South Korean box office stays afloat despite YOY slump in APAC film earnings

Asia-Pacific cinemas recorded a 27.4% dip in film earnings year over year between January and May with cumulative gross box office revenue at about $3.41 billion, according to figures from OpusData compiled by S&P Global Market Intelligence.

While the region maintained a negative revenue figure, South Korea was the only monitored market where local productions and Hollywood titles kept the box office afloat. The country's film earnings in the first five months of the year grew 107.2% year over year to $294.6 million, the second-highest among tracked markets. China, Japan and Australia reported a slump in box office collections.

China continued to contribute the lion's share of the region's box office revenue, leading the table with about $2.7 billion for the period under consideration. This was, however, 29.8% lower year over year over the comparable period.

Restrictions aiming to curb the rising number of COVID-19 cases have been in place in Shanghai, while the government planned to lift a two-month lockdown in June, Reuters reported May 24. Despite the easing of curbs, public venues were mandated to limit people flow to 75% capacity.

Meanwhile, the South Korean government started to ease the restrictions for good, with the COVID-19 pandemic being treated as an endemic illness instead, Nikkei Asia reported May 1. In late April, the government allowed cinemagoers to eat popcorn in theaters, followed by plans to scrap indoor masking norms in May.

South Korean cinemagoers favored local productions, similar to China. "Byeonhoin," a courtroom drama that was first released in 2013, was the top grosser, securing $65.2 million in gross box office revenue year-to-date.

The second top spot in South Korea was occupied by the fresh action film "Beomjoidosi 2," a sequel to "Beomjoidosi" that was released in 2017, with $54.4 million.

Japan had the weakest box office numbers among tracked markets in Asia-Pacific year-to-date, registering a 61.9% year-over-year decline in revenue at $132.4 million.

Japanese Prime Minister Fumio Kishida said in early May a government-sanctioned panel of experts would review the country's pandemic response and deliver a report in June, according to The Japan Times. The government shifted its focus to reopening the economy and reconsidering curbs on movement amid the dominance of the less severe-omicron variant.

Warner Bros. Pictures Inc.-produced Hollywood fantasy flick "Fantastic Beasts: The Secrets of Dumbledore," an April release, dominated Japan's box office with $32.2 million.

Meanwhile, Marvel Studios LLC's latest superhero flick, "Doctor Strange in the Multiverse of Madness," grabbed a spot among the top three films in South Korea and Australia. In Australia however, Warner Bros. Pictures Inc.-distributed "The Batman," inched past the Marvel Studios title to earn $28.2 million and lead the Australian box office for the period under consideration.

In May, the Asia-Pacific region saw 97 film releases against 103 titles released in May 2021. Action and adventure were the preferred genres in the region.