Colony, invited to the Midnight Screening section of this year’s Cannes Film Festival (Courtesy of Showbox)

Colony, invited to the Midnight Screening section of this year’s Cannes Film Festival (Courtesy of Showbox)

Park Chan-wook’s No Other Choice (2025) set a record by securing pre-sales in over 200 countries ahead of its Korean release last September. Even before its world premiere in early September in the Official Competition section of the Venice Film Festival—one of the “Big Three” alongside the Cannes Film Festival and the Berlin International Film Festival—the film had already drawn intense global attention as the latest work by an internationally acclaimed auteur. Through overseas pre-sales alone, it fully recouped its net production cost. This marks a significant shift in the traditional business model of Korean cinema, which had largely relied on domestic box office revenue, with international distribution playing only a supplementary role.

Meanwhile, at the European Film Market (EFM), held during the Berlin International Film Festival this past February, concerns emerged that “there are simply too few Korean films worth buying.” With many production companies lacking new titles in their lineups, there was little for buyers to consider. In the aftermath of the COVID-19 pandemic, as investment funding has dried up, the number of Korean films released last year on more than 1,000 screens domestically fell to 16 —down nine from the previous year. The absence of major box office hits, combined with a lack of standout titles generating buzz in Berlin—aside from Hong Sang-soo’s The Day She Returns (Panorama section), marking his seventh consecutive invitation—failed to capture buyers’ interest.

This year, My Name by Chung Ji-young—a film based on the Jeju 4·3 incident and invited to the Forum section of the Berlin Film Festival—was praised after its screening as “a rediscovery of actor Yeom Hye-ran,” known for her roles in global Netflix hits The Glory (2022–2023) and When Life Gives You Tangerines (2025), according to Son Min-kyung, CEO of the international sales company M-Line Distribution. The film also resonated with European audiences, who share similar historical traumas from the post–World War II era. However, given its historical subject matter, it was not considered to have strong potential for broader international expansion.

¹⁾ 2025 Korean Film Industry Review. Korean Film Council, January 2026

My Name, invited to this year’s Berlin Film Festival, resonated strongly with European audiences
but also revealed its limitations in global market expansion (Courtesy of CJ CGV, Wide Release)

The Widening Divide of Korean Films in the European Market The gap between the haves and have-nots in the European market for Korean films is widening. So-called “super-package” films—featuring renowned directors and star actors—attract intense competition among buyers, while distribution channels for small- and mid-budget productions have significantly narrowed.

Even today, as Korean cinema—often dubbed “the Hollywood of Asia”—generates 60–70% of its overseas revenue from the Asian market, Europe continues to hold strong symbolic significance as both the starting point and a barometer of the global standing of K-movies. In the early 2000s, auteurs such as Im Kwon-taek, Kim Ki-duk, Hong Sang-soo, Park Chan-wook, and Bong Joon-ho gained international recognition at the world’s three major film festivals, laying the groundwork for global expansion. The renaissance of Korean cinema, marked by Parasite (2019), was also ignited by its Palme d’Or win at the Cannes Film Festival.

From this perspective, the recent warning signs for Korean films in the European market warrant close attention. Ahead of the 79th Cannes Film Festival in May—along with the Marché du Film, the world’s largest film market—industry professionals are actively preparing for what lies ahead. Insights from those on the ground were gathered, along with an examination of how new forms of international co-productions, now being developed more actively in North America, are reshaping the way Korean films expand into global markets.

Parasite’s Palme d’Or win at the Cannes Film Festival and its four Academy Awards, including Best Picture,
accelerated the global expansion of Korean cinema (Courtesy of CJ ENM)

Polarization Driven by Renowned Directors and Genre Films In Europe, Korean films have typically secured theatrical releases by gaining critical recognition at major international film festivals and building the reputation of their directors. Major investors and distributors such as CJ ENM, Lotte Cultureworks, Showbox, and Plus M Entertainment often handle overseas sales of their commercial films directly through film markets. Meanwhile, small- and mid-budget films are frequently represented by international sales agents or public institutions, which manage overseas sales at global film markets.

