culture
‘Almost collapsed’: behind the Korean film crisis and why K-pop isn’t immune
Both industries dominate the world but now face fundamental transformation and uncertainty at home
TL;DR
- South Korea's cultural exports reached a record $15.18bn in 2024.
- Cinema admissions have fallen by 45% since 2019, with a projected sharp decline in local film releases for 2025-2026.
- Theatrical 'holdback windows' have shortened, reducing the incentive for audiences to see films in cinemas.
- Lotte Cinema and Megabox are planning to merge their cinema operations.
- K-pop physical album sales dropped 19.5% in 2024, the first decline in a decade.
- K-pop agencies are increasingly focusing on global touring and catering to dedicated fan bases.
- Smaller K-pop agencies are struggling due to rising costs and shrinking fan spending.
- Korean cultural concepts are being reproduced internationally by non-Korean productions.
- The South Korean government has launched a 51.4tn won cultural investment plan.
- Critics worry that overseas expansion may neglect domestic infrastructure and erode cultural authenticity.