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A still from “Seo Bok” (provided by CJ ENM)

“Seo Bok,” a film starring Gong Yoo and Park Bo-gum, is premiering simultaneously in theaters and through the video streaming service Tving.

As the format is being attempted for the first time for a South Korean blockbuster film debut, many are watching to see the potential ramifications for the film industry.

The film investment and distribution company CJ ENM announced Wednesday that “Seo Bok” would premiere simultaneously on Apr. 15 in theaters and on Tving.

The latest work by “Architecture 101” director Lee Yong-ju, “Seo Bok” is a film about clones and was produced with a large budget of 16 billion won (US$14 million). It had been scheduled to premiere last year, but the debut ended up facing a long postponement amid the COVID-19 pandemic.

While other hotly anticipated Korean films like “Space Sweepers” (2020) and “Time to Hunt” (2020) skipped theatrical releases and went straight to Netflix due to the pandemic, this marks the first case of a film premiering simultaneously in theaters and via an online video service. It’s also the first example of a streaming release for a film by CJ ENM, South Korea’s top-ranked film investment and distribution company.

Overseas, companies like Warner Bros. and Disney have already adopted the strategy of simultaneously releasing films in theaters and through their own streaming platforms.

“We made the decision to diversify platforms as a way of ensuring that everyone benefits amid an environment that has changed due to the COVID-19 situation,” a CJ ENM official said.

“It also worked out well in terms of the conditions with Tving, which differs from Netflix in terms of allowing for a simultaneously theatrical release,” the official noted.

“With other films going forward, we’ll have the option of choosing from among different methods reflecting their characteristics, including theatrical or streaming releases as well as both platforms simultaneously,” they added, suggesting that other films besides “Seo Bok” might also premiere via online video services.

A South Korean streaming service launched as an independent corporation after spinning off from CJ ENM in October 2020, Tving recently partnered officially with JTBC. It is now beefing up its original content to compete with global giant Netflix, which currently dominates the South Korean video streaming market. This strategy was a factor in its decision to spend a sizable amount acquiring streaming rights for “Seo Bok.”

According to observers, another factor may have been CJ ENM’s current discussions toward partnering with Naver to include Tving shortly as part of the paid Naver Plus Membership service. The two companies are hoping “Seo Bok” can be a way of enrolling new members in both Tving and Naver Plus Membership.

The film industry is watching closely to see how “Seo Bok” performs. At a time when it has become difficult to make profits through theatrical releases alone, online streaming may offer a way of guaranteeing stable profits while pulling in additional gains through theaters.

If it does work out, a similar approach appears likely to be adopted with other films. But some have voiced concerns that if the arrangement only benefits the streaming platforms while theatrical audiences remain small, it could mark a turning point toward dominance shifting over completely from theaters to online services.

By Suh Jung-min, staff reporter

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