Within this framework, the European market for Korean cinema has largely been shaped by two dominant consumption patterns: on one hand, films by internationally renowned auteurs; and on the other, genre films—such as Asian action and horror—targeting niche, enthusiast audiences. This dual structure has remained largely unchanged for more than two decades. “A similarly polarized pattern of content consumption continued at this year’s EFM,” said Ahn Jung-won, Head of International Business at Showbox. “While buyers are still primarily seeking films for theatrical distribution, foreign-language films in Europe typically require dubbing. As a result, there is a strong preference for titles that can recoup costs and generate revenue not only through theatrical release but also in OTT and ancillary markets.”

Unlike Asia—where audiences are highly responsive to Korean trends—Korean films in Europe tend to be categorized as arthouse titles, even when they are large-scale productions with budgets in the tens of millions of dollars and domestic box office hits surpassing 10 million admissions. The Roundup series—three installments of which have each surpassed 10 million admissions (with its fourth film invited to the Special Gala section of the Berlin International Film Festival in April 2024)—is also handled by small- to mid-sized foreign film importers and distributors in Europe. According to Danny Lee, CEO of Contents Panda, a subsidiary of NEW responsible for international rights, distribution networks in Europe have largely been formed by a limited number of key players with a deep understanding of and affinity for Korean cinema. “For the same Korean film, there may be four or five companies bidding in Asia, but in Europe, it’s usually just one or two,” he noted.

Industry insiders agree that the “brand” of Korean cinema capable of attracting competitive bids even from major European distributors is limited to just a few names—namely Park Chan-wook and Bong Joon-ho. In the case of No Other Choice, which reached its break-even point through overseas sales alone prior to its domestic release, many point out that “it was only possible because it was a Park Chan-wook film,” given his proven track record on the global stage with works such as Oldboy (2003), The Handmaiden (2016), and Decision to Leave (2022). While directors like Hong Sang-soo and Lee Chang-dong continue to find steady audiences in European arthouse cinemas, and filmmakers such as Yeon Sang-ho and Na Hong-jin have gradually expanded the scope of Korea’s “auteur-driven commercial cinema,” it is still too early to say that a generational shift has taken place to match the global brand power of the previous generation, who have moved fluidly between Korea and Hollywood. This marks a clear departure from the 2000s, when a succession of distinctive emerging directors discovered on the European stage helped broaden the global potential of Korean cinema.

The No Other Choice team at the Venice Film Festival last year (Courtesy of CJ ENM)

“No Box Office Hits… Yet Costly Korean Films” The steadily rising price of Korean films in recent years appears to have further fueled the widening gap between top-tier and lower-tier titles in the European market. In particular, following the breakout success of Exhuma (2024)—which unusually surpassed 10 million admissions for a horror film—Korean-style horror gained traction overseas. However, a series of similar titles acquired by international buyers at high prices subsequently underperformed at the box office, dealing a significant blow. As a result, a perception has taken hold that Korean film rights are overpriced relative to their commercial performance, leading to a gradual downward adjustment in market prices. “Purchases by buyers who traditionally distributed Korean films have declined,” said one international sales executive. “Unlike in the past, when even smaller titles were picked up, competition is now concentrated only on top-tier films with strong commercial potential. As a result, the Korean film market in Europe has contracted considerably.”

Even for directors with proven box office success, projects tend to sell better when they align with their established strengths. Colony, a zombie blockbuster directed by Yeon Sang-ho and starring Jun Ji-hyun, began courting the European market at last year’s Marché du Film. Its positioning as a zombie disaster film—similar to Yeon’s global hit Train to Busan (2016)—worked in its favor for pre-sales, leveraging his track record. The film has been invited to the Midnight Screening section of this year’s Cannes Festival, and attention is now focused on its performance following its premiere. Meanwhile, Na Hong-jin’s new film Hope, centered on extraterrestrial themes, has drawn attention after being presented in the non-competition section at Cannes. However, unlike his mystery horror The Wailing (2016)—which previously garnered attention at the festival—the shift in genre, combined with a reportedly record-high production budget for a Korean film and a star-studded cast including Hwang Jung-min and Michael Fassbender, has led overseas buyers to adopt a wait-and-see approach, monitoring post-release buzz before committing. As the first Korean film in two years to be selected for the Competition section at Cannes, its performance at this year’s Marché du Film is also drawing keen interest.

