Journalist
Kim Dong-young and Han Jun-gu
davekim0807@ajupress.com
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Seoul tweaks rules on artisanal spirits but disappoints brewers hoping to ride the K-wave SEOUL, November 19 (AJP) - South Korea is home to the world's best-selling liquor — soju, a clear distilled spirit often dubbed Korean vodka — and the globally rediscovered rice wine, makgeolli. Authorities have finally moved to loosen regulations on traditional liquor tastings and wholesale licensing, but artisanal brewers find them fall short of their expectations on addressing the deeper structural barriers that prevent them from riding the rising K-food wave. The National Tax Service (NTS), which oversees liquor policy, announced Tuesday that the annual tasting-sample quota for traditional liquor will increase to 11,000 liters from the current 9,000 liters starting January. Limits for makgeolli and fruit wines will also rise to 10,000 liters. Under Korea's liquor tax law, "traditional liquor" refers to artisanal drinks made by designated holders of national intangible heritage or by using agricultural products sourced from local or adjacent regions. Korea's liquor categories broadly include makgeolli, rice wine, refined rice wine (cheongju), and soju. The NTS will also allow retail sellers to offer tastings at government-sponsored festivals and events, expanding beyond the current restriction that confines tastings to state-run promotional centers. Officials say the revised wholesale-license rules better reflect the consumption patterns of tourism-heavy regions, where demand for alcohol far exceeds population-based quotas. Under the old standards, popular tourist destinations struggled to secure new licenses despite thriving markets. "The National Tax Service will continue listening to industry voices and boldly improve regulations that do not match reality, becoming a strong supporter of revitalizing the domestic and international liquor industry," the agency said in a statement. Demand for tasting-sample approvals has surged — 5,190 cases in 2024, up from 1,018 in 2021 — prompting the quota increase. Product variety has also expanded nearly sixfold during the same period to 10,463 types of liquor in 2024. Other changes include doubling tax-label exemption thresholds to 1,000 kiloliters for fermented liquors and 500 kiloliters for distilled spirits. Small-scale brewers can also skip the requirement until the quarter following their initial licensing date. Policymakers say the easing mirrors earlier deregulation that fueled the craft-beer boom. The government approvals in 2014 for small breweries to sell at external venues and in 2017 to supply convenience stores were widely credited for igniting rapid market growth. But artisanal brewers argue the small tweaks in tasting quotas do little to strengthen their presence at promotional events. "At exhibition halls and trade shows, people mostly taste and rarely make offline purchases," said Lee Ye-ryeong, CEO of Joeunsoul Brewery, whose Cheonbihyang Yakju refined rice wine won this year's presidential award. "For small breweries like ours, providing tasting samples alone incurs significant cost. Sometimes we use more bottles for tastings than we sell on-site." What would help instead is to "limit the number of tasting glasses included with admission tickets, or allow separate fees for premium tastings," she said noting international wine companies often charge tasting fees, and customers who pay are more likely to make actual purchases. Brewers call for broader tax reform. Makgeolli is taxed at 44,400 won per kiloliter, while cheongju and soju are taxed ad valorem at 30 percent and 72 percent respectively — rates that weigh heavily on small distilleries. Confusion also persists over ambiguous classification rules. Some celebrity-backed distilled spirits qualify as "traditional liquor" simply by meeting regional-ingredient requirements, while many popular makgeolli brands fall outside the legal definition altogether. What are needed are practical steps, not gestures, said one brewer. 2025-11-19 13:45:11 -
