The company reportedly has only two films in production: director Park Chan-wook’s new project “No Other Choice” and “Pretty Crazy,” which is in post-production. (Image courtesy of CJENM)
SEOUL, Aug. 28 (Korea Bizwire) – The South Korean film industry, once a powerhouse of global cinema, is facing a severe downturn as major studios dramatically cut back on new productions.
This reduction threatens to plunge the already struggling industry into a deeper crisis, with experts predicting a significant decrease in commercial films hitting theaters in the next two years.
According to industry insiders, the country’s five largest film investment and distribution companies — CJ ENM, Showbox, Lotte Entertainment, NEW, and Plus M Entertainment — currently have only about 10 films in production or pre-production stages.
Given the typical two-year production cycle, this means theaters may see a dearth of major studio releases by 2026.
The situation is particularly dire at CJ ENM, long considered a cornerstone of the Korean film industry.
The company reportedly has only two films in production: director Park Chan-wook’s new project “No Other Choice” and “Pretty Crazy,” which is in post-production.
This represents a stark contrast to 2023, when CJ ENM released eight Korean films.
Other major studios are similarly cautious. Showbox has three films awaiting production, while NEW has two. A Showbox representative expressed concern, stating, “We’re more worried about next year’s film market than this year’s or last year’s.”
The industry’s struggles are compounded by the dwindling number of “warehouse films” — movies completed during the COVID-19 pandemic but held back from release.
According to the Korean Film Council, there are currently 102 films in various stages of production or post-production, but only about 50 of these can be classified as commercial films.
Of these, only a handful, such as “Harbin” starring Hyun Bin and “Bogota” featuring Song Joong-ki, are considered potential blockbusters.
The crisis extends beyond major studios. One mid-sized investment and distribution company is reportedly planning to exit the film business entirely to focus on TV drama production.
This shift reflects a broader trend in the industry, with many companies redirecting their focus from film to television series.
Industry veterans are sounding the alarm. One filmmaker who previously worked at a major distribution company before starting his own production house said, “It seems that major investment and distribution companies now view films as a marginal business.”
Lina Jang (linajang@koreabizwire.com)
