South Korean Film Biz Faces Big Challenges in 2022

variety.com:

Patrick Frater Asia Bureau ChiefAlmost two years since “Parasite” won a handful of Oscars, the impact of COVID has meant that the Korean theatrical sector has been largely unable to capitalize on the trickle-down effect of those wins.

Its current malaise stands in contrast to the pandemic windfalls enjoyed by other parts of the Korean entertainment biz — think BTS, Blackpink, “Squid Game” and the latest streaming phenomenon “All of Us Are Dead.”The current year potentially holds great things for Korean film, with nearly all of the country’s top-name directors having completed works, but the prospect remains tantalizingly out of reach.And the longer the hard times continue, the less likely a return to the old normal becomes.

That is especially true in a market like Korea, where theatrical revenues typically account for the majority of a feature movie’s anticipated revenues.

Korean movie theaters attempted a return to normal in the fourth quarter last year when government-imposed restrictions were briefly scaled back.