Spackman Entertainment Group’s Film, DEFAULT, Grosses Us$22.3 Million in Box Office Revenue, Crossing The 3 Million Ticket Sales Mark

December 14, 2018 - 02:16
Spackman Entertainment Group’s Film, DEFAULT, Grosses Us$22.3 Million in Box Office Revenue, Crossing The 3 Million Ticket Sales Mark

  • Group's financialthriller, DEFAULT, maintained #1position and surpassed the 3 million ticket sales mark since its first day ofrelease on 28 November 2018
  • DEFAULT, which is anticipatedto continue its run into the Christmas holiday peak, has accumulated gross boxoffice revenue of US$22.3 million and total ticketadmissions of 3,071,324as of 13 December 2018
  • As the producer and one ofthe investors of DEFAULT, the Groupexpects the film to have a positive material impact to the Group's upcomingfinancial performance


SINGAPORE - Media OutReach - 14 December 2018 Spackman Entertainment GroupLimited ("Spackman Entertainment Group" or the "Company" andtogether with its subsidiaries, the "Group"), one of Korea's leadingentertainment production groups founded by international investor CharlesSpackman, wishes to announce that the Group's upcoming film, DEFAULT, produced by the Company'sindirect wholly-owned subsidiary, Zip Cinema Co., Ltd. ("Zip Cinema"), has grossed US$22.3 million in box office revenue andhas accumulated 3,071,324admissions, crossing the 3 million ticket sales mark since its official widerelease in Korea on 28 November 2018.


DEFAULT, the highest November opening in the history of theKorean box office, continuedto uphold its #1 ranking at the Korea box office.


Based on the latest statistics from theKorean Film Council DEFAULT capturedan average of 32% of the nation's market share of box office revenue andoccupied an average of 1,046 screens daily as of 13 December 2018[1]. The financial thriller film is anticipated tocontinue its run for another three weeks leading to the Christmas holidayperiod.


In addition to being the producerof DEFAULT, the Group invested 10% ofthe film's total production budget. The estimated total production budget for DEFAULT, including prints andadvertising costs, is approximately KRW 9.7 billion (or USD 8.6 million).


The film is expected to contribute positively to the Group's upcomingfinancial performance.


The latest daily statistics fromthe Korean Film Council on the performance of DEFAULT are updated on the Group's website at


DEFAULTwas screened atthe 3rd Macau International Film Festival, garnering recognitionfrom overseas audience. Directed by Choi Kook-hee, the film was also previously screened atthe 71st Cannes International Film Festival in May 2018.  The film has been presold to 17 countries includingCanada, Italy, Japan, China (Hong Kong & Macau), Taiwan, Singapore,Indonesia, Malaysia, Brunei, the Philippines and the United States.


CJ Entertainment is the overseasdistributor of DEFAULT. Clover FilmsPte. Ltd., a Singapore-based film distributor,purchased the theatrical distribution rights in Hong Kong, Macau, Singapore andTaiwan.


Headlined by Korean superstar Yoo Ah-in of UAA & CoInc., a subsidary of the Group's associated company, Spackman Media GroupLimited, DEFAULT depicts thebehind‐the‐scenes story of the tumultuous week leading up to the rescue packageagreed upon between the International Monetary Fund ("IMF") and theRepublic of Korea to prevent bankruptcy during the 1997 Asian Financial Crisis.


The film also stars veteran actress Kim Hye-soo, Heo Jun-ho, JoWoo-jin and French actor Vincent Cassel.


In DEFAULT, Yoo Ah-in plays a mega investorbetting against the country's fortunes. Kim Hye-Soo acts as the leader of themonetary policy team at the Bank of Korea, and French actor Vincent Casseltakes on the role of the managing director of IMF. The film marks the first South Koreanproject of Vincent Cassel, who starred in French independent films LA HAINE and L'APPARTMENT, as well as Hollywood movies OCEAN'S TWELVE, OCEAN'STHIRTEEN and BLACK SWAN.


Formore information on DEFAULT and itsEnglish trailer, visit the Group's website at 


Recent media coverage on DEFAULTcan also be found at


AboutSpackman Entertainment Group Limited


Spackman Entertainment GroupLimited ("SEGL" or the "Company"), and together with its subsidiaries,(the "Group"), one of Korea'sleading 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 visit  


SEGL also owns Novus MediacorpCo., Ltd. ("Novus Mediacorp"), aninvestor, presenter, and/or post-theatrical distributor for a total of 76 films(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-grossing romantic comedy produced by Zip Cinema. In2018, THE OUTLAWS, co-presented byNovus Mediacorp broke the all-time highest 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 


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 a café-loungecalled Upper West, in the Gangnam district of Seoul and own a professionalphotography studio, noon pictures Co., Ltd..


The Company holds an effectiveshareholding 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 entertainmentindustry. SMGL operates its talent management business through renownedagencies such as MS Team Entertainment Co., Ltd., UAA & Co Inc., Fiftyone KInc., SBD Entertainment Inc., and Kook Entertainment Co., Ltd. Through thesefull-service talent agencies in Korea, SMGL represents and guides theprofessional careers of a leading roster of award-winning actors/actresses inthe practice areas of motion pictures, television, commercial endorsements, andbranded entertainment. SMGL leverages its unparalleled portfolio of artists asa platform to develop, produce, finance and own the highest quality ofentertainment content projects, including theatrical motion pictures, varietyshows, and TV dramas. This platform also creates and derives opportunities forSMGL to make strategic investments in development stage businesses that cancollaborate with SMGL artists. SMGL is an associated company of the Company.


TheGroup owns a 100% equity interest in Frame Pictures Co., Ltd. ("Frame Pictures"). Frame Pictures is a leader in the movie/dramaequipment leasing business in Korea. Established in 2014, Frame Pictures hasworked with over 25 top directors and provided the camera and lightingequipment for some of Korea's most notable drama and movie projects including the upcoming Korean film GIRL COPS (2018) featuring rising star Wi Ha-jun of SMGL and THE GREATEST DIVORCE (2018) starring BaeDoona of SMGL. In 2018, FramePictures has also won contracts to supply equipment to THE BEAUTY INSIDE (2018),HUNDRED MILLION STARS FROM THE SKY (2018), LOVELY HORRIBLY (2018), THE GUEST (2018),historical Korean movie MALMOI, SUITS (2018) featuring ParkHyung-sik of SMGL, MISTRESS (2018), LIFE (2018), LIVE (2018) starring Lee Kwang-soo of RUNNING 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.


TheCompany owns a 100% equity interest in Take Pictures Pte. Ltd. ("Take Pictures") which has a strong lineup of 10 film projectsincluding STONE SKIPPING and theco-production with Zip Cinema for THEPRIESTS 2.


TheCompany 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 a100% equity interest in Greenlight Content Limited which is mainly involved in the business ofinvesting into dramas and movies, as well as providing consulting services forthe production of Korean content.


On 7 May 2018, the Company announced that it would spin-offNovus Mediacorp and Frame Pictures into a combined entity to seek listing onthe Catalist Board of the Singapore Exchange Securities Trading Limited toexploit the growing post-theatrical and camera equipment leasing markets. For more details, do visit