According to the Korea Times, a black shadow is covering the Korean entertainment industry that was once prosperous.
The decline in the film industry has taken place seriously when hundreds of movies and TV series are stagnant and cannot be released.
The Korean Film Council reported that about 130 films are in a "warehouse" situation after completion.
These works have not found an output, there is no distributor to release them at the cinema or broadcast on OTT (online broadcasting platform).
Therefore, the producers have not been able to recover their capital, and have stopped investing in new films.
For example, the film "Bad memory Eraser", starring Kim Jae Joong (JYJ) and actress Jin Se Yeon, was completed in early 2022 but is still awaiting release.
The movie "Bogota" with Song Joong Ki, "The blue house family" with Cha In Pyo have not found an outcome even though they have been filming since 2021.
According to experts, the impact of COVID-19 and the explosion of OTT platforms have disrupted the operations of traditional distribution channels, leading to an unprecedented scenario in Korea where more than a hundred projects have been completed but not released.
The difficulties of the industry also affect production personnel. Many employees said they are not paid when their projects have not been launched.
Hong Tae Hwa, a senior official with the rights protection organization of Korean film actor Sinmungo, said: Last year, the number of complaints about the salaries of TV drama producers reached 192 cases - 2.6 times the average annual rate of 72.
On the other hand, the salaries for A-list actors are also increasing sharply due to competition between OTT platforms. To recruit leading faces, production units are forced to increase their quotas.
The producers all prioritize famous and attractive directors and actors. Therefore, many actors are unemployed and cannot receive new projects for the whole year.
According to Ilyo, there is information circulating in the Korean film industry that "the number of films invested by major distributors in 2024 will be cut by half".
CJ ENM Koo CEO Chang Geun admitted that the cut is inevitable.
This crisis not only limits the number of works but threatens to disrupt the balance of the Korean entertainment industry.
The global fever called "Squid Game" caused actors' salaries to skyrocket. The main actors can receive up to 18 billion VND/episode, while the previous salary was only about 3.6 billion VND/episode.
"While the number of talented directors and actors is increasing, the TV and film production environment is getting worse. If this trend continues, mid-range projects will disappear and the foundation for nurturing the younger generation will weaken. From there, Korean films, which have been strongly developed for decades, will lose stability," a producer told the Korea Times.