Hope, invited to the Competition section of this year’s Cannes Film Festival. From The Chaser (2008, Midnight Screening) and The Yellow Sea (2011, Un Certain Regard) to The Wailing (2016, Out of Competition), and now Hope, every feature directed by Na Hong-jin has been selected for Cannes (Courtesy of Director Na Hong-jin’s Instagram)

No Other Choice’s MG Jumps Fivefold from Parasite Amid these shifts, the reputation of A-list auteurs has only grown stronger. Jerry Kyoung-boum Ko, Head of Global Films at CJ ENM, noted, “Parasite achieved strong pre-sales for a Korean film at the time, reaching 192 countries worldwide. Since then, the overall value of Korean films has continued to rise.” He added, “The minimum guarantee (MG)—the upfront payment contractually secured by content providers from distributors—has increased nearly fivefold over six years, from Parasite through Decision to Leave to No Other Choice.” Ko further explained, “This reflects the increased name value of Korea’s top-tier global directors. When we decided to invest in No Other Choice, we were able to adopt a new business model that placed overseas box office potential at the center rather than as a secondary consideration. This was based on the international success and strong market buzz generated by Parasite and Decision to Leave.” The global impact of OTT content has also played a major role, with hits such as Squid Game (2021–2025) and the Academy Award–winning animated feature KPop Demon Hunters (2025), which took home two Oscars (Best Animated Feature and Best Original Song), further boosting the global competitiveness of K-culture—even within Hollywood.

Shifting geopolitical dynamics across Europe have also influenced the market. Kim Yun-joung, director at the international film sales company Finecut, explained, “In Europe, theatrical rights are often evaluated with TV broadcast and ancillary markets in mind. If broadcasters signal that they are not acquiring Asian films for a period of time, purchasing activity declines accordingly. Spain was one such case.” She added, “In Russia, purchases of Korean films surged when U.S. films could no longer be imported following the outbreak of the war in Ukraine. However, demand for foreign films has since declined again as the country shifted toward policies supporting domestic productions.”

KPop Demon Hunters, winner of two awards at this year’s Academy Awards,
once again showcased the global strength of K-culture (Courtesy of Netflix)

Co-Productions Breaking into Europe: Unfamiliar Yet Refreshing As instability in both domestic and international production and distribution environments continues to grow, is there a viable breakthrough? Kim Young-woo, a programmer at the Bucheon International Fantastic Film Festival who has served as an advisor to overseas festivals such as the Red Sea International Film Festival and the Sheffield DocFest, suggests that reducing investment risk while experimenting with diverse genres is key. “At recent editions of the Cannes Film Festival, emerging Asian regions such as Singapore, Malaysia, Thailand, and the Philippines—whose film industries are less than one-tenth the size of Korea’s—have been drawing attention. Most of these films are co-productions involving Europe,” he noted, identifying co-production as a new path for survival. By filling the domestic investment gap with overseas funding while leveraging multinational production networks, such projects can gain a strategic advantage in international sales and film festival exposure.

A notable example is Dora, the latest film by July Jung, marking her third consecutive invitation to the Cannes Film Festival (Directors’ Fortnight this year). Starring global Japanese actor Sakura Ando, Dora secured approximately 20% of its mid- to low-2 billion KRW production budget from France (through TV rights pre-sales to Arte) and Luxembourg (via funding support). Jung’s debut A Girl at My Door (2014) received critical acclaim in the Un Certain Regard section at Cannes, and her second feature Next Sohee (2022), selected as the closing film of Critics’ Week, attracted over 90,000 admissions in France—nearly matching its total domestic audience of 110,000. Lee Dong-ha, the producer of Dora, explained, “French production partners had been closely supporting director July Jung since Next Sohee. The Luxembourg investment was also secured through France. While the co-production process was not easy, the French partners will take full responsibility for local theatrical distribution and sales, which should be a significant advantage.”

Dora was also initially placed on the preliminary shortlist in Category A (KRW 2–3 billion budget range) of the mid-budget Korean film production support program launched last year by the Korean Film Council. It was later included in the final list of supported projects in November, after one of the originally selected nine titles was dropped for failing to meet eligibility requirements—helping ease part of its production cost burden. As part of its co-production process, the film has brought on a French cinematographer, while Sakura Ando’s Japanese agency, Humanité, has also participated as an investor—reflecting efforts to explore multinational collaboration from multiple angles.

