Credit: CJ ENM
CJ ENM, Korea’s powerhouse studio behind global hits like Parasite, has been dealt another devastating blow at the box office.
Its latest comedy Pretty Crazy , released August 13th, drew only 390,000 admissions, far below its break-even point of 1.7 million.
The result is especially bruising when compared with competitor NEW’s zombie comedy My Daughter Is a Zombie , which has soared past 5 million admissions. The contrast has rattled CJ ENM, once known as the “cultural juggernaut” of Korea’s film industry, and led to a shake-up in its film division leadership.
Expectations had been sky-high for Pretty Crazy . The film was directed by the filmmaker behind Exit , which drew 9.42 million viewers in 2019. Industry watchers openly speculated the new release could cross the 10 million admissions mark, making its weak turnout all the more shocking.
CJ ENM’s woes extend beyond one flop. The company has failed to deliver a single theatrical hit in the first half of the year, tumbling to the bottom of distributor rankings. Once considered Korea’s No. 1 film studio, it has instead been piling up losses.
The conglomerate has reported film losses for three consecutive years. In the first half of 2024 alone, the company’s film and drama divisions posted an operating loss of 24.3 billion KRW (approx. $17.5 million USD). Though films and dramas account for around 30% of CJ ENM’s revenue, the sector has now become a drag on growth.
The studio’s fate now may hinge on Park Chan Wook’s upcoming film No Other Choice , slated for a September release. Industry insiders warn that if the film underperforms, speculation about CJ ENM selling or exiting its film business—rumors the company has repeatedly denied—will only grow louder.
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