"'Odyssey' Is Best Viewed in IMAX"... A Look at the Top 10 Films Released This Year and the Share of Special-Format Screens
Special Screenings Generate 45.7 Billion Won in Revenue in First Half… 56.3% Surge Year-Over-Year
One in Five 'Project Hail Mary' Moviegoers Choose Special-Format Screenings
Korean Films Dominate General Theaters… Proportion of Foreign Films in Special Theaters Rises↑
[Edaily Starin Choi Hee-jae Reporter] “Immersive viewing experiences” are establishing themselves as a key competitive advantage for movie theaters. Along with this, demand for special screenings—such as IMAX, ScreenX, 4D, and Dolby Cinema—that enhance immersion is also on the rise. Poster for the movie “The Odyssey” (Photo courtesy of Universal Pictures) According to the Korean Film Council on the 10th, total revenue from special screenings in the first half of this year reached 45.7 billion won, a 56.3% increase compared to the same period last year. Special screenings accounted for 7.9% of total theater revenue for the first half of the year. As special screening venues stand out as a key differentiator from online video services (OTT), their share of the market has been steadily growing since the pandemic. Driven by rising demand for special screenings and overall changes in ticket prices, the average ticket price for the first half of the year rose by 551 won compared to the same period last year, reaching 10,150 won. Poster for the movie “Project Hail Mary” (Photo: Sony Pictures) An analysis of viewing patterns for the top 10 highest-grossing films released this year as of August 10 revealed that the larger the Hollywood blockbuster, the higher the proportion of audiences in specialty theaters. Notably, “Project Hail Mary” recorded the highest figure among the films surveyed, with special-format screenings—led by IMAX (14.2%) and including 4D (1.3%), ScreenX (1.8%), and Dolby Cinema (2.6%)—accounting for a total of 19.9%. This means that one out of every five moviegoers chose a special-format screening. “The Martian,” which has been topping the box office since its release on the 5th, also recorded a 14.5% share of special-format theater audiences and a 22% share of cumulative box office revenue as of the 10th. Director Christopher Nolan attracted attention by becoming the first in film history to shoot the entire movie using an IMAX film camera. “The Martian” also caused what is known as a “ticket booking frenzy,” with delays in accessing the CGV website and app as soon as ticket sales began. Posters for the movie “Spider-Man: Brand New Day” (left) and “Hope” (Photo courtesy of Sony Pictures, Plus M Entertainment) For “Spider-Man: Brand New Day,” 12.9% of viewers watched the film in special-format theaters. The film generated significant anticipation as Hollywood’s first “Shot for SCREENX” production. For Korean films, viewing patterns continued to be dominated by standard (digital) theaters. *Salmokji* also saw special-format screens account for 2.25% of total screens, 3.1% of box office revenue (and 2.6% of the audience), while *The Man Who Lives with the King* also continued its box office success primarily in standard theaters. In contrast, “Hope,” which opened last month, had a special-format screen share of just 3.55%, but thanks to a high average ticket price, it achieved an 11.5% share of total revenue (with an 8.2% share of total admissions). Notably, although the IMAX version was shown for only two weeks after release, it is credited with driving revenue growth by absorbing demand for special-format screenings. As such, the proportion of special-format theater audiences is acting as a decisive factor in determining a theater’s final revenue. The performance of these two films, which attracted similar audience numbers (approximately 2.9 million), is a prime example. “Toy Story 5” (currently in theaters) drew 2.93 million viewers, while “Project Hail Mary” attracted 2.91 million; however, their final box office revenues were 30.2 billion won and 33.0 billion won, respectively—a difference of over 2.8 billion won. This is because “Project Hail Mary,” where special-format screenings accounted for 19.9% of the audience, recorded a higher average ticket price (ATP) than “Toy Story 5,” where special-format screenings made up only 6%. In fact, “Project Hail Mary” generated 7.6 billion won in revenue from IMAX screenings alone—accounting for 23.1% of its total revenue—which drove its profitability. A film industry insider stated, “The reason audiences are flocking to special-format theaters is the growing demand for an ‘immersive viewing experience’—such as the overwhelming visuals and sound that are difficult to experience on OTT platforms or in standard theaters,” adding, “Even with the same audience, the profitability of theaters and distributors varies drastically depending on the proportion of special-format screenings.” As special-format theaters have emerged in the cinema industry as more than just premium screening venues—but rather as the key to box office success and profitability—competition to secure and preempt these theaters, particularly for Hollywood blockbusters and major productions, is expected to intensify in the future.
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