Team Korea lands in UAE to widen defense, energy, high-tech foray SEOUL, November 18 (AJP) - Team Korea — led by South Korean President Lee Jae Myung and a delegation of top corporate chiefs — arrived Wednesday in the United Arab Emirates to pursue business opportunities in a Middle East rapidly pivoting toward digitalization, high-tech manufacturing, militarization and decarbonization powered by its oil wealth. The two-day UAE visit includes leaders from Korea's industrial backbone: Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Eui-sun, and Hanwha Group Vice Chairman Kim Dong-kwan, who are bringing with them Korea's strengths in semiconductors, mobility and defense. The broader Middle East has emerged as a fast-expanding frontier for Korean exporters. While it ranked eighth among Korea's nine major export destinations in the first half of 2025, its growth rate was the third-fastest, rising 14.8 percent year-on-year. Total annual exports to the region climbed from 14.6 billion won in 2020 to 19.6 billion won in 2024, recording a compound annual growth rate of 6.05 percent, according to the Ministry of Trade, Industry and Energy. Defense is set to be one of the most significant agenda items, with President Lee and executives from Hanwha and Hyundai Motor Group promoting Korean weapons systems at the Dubai Airshow, the Middle East's largest aviation and defense exhibition. The region – a persistent flashpoint for conflict - has shown rising interest in modernized Korean defense systems. The UAE became the first foreign nation to acquire South Korea's Cheongung-II surface-to-air missile system in 2022 through a $3.5 billion deal, followed by Saudi Arabia and Iraq with separate contracts worth $3.2 billion and $2.8 billion. Korean companies have intensified their outreach as regional conflicts show no signs of easing. Hanwha Aerospace opened a Middle East–North Africa regional headquarters in Riyadh on Sept. 3 and is reviewing a joint venture with Saudi Arabia's Ministry of National Defense. Vice Chairman Kim Dong-kwan met Saudi Defense Minister Prince Abdullah bin Bandar bin Abdulaziz on Sept. 21 to present key weapons including the K9 self-propelled howitzer and Redback infantry fighting vehicle, while discussing localization strategies. Hyundai Rotem is competing with a desert-adapted K2 main battle tank designed for extreme heat, equipped with desert camouflage and an active protection system to counter anti-tank missiles in local environments. LIG Nex1, already established in the region through the Cheongung program, signed a 1.477 trillion won contract on Oct. 27 to supply core components for Iraq's Cheongung-II project, alongside Hanwha Systems and Hanwha Aerospace. Experts say the region's combination of unstable security conditions, high defense spending relative to GDP, and disrupted global supply chains is driving new opportunities. Jang Nam-hyun, analyst at Korea Investment & Securities, said at a defense seminar on Oct. 27 that opportunities are opening as traditional exporters — the United States, France and Germany — have shifted focus to Europe since the Russia-Ukraine war, while many Middle Eastern militaries face replacement demand for aging tanks and armored vehicles. Beyond defense, the UAE remains Korea's closest economic partner in the Middle East and the only country in the region with which Seoul maintains a special strategic partnership. The UAE was the first to import South Korea's nuclear reactor technology through the Barakah project, and is now looking to expand cooperation into hydrogen, leveraging abundant natural gas and renewable energy assets, Undersecretary for Energy and Petroleum Affairs Sharif Al Olama said in an interview with AJP. President Lee described the UAE as a vital platform for Korea's broader regional ambitions. "The UAE can serve as a base camp for Korea as we expand into Africa, Europe and the Middle East," he said Monday. "The two countries should evolve from brotherly nations into an economic community." Lee also called for expanded joint research, co-production and third-country energy projects between Seoul and Abu Dhabi. After the UAE, President Lee will travel to Egypt before heading to South Africa for the Group of 20 summit, state visiting Turkiye (Turkey) for his final destination. 2025-11-18 15:51:50 -
