Risk takes back seat to proven formulas as studios chase familiar hits

From left: official posters for
From left: official posters for "The Priests 2: Dark Nuns," "Hitman: Agent Jun 2" and "Secret: Untold Melody" (Next Entertainment World/By4m Studio/PlusM Entertainment)

In South Korea, where the Lunar New Year traditionally sends millions flocking to multiplexes for family entertainment, this year's cinema offerings suggest an industry increasingly wary of original bets. As Koreans gear up for the six-day holiday, theaters are rolling out the most risk-averse holiday lineup in recent memory — three new releases, each a sequel or remake.

Leading the pack is "The Priests 2: Dark Nuns," an occult horror that follows two nuns performing forbidden exorcism rites, starring Song Hye-kyo in her first Korean film in 11 years and fresh off her turn in Netflix's "The Glory." Meanwhile, "Hitman: Agent Jun 2" brings back Kwon Sang-woo's spy-turned-webtoonist for another round of action-comedy, while "Secret: Untold Melody" transplants Jay Chou's beloved 2008 Taiwanese conservatory romance to a Korean college setting, with EXO's D.O. (Doh Kyung-soo) taking on the piano prodigy role.

These newcomers enter a market where CJ ENM's period epic "Harbin" has held onto its box office crown for three straight weeks since its Christmas Eve debut.

This sequel-heavy slate marks a stark departure from recent Lunar New Year seasons, which have trended toward lower budgets but never leaned so heavily on existing properties. Recent holiday lineups featured a mix of original stories, even if scaled back in scope. Last year saw the schmaltzy "Dog Days" weaving together stories of pet owners, the noir thriller "Dead Man" and the modest "Picnic" featuring octogenarians Na Mun-hee and Kim Young-ok.

The last major blockbuster lineup was 2023's pairing of "The Point Men," a hostage crisis drama starring heavyweights Hwang Jung-min and Hyun Bin, and "Phantom," a colonial-era espionage thriller. Both had 10-billion-won ($7 million) budgets and crashed spectacularly, failing to draw even half their break-even audiences.

The pivot to familiar properties reflects a broader survival strategy as Korea's cinema market struggles to rebound from the COVID-19 pandemic, industry watchers say. While sequel fever has swept global cinema — as evidenced by Hollywood's franchise-packed 2024 slate — it holds particular appeal in a market where theaters are particularly slow to recover.

Even as North American admissions have rebounded to 80 percent of prepandemic levels and some Asian markets have recovered, Korean theaters are still languishing at 60 percent of 2019 numbers, according to Korean Film Council data. For an industry still finding its footing, proven properties offer an alluring combination of lower risk and cost efficiency, allowing studios to tap into existing fanbases while saving significantly on marketing.

This industry-wide retreat to familiar properties both shapes and reflects evolving audience preferences. The sharp hike in standard ticket prices from 12,000 won in 2020 to 15,000 won since 2022 has also made moviegoers particularly selective in their spending, pushing them toward proven entertainment over novel content.

The box office numbers paint a clear picture: Half of 2024's top 10 hits were sequels or remakes, according to KOFIC's annual report released Jan. 19. Domestic successes included "The Roundup: Punishment" (11.5 million admissions) and "I, the Executioner" (7.53 million), alongside imported hits like "Inside Out 2" (8.8 million), "Wonka" (3.53 million) and "Moana 2" (3.37 million).

Perhaps no franchise better exemplifies this trend than "The Roundup" series, where Don Lee's blunt-force cop bulldozes through crime with gleeful abandon. The action comedy juggernaut accumulated over 40 million admissions across its run, with its last three installments released from 2022 to 2024 each surpassing the 10-million viewer milestone.