Another notable example is Hana Korea, written by Sharon Choi and starring Kim Min-ha, which was presented at last year’s Busan International Film Festival. Originally developed as a documentary project by Korea’s Seesaw Pictures about a North Korean defector girl, the film evolved into a fiction feature through a co-production with Denmark’s Sonntag Pictures, with Danish documentary director Frederik Sølberg helming the project—making it a distinctive case of cross-border collaboration.

Dora, invited to the Directors’ Fortnight at this year’s Cannes Festival. With A Girl at My Door and Next Sohee,
July Jung has had all three of her feature films invited to Cannes (Courtesy of Finecut website)

Such multinational co-productions by Korean filmmakers have recently been expanding even more dynamically in North America. Following the breakout success of Crazy Rich Asians (2018), which portrayed the romantic lives of affluent second-generation Asian immigrants, a series of works highlighting what Jerry Kyoung-boum Ko describes as “unfamiliar yet refreshing Asian culture” have continued to find success in the local market. These include Minari (2020), an autobiographical family immigration story by Korean American director Lee Isaac Chung; Everything Everywhere All at Once (2022), an Asian American family comedy that won the Academy Award for Best Picture; and Beef, a Netflix series that explores the struggles of Asian immigrants through a road rage narrative. The continued success of such titles has further accelerated cross-border collaboration.

Premiering earlier this year at the Sundance Film Festival, Bedford Park, the autobiographical debut feature by Korean American director Stephanie Ahn, features Son Suk-ku as both lead actor and producer. Hyundai Motor Company—which previously co-produced and invested in Night Fishing (2024), a short film on electric vehicles also starring and produced by Son—once again participated as an investor in Bedford Park. The film went on to win a Special Jury Award for Directing in the U.S. Dramatic category at Sundance, with Sony Pictures Classics securing its distribution rights. This marks a case in which creator-led collaboration successfully expanded into commercial viability through the involvement of major investors and distributors.

Beyond “K”: It’s the Story That Matters Korean investors and distributors are also pursuing a wide range of co-production projects with Hollywood studios. CJ ENM, which collaborated with A24—often referred to as a “mini-major”—on Past Lives (2024), the debut feature by Korean American director Celine Song, has continued to expand its global slate. Following the co-production of Bugonia (2025), a Hollywood remake of director Jang Joon-hwan’s Save the Green Planet! (2003), the company is currently producing Ally, director Bong Joon-ho’s first feature-length animated film, set in the deep sea. Ally is a global project co-financed and distributed by major French production-distribution company Pathé and an investment fund operated by Pencher Investment, among others. It is expected to once again test the global scalability of animation—transcending generational and linguistic boundaries. CJ ENM is also preparing Superfan, a co-production with U.S.-based SK Global, based on the real-life story of a devoted Korean fan of a Major League Baseball team.

Ally, directed by Bong Joon-ho, is a multinational co-production reflecting K-cinema’s drive to expand
into the global animation market (Courtesy of CJ ENM)

What distinguishes these recent Hollywood collaborations from the past is that Korean partners are now taking a leading role from the earliest stages—driving everything from initial planning and script development to co-production. Danny Lee, CEO of Contents Panda, a subsidiary of NEW currently pursuing co-productions with Hollywood, emphasized, “These days, even in North America, there is growing interest in proven Korean IP. Rather than simply licensing IP, it is more advantageous to develop it as much as possible in Korea and secure an equal partnership with local studios, which ultimately leads to better profit-sharing outcomes.”

There are also calls for caution against focusing too narrowly on K-content as an export commodity. Jeong Sang-min, CEO of Aura Pictures, who attended the Berlin Film Festival with My Name, noted, “As Korean film production has become increasingly standardized and centered on risk management, its limitations in responding flexibly to crises—such as during the pandemic—have become apparent.” He added, “Co-productions, too, should not begin solely from a business perspective, but rather from the question of what kind of stories can connect with global audiences. Only then can we find meaningful cultural touchpoints in the long term.”

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