The movie "Seo Bok," starring Gong Yoo and Park Bo-gum will be released simultaneously in theaters and on online video services (OTT). This is the first time a Korean blockbuster film has been released in this way, and its impact on the film industry is drawing attention.

CJ ENM, which handled investment and distribution, announced on the 3rd that "Seo Bok" will be released simultaneously in theaters and online streaming on April 15th. The new film by director Lee Yong-ju, director of "Architecture 101," is a large-scale film with a production cost of 16 billion won (approximately 15 billion yen), based on the theme of human cloning.

It was originally scheduled for release last year, but the release was postponed due to the prolonged COVID-19 pandemic. While there have been instances of anticipated Korean films such as "Space Sweepers" and "Time to Hunt" being released directly on Netflix due to the pandemic, this is the first case of simultaneous release in theaters and on OTT. Furthermore, this is the first time a film from CJ ENM, Korea's No. 1 investor and distributor, has gone directly to OTT. Overseas, companies like Warner Bros. and Disney have adopted a strategy of simultaneous release in theaters and their own OTT services.

The film industry is closely watching the case of "Seo Bok." In a situation where theatrical releases alone cannot guarantee sufficient profits, it is possible to achieve a certain level of stable revenue through OTT and generate additional profits through box office success. If this proves successful, other films are expected to adopt similar strategies. However, there are also concerns that if only OTT profits are realized and theater attendance remains minimal, it could become a turning point where the initiative shifts entirely from theaters to OTT.

Article Source: The Hankyoreh

These are English translations of articles from our GTTOUR Japanese website.