual industry report released Tuesday. These figures reflect an industry in a gradual recovery but still struggling to reach pre-pandemic levels, with theaters operating at roughly 60 percent of 2019 numbers.
Korean films showed resilience with 691 billion won and 71.47 million viewers, up 15.5 percent and 17.6 percent from the previous year. The supernatural thriller "Exhuma" led with 115.2 billion won and 11.91 million admissions, followed by crime action sequel "The Roundup: No Way Out" with 110.1 billion won and 11.5 million viewers.
Foreign titles struggled significantly, with box office revenue falling 24 percent to 503.6 billion won and admissions dropping 19.8 percent to 51.65 million. Only three international releases surpassed 3 million admissions, led by "Inside Out 2" with 8.8 million viewers.
The average ticket price decreased to 9,702 won, dropping below 10,000 won for the first time in three years due to widespread discount promotions and the weaker performance of premium-format screenings. Annual per capita cinema visits reached 2.4, placing South Korea eighth globally.
The council's report noted a significant shift in release strategies away from traditional seasonal patterns. "Exhuma" and "The Roundup: No Way Out" succeeded during typically quiet spring months, while the summer season saw mid-budget films like "Pilot" (4.72 million admissions) and "The Escape" (2.56 million) replace usual blockbusters.
The market increasingly favored familiar properties, with sequels and remakes performing strongly amid cautious consumer spending. Established franchises proved particularly successful, as tehe animated feature "Heartsping: Teenieping of Love" earned 11.1 billion won in revenue to become the second-highest-grossing Korean animation. Singer Lim Young-woong's concert film "I Am a Hero - The Stadium" broke records for performance documentaries, bringing in over 10.1 billion won.
Korean commercial films saw profitability improve to minus 16.44 percent from minus 30.98 percent in 2023, indicating a gradual recovery amid ongoing market challenges, according to the report.
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