Korean Movie Market Saturated as Audiences Age

A total of 217 million people went to the movies last year, a slight decline from the previous year even though new releases mushroomed.

Advertisement

Some 1,500 movies were released last year, a full 300 more than the previous year, but audiences seemed untempted and real blockbusters were few and far between.

Just one film, the zombie spectacular "Train to Busan", drew over 10 million viewers last year, suggesting that the domestic market has reached its limits.

The decline seems to be mainly among moviegoers in their 30s, according to analysis by theater chain CGV.

"A growing number of young people don't have the time and money for leisure as they are being affected by a tough job market, with many of them even giving up dating and marriage", said Lee Seung-won, a staffer at CGV.

Instead, the proportion of moviegoers over 45 or more is increasing steadily. In 2007, they accounted for a little over five percent of audiences, but now they make up over 20 percent. And they go to the movies more often than other age groups. Lee said middle-aged and older people are now "the core demographic" of Korean moviegoers.

Older people tend to rely more on TV to find out what movies are playing, while younger people rely on the internet.

Seo Jung, the CEO of the theater chain, said, "The Korean movie market is saturated, so now is the time to tap into foreign markets to grow. We're considering forays into Russia and India".