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Korean Film News
ESCAPE FROM MOGADISHU and SINKHOLE to Receive Support from Korean Theaters
- Writerby Pierce Conran
Summer Tentpoles Receive Incentives to Boost Flagging Local Industry
Escape from Mogadishu (2021)
The Korea Theater Association, which includes CGV Cinemas, Lotte Cinemas and Megabox, Korea’s biggest exhibitors, have committed to giving a pair of local releases a boost this summer through major incentives.
Ryoo Seungwan’s Escape from Mogadishu, from Lotte Entertainment, and the Showbox disaster film Sinkhole, will be able to recoup 100% of box office proceeds, as opposed to the traditional 50:50 split until each title reaches 50% of their break-even point (BEP). The BEP is the point at which filmmakers have recouped both their production budgets and print and advertising costs.
The Korean Film Council (KOFIC) helped to mediate the unique arrangement, which is designed to give a boost to the local theatrical industry and thus encourage more distributors to schedule their long-delayed titles and get viewers back in theaters.
KOFIC also brokered a deal with the Korea IPTV Broadcasting Association, which comprises local telecommunications such as KT, SK Broadband, and LG U+, that will give the giant distributors of Escape from Mogadishu and Sinkhole 80% of proceeds from VOD revenue from their services. It is significantly higher than the usual 60%.
Escape from Mogadishu, an action-drama shot on location in Morocco and starring Kim Yunseok and Jo Insung, will open in theaters on July 28, while Kim Jihoon’s Sinkhole, with Cha Seungwon, Kim Sungkyun, and Lee Kwangsoo, is expected to launch in August.