Cannes Q&A: Next Entertainment World Exec Jang Kyungik on Why Korean Film Is Booming
Because we don’t have something to fall again on, we simply should compete with good content material and good strategy. We actually need to distribute and market movies in a wise method, and I can confidently say we’re experts on selecting launch dates. My past expertise programming at [main cinema chain] Megabox helps. It also boils down to picking works the whole staff has confidence in from the beginning. In a way, not having cinemas to fill is a plus, as a result of there are instances the place firms will distribute works just for the sake of filling the lineup quota.
Capitalized at $2 million when it launched in 2008, N.E.W. earned a internet revenue of $20 million in 2013. Last 12 months, it dominated 18.1 p.c of the native market with only 21 titles in comparison with CJ, which accounted for 21.2 % with twice the number of releases. N.E.W. persistently has rolled out field-workplace hits, together with two of the most important blockbusters in Korean cinema history, The Attorney ($eighty one.1 million) and Miracle in Room No. 7 ($89.5 million). It additionally has released critically acclaimed, low-finances works such as Kim Ki-duk’s controversial Moebius. N.E.W. president Jang Kyungik says the company’s success has much to do with its uniquely inclusive corporate tradition, which involves taking the whole staff on company trips.
I assume it’s actually important to increase the pool, to give more films a chance. We try very hard to have everyone feel like the company, and every movie we work on, is his/her personal.
The two corporations may even arrange a joint venture that may play a “dominating position” in film markets in China, South Korea and throughout Asia, according to the Huace filing. Established in 2008, it now accounts for 18.4% of the South Korean movie market by way of viewer numbers, based on a Huace filing. Some of NEW’s most popular movies embody Miracle in Cell No.7, New World and Unbowed. I wanted to work with movies but in addition wanted to earn money with films.
Taking the lead within the Korean movie market share in 2013, Next Entertainment World (NEW) has grown rapidly and now has turn out to be one of the most profitable contents distribution corporations in the market. The company loved a successful stock market debut on December twenty third of 2014. Huace and NEW will develop a minimum of two motion pictures every year for the subsequent 5 years.