According to the Korea Film Council’s recent data, CJ ENM, known as a “Film Distribution Powerhouse”, experienced a drastic decline in audience share last year. With only a 6.55% share, CJ ENM fell to last place among major distributors, largely attributed to the disappointing performances of anticipated films like “The Moon”, “The Boys”, and “Alienoid 2” at the box office.
Showbox, propelled by the success of “Exhuma”, claimed the top spot among distributors, pushing CJ ENM further down the rankings. Plus M Entertainment secured the highest domestic audience share at 17.2%, driven by blockbusters such as “12.12: The Day” and “The Roundup: No Way Out”, boasting a remarkable 35.5% share among domestic distributors alone.
Last year proved challenging for CJ ENM, resulting in losses exceeding tens of billions of won due to underperforming films. Notably, none of their releases surpassed 1 million admissions, including “Alienoid 2”, a high-profile project that failed to break even.
Amid this crisis, CEO Koo Chang-geun took charge of the movie division, but his recent resignation has added further uncertainty to the company’s film strategy.
While the film industry adapts to changing consumer behaviours with increased OTT viewing, cinematic experiences still resonate strongly. Despite the dominance of OTT platforms, theatrical viewing remains a preferred method for recent movie releases, suggesting ongoing potential for box office success.
However, CJ ENM faces challenges in revitalizing its film division and achieving blockbuster success in the current market.
