Spackman Entertainment Group's Film, DEFAULT, Surpasses 1.5 Million Tickets Within Four Days And Secures Over 40% Of The Market Share, Recording The Highest November Opening In The Korean Box Office History

December, 03/2018 - 01:19
Spackman Entertainment Group's Film, DEFAULT, Surpasses 1.5 Million Tickets Within Four Days And Secures Over 40% Of The Market Share, Recording The Highest November Opening In The Korean Box Office History

  • DEFAULT, the best November release in the history of the Korean box office, overtook previous top November titles INSIDE MEN(2015) and INTERSTELLAR(2014)
  • Film exceeded 1.5 million tickets within four days and grossed US$11.4 million in box office revenue since the first day of its wide release
  • Other than being the producer of DEFAULT, the Group is also one of the investors of the film, which is headlined by Yoo Ah-in of Spackman Media Group

 

SINGAPORE - Media OutReach - 3 December 2018 Spackman Entertainment GroupLimited ("SpackmanEntertainment Group" or the "Company"and together with its subsidiaries, the "Group"),one of Korea's leading entertainment production groups founded by internationalinvestor Charles Spackman, wishes to announce that the Group's upcoming film, DEFAULT, produced by the Company'sindirect wholly-owned subsidiary, Zip Cinema Co., Ltd. ("Zip Cinema"), crossed more than 1.5 million tickets within fourdays after its first day of its wide release in Korea on 28 November 2018. Thefilm secured its highest market share of 43.0% as of yesterday, the firstSunday since its opening day.

 

DEFAULT attained the highest November opening in the history of the Korean box office, surpassing previous topNovember titles INSIDE MEN (2015) andINTERSTELLAR (2014). INSIDE MEN (2015), which stars LeeByung-hun, posted 230,949 tickets onits opening day and ultimately grossed US$50.4 million in box office revenuewith total ticket admissions of more than 7 million. INTERSTELLAR (2014), the top 4 foreign films of all time in thehistory of the Korean box office, recorded 227,025 tickets on its opening dayand eventually grossed US$73.7 million in box office revenue with total ticketadmissions of more than 10 million.

 

DEFAULT has continued to rank #1 at the Korean box office, securing more than40% of the nationwide market share ofbox office revenue for its first opening weekend.

 

DEFAULT also received a 95% approval rating as of 2 December 2018, based onthe CGV Golden Egg Score whichmeasures the actual audience response on the film. As the top November releasein the history of the Korean box office, DEFAULT'sopening day performance of achieving more than 300,000 ticket admissionsvalidated the film's popularity and relevance amongst the general public.

 

Based on the lateststatistics from the Korean Film Council, DEFAULTachieved solid weekend box office figures, recording 426,925 tickets for itsfirst Saturday and 399,258 tickets for its first Sunday. Total ticketadmissions stood at 1,570,673 with gross box office revenue of US$11.4 millionas of 2 December 2018. The film, which was released on an average of 1,155screens since its first day of its wide release, captured more than 40% of thenationwide market share of box office revenue for its first opening weekend.

 

In addition to being theproducer of DEFAULT, the Groupinvested 10% of the film's total production budget. The estimated totalproduction budget for DEFAULT,including prints and advertising costs, is approximately KRW 9.7 billion (orUSD 8.6 million).

 

The latest daily statisticsfrom the Korean Film Council on the performance of DEFAULTare updated on the Group's website at https://www.spackmanentertainment.com.

 

DEFAULT has been presold to 17 countries including Canada, Italy, Japan, China(Hong Kong & Macau), Taiwan,Singapore, Indonesia, Malaysia, Brunei, the Philippines and the United States.

 

CJ Entertainment is theoverseas distributor of DEFAULT.Clover Films Pte. Ltd., a Singapore-based film distributor, purchased thetheatrical distribution rights in Hong Kong, Macau, Singapore and Taiwan.

 

Headlined by Koreansuperstar Yoo Ah-in of UAA & Co Inc., a subsidary of the Group's associatedcompany, Spackman Media Group Limited, DEFAULTdepicts the behind-the-scenes story of the tumultuous week leading up to therescue package agreed upon between the International Monetary Fund ("IMF") and the Republic of Korea toprevent bankruptcy during the 1997 Asian Financial Crisis.

 

The film also stars veteranactress Kim Hye-soo, Heo Jun-ho, Jo Woo-jin and French actor Vincent Cassel.

 

In DEFAULT, Yoo Ah-in plays a mega investor betting against thecountry's fortunes. Kim Hye-Soo acts as the leader of the monetary policy teamat the Bank of Korea, and French actor Vincent Cassel takes on the role of themanaging director of IMF. The film marks the first South Korean project ofVincent Cassel, who starred in French independent films LA HAINE and L'APPARTMENT,as well as Hollywood movies OCEAN'STWELVE, OCEAN'S THIRTEEN and BLACK SWAN.

 

Directed by Choi Kook-hee, DEFAULT was previously screened at the71 st Cannes International FilmFestival in May 2018.

 

For more information on DEFAULT and its English trailer, visitthe Group's website at https://www.spackmanentertainmentgroup.com/default-1.html.

 

Recent media coverage onDEFAULT can also be found at https://www.spackmanentertainmentgroup.com/news.html.

 

AboutSpackman Entertainment Group Limited

 

Spackman Entertainment GroupLimited ("SEGL" or the "Company"), and together with itssubsidiaries, (the "Group"), one ofKorea's leading entertainment production groups founded by investment veteran,Mr. Charles Spackman, is primarily engaged in the independent development,production, presentation, and financing of theatrical motion pictures in Korea.In order to diversify our revenue streams, in the second half of 2018, we willto expand our business portfolio to include the production of Korean televisiondramas. In addition to our content business, we also make investments intoentertainment companies and film funds that can financially and strategicallycomplement our existing core operations. SEGL is listed on the Catalist of theSingapore Exchange Securities Trading Limited under the ticker 40E.