Korea-U.S. MoU elevates trade partnership to co-development and related stocks in Seoul SEOUL, November 17 (AJP) - Korean shares in chipmaking, utilities, defense, energy infrastructure and shipbuilding climbed 1 to 5 percent on Monday, refueling the KOSPI's run while most Asian markets stayed lethargic on expectations of active cross-border ventures following a newly signed memorandum of understanding between Seoul and Washington that caps months of delayed talks on a broader trade and tariff deal. The electronically signed MoU positions South Korea not merely as a trading partner but as a core U.S. collaborator in industrial development. Under the agreement, Korea pledges roughly $350 billion in investments into the U.S. economy, including $150 billion dedicated to shipbuilding. The remaining $200 billion will be directed toward "commercially reasonable" strategic investments in critical U.S. sectors — energy, semiconductors, pharmaceuticals, critical minerals and artificial intelligence. In return, the United States will lower reciprocal tariffs on Korean exports, reducing the baseline rate from 25 percent to 15 percent as of Aug. 7. Shipbuilding at the center of the new partnership The shipbuilding component will channel Korean investment into modernizing America's shipbuilding base — from U.S. shipyard upgrades to workforce development. Both nations will operate a working group to coordinate maintenance, repair and overhaul (MRO), workforce training, and supply-chain resilience efforts. The MoU states that the partnership will increase the number of both U.S. commercial ships and combat-ready military vessels, including the potential construction of U.S. ships in Korea. In practice, cooperation is already underway. Hanwha Ocean became the first Korean shipbuilder to secure a U.S. Navy maintenance contract and has taken part in multiple repair projects, including for the dry cargo ship Charles Drew, scheduled for completion by January. Its $100 million acquisition of Philly Shipyard last year has become a symbolic flagship of the "Make American Shipbuilding Great Again" initiative. HD Hyundai Heavy Industries won a maintenance contract in August for the 41,000-ton USNS Alan Shepard and is preparing to merge with HD Hyundai Mipo by Dec. 1 to boost operational flexibility. Mipo was acquired in 2002 but maintained separately until now. Korean shipbuilders form the backbone of the deal due to their global track record. "Korean shipbuilders' combined orders are expected to reach $38.8 billion next year, up 10 percent from this year, driven by LNG carriers, tankers and special-purpose vessels," said Jung Yeon-seung, analyst at NH Investment & Securities. He added that rising global demand for warships could extend earnings momentum beyond 2028 if Korean yards secure major naval programs. Nuclear-powered submarine pathway opens In a significant show of confidence, Washington publicly endorsed Korea's plan to build nuclear-powered attack submarines and committed to working closely with Seoul on fuel sourcing and other requirements. While former President Donald Trump initially claimed the submarine would be delivered from Hanwha's Philadelphia Shipyard, industry officials say construction would likely be led in Korea, though details remain under review. Hanwha Ocean is Korea's most experienced submarine builder, having developed diesel-electric technology through the KSS series — from Changbogo-class vessels to the Changbogo-III Batch-I and Batch-II. Its 3,600-ton Jang Young-sil, launched in October and set for Navy delivery by late 2027, features a design that allows conversion to nuclear propulsion. HD Hyundai Heavy Industries has also secured successive orders for six Changbogo-II vessels and one Changbogo-III Batch-I submarine. It recently signed an MoU with Peru for joint development of next-generation submarines. Nuclear-powered submarines can stay submerged for months without refueling — a vast leap from diesel submarines that must surface every two to three days — effectively categorizing them as strategic underwater assets. During visits to both Hanwha and HD Hyundai facilities in Geoje and Ulsan on Nov. 15, U.S. Navy Chief Adm. Daryl Caudle underscored the strategic implications. "As they say in the movie Spider-Man, with great power comes great responsibility," Caudle said. "There will be a responsibility for Korea to deploy those submarines globally and move away from being just a regional navy." He added that Washington expects South Korea to play a prominent role in strengthening American shipbuilding capacity. The United States also explicitly backed Korea's path toward civil uranium enrichment and spent-fuel reprocessing for peaceful purposes, provided Seoul adheres to the bilateral 123 agreement and relevant U.S. legal requirements. 2025-11-17 15:50:14 -
