2014’s film business is best yet

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2014’s film business is best yet

The domestic film industry has gained even more momentum by surpassing 2 trillion won ($1.8 billion) in sales for last year, according to an analysis released by the state-run Korean Film Council on Monday.

In 2014, the local movie business earned 2.2 trillion won, recording a 7.6 percent year-on-year increase from last 2013’s 1.8 trillion won.

The biggest contributor to the record-breaking sum, according to the report, was an increase in ticket sales at the box office.

Fluctuating prices at theaters depending on whether a film is viewed at peak or off-peak times has reportedly led to a rise in average ticket sales, resulting in 1.6 trillion won worth being sold altogether.

Korean cinemas also saw the largest number of moviegoers in the past year, with 215 million visiting cinemas. For two years in a row, theaters have seen more than 200 million admissions.

But while admissions for non-Korean films increased by 24.8 percent (107 million admissions), the popularity of domestic movies dwindled, with a 15.4 percent fall. Just 50.1 percent of moviegoers, or 108 million people, went to see Korean films.

Further impetus in the Korean movie business was shown in the energetic online market, which earned 297.1 billion won in the past year. IPTV and TV VOD services accounted for 225.4 billion won, an astounding 29.7 percent increase on-year.

Internet VOD services, however, earned 49.9 billion won, a 31.5 percent decrease from the previous year.

Last but not least, increased overseas sales rose by 6.1 percent to make $63 million for the Korean film industry. While earnings from movie exports decreased, this was compensated by services provided to foreign film companies, such as arranging shooting locales in Korea. Such services brought back $22 million to Korea, a whopping seven times more than in 2013.

BY JIN EUN-SOO [jes@joongang.co.kr]
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