Korean films struggle as 2026 blockbusters loom

Korean films struggled to make a mark this year. Strong performances by foreign releases pushed annual cumulative attendance past 100 million, but no Korean film reached the 10 million viewer milestone. Only one domestic release, Zombie Daughter, drew more than 5 million viewers.

There is hope for a brighter 2026. Next year, the number of mid- to large-budget Korean films with production costs exceeding 3 billion won is expected to rise by five or six, bringing the total to about 35. Anticipation is also building for blockbusters from directors Na Hong-jin and Ryu Seung-wan.

● Low-budget films fared relatively well this year

At the start of the year, the outlook for Korean films was not entirely bleak. New releases from the nation’s top directors, including Bong Joon-ho and Park Chan-wook, were scheduled. However, Bong’s February release, "Mickey 17," drew only about 3.01 million viewers, failing to reach its break-even point. Park’s September release, "No Choice," despite international acclaim, attracted roughly 2.94 million domestic viewers. Omniscient Reader’s "Viewpoint," a summer tentpole with a 31.2 billion won budget and top stars, drew just about 1.06 million viewers, roughly one-sixth of its projected break-even audience.

The surprise came from low-budget films. In September, director Yeon Sang-ho’s "Face" was made on a 200 million won budget, with actors and staff participating on “no guarantee” or profit-sharing terms. The film gained attention for its quality and drew 1.07 million viewers, far surpassing its break-even point of 60,000, representing an 18-fold return on production costs. Director Yoon Ga-eun’s "Masters of the World" also exceeded its break-even point of 80,000 viewers, attracting more than 180,000 in total.

Industry observers expect this trend to continue next year. Investment constraints in recent years have reduced the number of productions, and the obsession with “10 million viewer” films appears to be fading. Reflecting this shift, the Ministry of Culture, Sports and Tourism and the Korean Film Council plan to double next year’s budget for the “Mid-budget Korean Film Production Support Program” from 10 billion won to 20 billion won.

● Blockbusters from Na Hong-jin and Ryu Seung-wan expected next year

The most anticipated Korean film in 2026 is director Na Hong-jin’s "Hope," set to release in July. Na’s first film in 10 years since "The Wailing" stars Hwang Jung-min and Jo In-sung. Set in the isolated village of Hopohang near the demilitarized zone during the 1970s and 1980s, the story follows residents confronting an unidentified alien life form in this science fiction blockbuster. The total production budget reportedly reaches 100 billion won, and Hollywood actors Taylor Russell and Cameron Britton also appear.

Another highly anticipated film is "Humint," an espionage action movie from director Ryu Seung-wan, scheduled for February. The film follows North and South Korean secret agents on the Russian border near Vladivostok. "To the Land of Happiness," starring Choi Min-sik and Park Hae-il, is also slated for release. Originally invited to the 2020 Cannes Film Festival and the opening film at the 2021 Busan International Film Festival, its debut was delayed due to the pandemic but is now set for 2026. Other anticipated releases include "Tazza 4" and "International Market 2," although their exact release dates have not yet been finalized.

Several high-profile international films are also expected in theaters next year. These include "Marvel’s Avengers: Doomsday" and "Spider-Man: Brand New Day," Disney-Pixar’s "Toy Story 5," the 20-year-later sequel "The Devil Wears Prada 2," Christopher Nolan’s "Odyssey," and "Dune Part 3" starring Timothée Chalamet.

김태언 beborn@donga.com