High-profile ‘Harbin,’ ‘Bogota’ falling short of breakeven goals despite star power
The commercial viability of South Korea's two major year-end film releases is being tested by streaming platforms and pandemic aftershocks that continue to threaten theatrical prospects. Even with star power and heavyweight promotion, these productions are struggling to recoup their large-scale investments in an increasingly risk-averse market.
"Harbin," CJ ENM's period epic starring Hyun Bin, has accumulated 3.87 million viewers since its Christmas Eve debut, according to the Korean Film Council's (KOFIC) online database.
While topping the box office for three consecutive weeks with generally positive reviews -- it has a 7.38 out of 10 rating from viewers on a local search engine Naver -- these numbers spell concern for a production carrying a hefty 30 billion won ($23 million) price tag, which requires at least 6.5 million admissions to break even.
The film's substantial budget stems from high-end technical production, which employed the same Arri Alexa 65 cameras used in Hollywood epics like "Dune" and "Mad Max," alongside drone work from "Mission Impossible" veterans Studio XM2. Extensive location shoots across Mongolia and Latvia -- featuring sweeping desert vistas and winter battle sequences -- pushed production costs higher.
Daily ticket sales have already shown signs of slowing, dropping 68 percent from Sunday as it entered its third week. A potential boost during the upcoming Lunar New Year holiday window (January 25-30) may not be enough to bridge the gap to profitability, though CJ ENM officials claim that international distribution deals across 117 countries will help lower the breakeven threshold.
The numbers look more dire for "Bogota: City of the Lost," which has drawn just 362,308 admissions since its New Year's Eve launch, according to Thursday's KOFIC data.
The 12.5 billion won crime drama, starring Song Joong-ki as a Korean immigrant navigating Colombia's smuggling underworld, currently sits fifth in the daily rankings -- with Thursday's admissions of 6,104 lagging behind even the latest Pororo children's animation.
For Song, "Bogota" adds to a string of box office disappointments. His first major blockbuster lead in 2017's "The Battleship Island" failed to recoup its massive 27 billion won budget amid mixed reviews, while last year's noir "Hopeless" barely reached 260,000 viewers.
These repeated misfires have sparked heated discussions on Korean social media about the K-drama superstar's film choices, which stand in stark contrast to his commanding grip on television ratings, most recently evidenced by buzz around his "Queen of Tears" cameo.
The struggles of these year-end tentpoles could set off further industry pullback, industry watchers fear. As production costs pile up and more and more viewers opt for streaming, major film studios have been backing away from ambitious projects in favor of safer, smaller-scale ventures in recent years.
For 2025, Korea's five major production houses have lined up just ten films topping the 3 billion won production budget -- the typical baseline for standard commercial releases here.
