'Korean wave' breaks as film exports slump

Written by Darcy Paquet
Story Categories: box office, CJ Entertainment, Film, Finance, Japan, Korea,

Korean films suffered a 68% drop in international sales in
2006, according to a report released on Thursday by the
Korean Film Council (KOFIC).

Worldwide exports amounted to $24.5 million in 2006, down
from $76 million the previous year. A cooling of interest
towards Korean pics in Japan was the biggest culprit, with
buyers taking only $10.4 million worth of product compared
to a bumper $60.3 million in 2005.

Most other Asian countries also saw a drop in sales, with
the notable exception of Thailand which rose 119% to $3.3
million. Thailand now ranks as the second largest overseas
market for Korean films. North American and European
territories remained more constant, with the U.S. dropping
2.7% to $2 million, and Germany and France taking $1.3
million each.

Meanwhile at home, KOFIC estimates that 163.4 million
tickets were sold in 2006, up 12.6% from the previous year
and amounting to box office revenues of $1.08 billion (1.01
trillion won). These figures come in a shade lower than
those cited in a report by leading exhibitor CGV on January 9.

The average viewer saw 3.4 films in 2006, up from 3.0 the
previous year, and local cinema took a record 64.2% market
share.

KOFIC also estimated a total of 1,847 screens for the
country as a whole, making for some of the highest average
revenues per screen in the world.

Distributor rankings were given for Seoul only, with CJ
Entertainment (23.3%) and Showbox (20.1%) leading the way,
followed by Cinema Service (11.0%), SPRI (10.1%), UIP
(7.6%), Fox (5.9%), Warners (5.8%), Lotte Entertainment
(5.6%), Prime Entertainment (2.8%), and MK Pictures (2.4%).
Last Updated ( Friday, 19 January 2007 )