Korea’s film industry slump is turning into an unlikely opening for new money as a retreat from investment and distribution by traditional studios paves the way for a wave of first-time investors.
One of those new investors is Episode Company, which entered the film industry with its first lead project, “Dora,” a coming-of-age drama directed by Baeksang Arts and Blue Dragon Films awards winner July Jung. The movie was invited to the Directors’ Fortnight at the Cannes Film Festival in May and is slated for release in the second half of this year.
The company, formerly known as Carrie Soft, used to be a children’s content company that started with the YouTube channel “Carrie and Friends,” known for toy unboxing and review videos. It changed its name earlier this year and shifted its business toward film and drama investment, making partial investments in notable theatrical releases this year, including “Colony,” “Wild Sing” and “Hope.” Episode Company is also set to handle distribution for “Sapiens” (translated), a multiple-personality thriller starring Jung Sung-il and Yoo Jae-myung.
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“A downturn is exactly when the wheat gets separated from the chaff,” an Episode Company representative said. “Thanks to the contracted market, we were able to secure opportunities to collaborate with proven directors and production companies in our very first year of investment, and to participate in projects under reasonable terms.”
After theaters barely held on to the 100 million-annual-admissions mark last year, the first half of this year brought a string of notable hits, including “The King’s Warden,” the first film to surpass 10 million admissions in two years. Korean film revenue in particular jumped 81.7 percent year on year. This rebound has also helped attract new investment.
Hyundai Motor also made its first major movie investment this year, in the Korea-U.S. co-produced independent film “Bedford Park.” Directed by Stephanie Ahn, the romance drama won the U.S. Dramatic Competition’s debut feature award at the Sundance Film Festival earlier this year. It is slated to be released in U.S. theaters on Sept. 22. A Korean release is set for the second half of this year.
The automaker’s foray into film investment began with the 2024 short mystery-thriller “Night Fishing.” Starring actor Son Suk-ku, the movie was largely shot using cameras mounted inside and outside a vehicle in partnership with Hyundai to promote a new model.
The 13-minute movie became an unlikely hit upon release, drawing a cumulative 46,000 viewers, and was even awarded the Grand Prix in the Entertainment Lions category at the Cannes Lions International Festival of Creativity.
For Hyundai, it marked the first branded promotional film for which audiences bought tickets and showed up voluntarily, coming at a time when people increasingly pay money just to avoid watching ads.
“Bedford Park,” which portrays the love and healing of a former wrestler played by Son, was a project Hyundai decided to invest in because its humanist values as an independent film aligned with the company’s brand values, according to the automaker.
There are also cases of theater chains and production companies diversifying their business portfolios into investment and distribution. The action comedy “Okay! Madam 2,” directed by Lee Chul-ha and released on Aug. 12, is the first investment and distribution project from CGV Pictures, a subsidiary of the multiplex chain CJ CGV that was launched this year.
As the number of films in production declined after the Covid-19 pandemic, theater chains facing a shortage of new releases began investing directly. CGV established a film business team last year in preparation for the launch, distributing titles such as “Choir of God” (2025) and “My Name.” CGV Pictures is also the lead investor in the upcoming horror film “The Unlucky Day” (translated), which recently wrapped filming.
Hive Media Corp, the production company behind blockbuster hit thrillers “12.12: the Day” (2023) and “The Man Standing Next” (2020), formed an investment and distribution alliance with Mindmark, a content company under the local conglomerate Shinsegae Group, in November of last year. Following last year’s “Boss,” the company will directly produce, invest in and distribute this year’s upcoming film “Assassin(s),” directed by Hur Jin-ho, slated for theater release next month.
But although the local theater business is rebounding, not everyone is convinced the new investment surge will last.
“There are also a lot of small-scale investments, where investors put in around 200 million to 500 million won [$141,000 to $353,000] into films that are already completed,” a film industryment capacity really is.”
