Korean Cinema a Driving Force in the Future of the Industry
By Robert Benoit Updated: November 17, 2014
With the London Korean Film Festival beginning early last week, it marks the 9th year that the festival has been running here in the UK. The festival will be running 55 brilliant films until the 21st of November. One of the incredible things about this festival is that it began as a small event with less than ten films and has expanded exponentially over nearly a decade. The reality of the film industry is that South Korean cinema is booming with no signs of slowing down.
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According to 2013 Theatrical Market Statistics recorded by the Motion Picture Association of America (MPAA), the U.S./Canada market has shown a box office increase of only 3% over the past five years as opposed to the Asia Pacific’s 55% increase. What’s more amazing is Hollywood’s adaptation to this new change in the global market demographic. By aiming their blockbusters at the international market, their income “in U.S. dollars is up 33% over five years ago.” Go check out their full report here.
Hollywood is focusing on a market that is making massive impacts in the industry and wide releasing blockbusters as their leading films from Transformers: Age of Extinction, Godzilla, Captain America: The Winter Soldier, Guardians of the Galaxy, and many others topping the yearly box office in China. See the statistics here on Box Office Mojo. What’s shrinking on the other hand is Bollywood’s standing as the second highest grossing market in the film industry with Korean cinema becoming a massive competitor.
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South Korean director Bong Joon-ho broke into the American market with the box office hit The Host and receiving acclaim from Quentin Tarantino for his film Memories of Murder. His most widely recognized to date is the South Korean science fiction action film, Snowpiercer starring Chris Evans (Marvel’s current Captain America), Octavia Spencer, and John Hurt. The film was met with critical acclaim from critics such as Rolling Stone’s Peter Travers who called the film “a slambam sci-fi thriller with a brain, a heart and an artful sense of purpose.” At the box office Snowpiercer went on to gross of $80 million with a limited international release. There’s no doubt that the Asian region made up most of the film’s gross and exemplifies the rapid growth of their film industry. However, international numbers were just as impressive making $4 million on only 150 screens across the U.S.
Korean films are gaining notoriety for their excellent pacing, intricate design, and original approaches to previously established genres. Cold Eyes, a South Korean thriller making its UK premiere at the London Korean Film Festival, has been receiving rave reviews. On a budget of only around $4 million, Cold Eyes went on to gross nearly $35 million in Asian markets. With its turn towards the international market, it is clear that Korean cinema is expanding and audiences around the world are ready for it.
Chinese investors are indorsing the Korean film industry based on the evidence of its consistent increase in revenue. China gives Korean productions incentives to film in their country, which will greatly increase business in their country. It would not be surprising if Korean film productions soon make their way to American shores where a larger audience can be found as well as an increase in box office revenue.
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Well known Japanese film director and actor Takeshi Kitano stepped forward a few weeks ago to talk about his frustrations with his country’s film industry. Variety posted a speech Kitano gave at the Tokyo International Film Festival where he explained that, “(In Japan) I see stasis. I still see same right wing politicians denying the existence of comfort women, the same old stuff we’ve heard for 20, 30, or 40 years. Until we see some challenge to the establishment I don’t think you will see the same dynamism as in Korean cinema.” His largely vocal criticisms praised by viewers and panellists.
Poster for the Korean film of the same name.
Click the image for link to original article on Knice Creative.
South Korean film director Im Kwon-teak will be the recipient of The Lifetime Achievement Award at the 25th Singapore International Film Festival come December. His 103rd film, Revivre, will close the London Korean Film Festival this year. Revivre stands as a landmark for Kwon-teak’s career and also a testament to the future of Korean cinema. At one time a failing market and considered of low quality, it is been rejuvenated into a driving force in the future of the film industry.