 

SEGL's Zip Cinema Co., Ltd.("Zip Cinema") is one of the mostrecognised film production labels in Korea and has originated and produced someof Korea's most commercially successful theatrical films, consecutivelyproducing 8 profitable movies since 2009 representing an industry leading trackrecord. Recent theatrical releases of Zip Cinema's motion pictures include someof Korea's highest grossing and award-winning films such as MASTER (2016), THE PRIESTS (2015), COLD EYES(2013), and ALL ABOUT MY WIFE (2012).For more information on Zip Cinema, do visithttps://zipcine.com

 

SEGL also owns NovusMediacorp Co., Ltd. ("Novus Mediacorp"),an investor, presenter, and/or post-theatrical distributor for a total of 76films (53 Korean and 23 foreign) including ROSEOF BETRAYAL, THE OUTLAWS and SECRETLY, GREATLY, which was one of thebiggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS fame,as well as FRIEND 2: THE GREAT LEGACY.In 2012, Novus Mediacorp was also thepost-theatrical rights distributor of ALLABOUT MY WIFE, a top-grossingromantic comedy produced by Zip Cinema. In 2018, THE OUTLAWS, co-presented by Novus Mediacorp broke the all-timehighest Video On Demand ("VOD") sales records in Korea. NovusMediacorp is currently in the process of seeking a listing on the SingaporeStock Exchange. For more information on Novus Mediacorp, do visit https://novusmediacorp.com

 

Our films are theatricallydistributed and released in Korea and overseas markets, as well as forsubsequent post-theatrical worldwide release in other forms of media, includingcable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. Werelease all of our motion pictures into wide-theatrical exhibition initially inKorea, and then in overseas and ancillary markets.

 

We also operate acafé-lounge called Upper West, in the Gangnam district of Seoul and own aprofessional photography studio, noon pictures Co., Ltd..

 

The Company holds aneffective shareholding interest of 43.88% in Spackman Media Group Limited ("SMGL"). SMGL, a company incorporated inHong Kong, together with its subsidiaries, is collectively one of the largestentertainment talent agencies in Korea in terms of the number of artists undermanagement, including some of the top names in the Korean entertainment industry.SMGL operates its talent management business through renowned agencies such asMS Team Entertainment Co., Ltd., UAA & Co Inc., Fiftyone K Inc., SBD Entertainment Inc., and KookEntertainment Co., Ltd. Through these full-service talent agencies in Korea, SMGLrepresents and guides the professional careers of a leading roster ofaward-winning actors/actresses in the practice areas of motion pictures,television, commercial endorsements, and branded entertainment. SMGL leveragesits unparalleled portfolio of artists as a platform to develop, produce,finance and own the highest quality of entertainment content projects,including theatrical motion pictures, variety shows, and TV dramas. Thisplatform also creates and derives opportunities for SMGL to make strategicinvestments in development stage businesses that can collaborate with SMGLartists. SMGL is an associated company of the Company.

 

The Group owns a 100% equityinterest in Frame Pictures Co., Ltd. ("FramePictures"). Frame Pictures is aleader in the movie/drama equipment leasingbusiness in Korea. Established in 2014, Frame Pictures has worked with over25 top directors and provided the camera and lighting equipment for some ofKorea's most notable drama and movie projects including the upcoming Koreanfilm GIRL COPS (2018) featuringrising star Wi Ha-jun of SMGL and THEGREATEST DIVORCE (2018) starring Bae Doona of SMGL. In 2018, Frame Pictures has also won contracts to supplyequipment to THE BEAUTY INSIDE (2018), HUNDRED MILLION STARS FROM THE SKY(2018), LOVELY HORRIBLY (2018), THE GUEST (2018), historical Koreanmovie MALMOI, SUITS (2018) featuring Park Hyung-sik of SMGL, MISTRESS (2018), LIFE (2018),LIVE (2018) starring Lee Kwang-soo ofRUNNING MAN, MY MISTER (2018) and Netflix's first Korean original production LOVE ALARM (2018). Frame Pictures andNovus Mediacorp are currently seeking to list on the Singapore Stock Exchange.

 

The Company owns a 100%equity interest in Take Pictures Pte. Ltd. ("Take Pictures") whichhas a strong lineup of 10 film projects including STONE SKIPPING and the co-production with Zip Cinemafor THE PRIESTS 2.

 

The Company owns a 100%equity interest in Constellation Agency Pte. Ltd. ("Constellation Agency"). Constellation Agency, which owns The PFactory Co., Ltd. ("The P Factory")and Platform Media Group Co., Ltd. ("PMG"),is primarily involved in the business of overseas agency for Korean artistsventuring into the overseas market. The P Factory is an innovative marketingsolutions provider specializing in event and branded content production. PMG isa talent management agency which represents and manages the careers of majorartists in film, television, commercial endorsements, and brandedentertainment.

 

The Company owns a 100%equity interest in Greenlight Content Limited which is mainly involved in thebusiness of investing into dramas and movies, as well as providing consultingservices for the production of Korean content.

 

On 7 May 2018, the Companyannounced that it would spin-off Novus Mediacorp and Frame Pictures into acombined entity to seek listing on the Catalist Board of the Singapore ExchangeSecurities Trading Limited to exploit the growing post-theatrical and cameraequipment leasing markets.For more details, do visit https://www.spackmanentertainmentgroup.com/



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