KOFIC Releases Annual Report on Korean Film Industry Results for 2012
With 13% Earnings Rate, Market Breaks Out of 7-Year Depression
The Korean Film Council (KOFIC) released its annual report on the results of the Korean film industry for 2012. According to the report, Korean films had a 13% earnings rate, which is the largest rate of returns since 2005. This even bested the 7.9% of 2005 by 5.1%. Among the total of 174 Korean films released last year, KOFIC selected 70 films that satisfy proper criteria to calculate the investment earnings rate.
KOFIC explained that the 13% profit margin is significant for the film industry. In fact, the industry was in its worst situation with a -40% investment earnings rate in 2007 and 2008. The depression continued until 2011. Considering the previous circumstances, a 13% of investment earnings rate corresponds to an ‘Earning Surprise.’ In terms of the break-even point (BEP), the barometer of profitability for films, 22 (31.4%) out of 70 commercial movies were successful.
Meanwhile, in 2012, total ticket sales stood at USD1.21 billion, a new record, up from USD1.03 billion in 2011. Box office reached USD0.83 billion in 2009, a figure that rose to USD0.96 billion in 2010 and USD1.03 billion in 2011. In 2012, the figure reached USD1.21 billion, an increase of 17.7% from the previous year. The number of Korea’s total admissions stood at 194,892,244, an increase of 22% from 2011.
Among them, the number of admissions for Korean films reached 114,612,900, a year-on-year increase of 38.3% and a new milestone for the industry. The number of average admissions per person stood at 3.83, the highest recorded figure since 2000. Korean films in the limelight took the initiative and lead the overall film market. Accordingly, the market share of Korean films reached a whopping 58.8%.
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