US to cap tariffs on Korean pharmaceuticals at 15 percent SEOUL, November 14 (AJP) - The United States has agreed to cap tariffs on South Korean pharmaceutical products at 15 percent, offering welcome relief to an industry that had faced threats of tariffs as high as 100 percent. The commitment was outlined in a joint fact sheet issued Friday (KST) by the White House and South Korea’s presidential office, following last month’s bilateral summit. The document states that Washington will ensure tariffs on Korean pharmaceutical goods do not exceed 15 percent. The agreement is tied to Seoul’s sweeping $350 billion investment plan in the U.S., with $200 billion earmarked for strategic industries and $150 billion for shipbuilding. In return, reciprocal U.S. tariffs on Korean automobiles, parts and other products will be lowered from 25 percent to 15 percent. “We view this as a very positive and fortunate outcome — pharmaceutical goods have been confirmed to receive most-favoured-nation treatment with a 15 percent tariff,” said the Korea Pharmaceutical and Bio-Pharma Manufacturers Association in a statement. The association noted that while generic drugs will maintain duty-free status, the fact sheet did not mention biosimilars, a gap it said will require monitoring. Likewise, the Korea Biotechnology Industry Organization welcomed the affirmation and said Korean firms were prepared for the worst. “Most domestic pharmaceutical and biotech companies expanding into the U.S. market — such as Celltrion — have taken steps to minimise tariff burdens by establishing contract-manufacturing facilities in the United States, so the impact is expected to be limited,” the organisation said. 2025-11-14 15:53:09 -
HMM's $2.8 billion value slide fuels talk of POSCO takeover SEOUL, November 14 (AJP) - HMM's market value has fallen by more than 4 trillion won ($2.8 billion) in the past five months, sharpening speculation that POSCO Holdings could soon move to acquire South Korea's largest container line as the carrier struggles with collapsing freight rates and a steep drop in profits. POSCO signaled last month during its third-quarter earnings call that a potential deal remained in its "early review" phase and that no significant progress had been made. Still, people familiar with the matter say the steelmaker has assembled a heavyweight advisory team — including Samil PwC and Boston Consulting Group — to explore the feasibility of an acquisition. The renewed scrutiny comes as HMM on Thursday posted an earnings shock for the July-to-September period. Operating profit plummeted 80 percent from a year earlier to 296.8 billion won, deepening the decline from the second quarter, when income slipped 64 percent. The carrier blamed the rout on deteriorating global shipping conditions. The Shanghai Containerized Freight Index averaged 1,481 points in the third quarter, down 52 percent from a year earlier, as trade volumes weakened under escalating tariff disputes and a glut of Chinese capacity weighed on prices. HMM said its performance remained "relatively high' in a depressed market, but investors have been unconvinced. The company's shares have dropped 19 percent since mid-June to 19,420 won as of Thursday market closure, erasing roughly 4.5 trillion won in market capitalization and bringing its value to 18.35 trillion won. Analysts see little chance of a rebound as geopolitical tensions and pricing pressure persist. "Global container market rates remain fluid depending on carriers' supply adjustments, with structural limitations to fare increases," said Jung Yeon-seung, an analyst at NH Investment & Securities. "While HMM is diversifying its fleet led by bulk carriers, near-term operating profit recovery will be challenging as container rates stabilize downward." For POSCO, timing may be favorable. HMM's share price now sits nearly 30 percent below the 26,200 won price used in the company's 2.2 trillion won buyback completed in September. Attention is focused on whether the carrier's main shareholder, state-owned Korea Development Bank, will move to divest its stake. POSCO has acknowledged that it is reviewing potential synergies from an acquisition, though KDB has said all options remain open. The Korea Ocean Business Corporation, which holds a similar-sized stake, said it is working to identify a "private" owner for HMM but stressed that discussions remain preliminary. "We alone cannot make any decisions, and we are to cooperate with any decisions made with related government bodies," a KOBC spokesperson said. HMM — formerly Hyundai Merchant Marine — absorbed key assets and the trans-Pacific East Coast route of Hanjin Shipping after its collapse in 2017. KDB owns 35.42 percent of the company and KOBC 35.08 percent, with their combined stakes temporarily diluted during the share buyback before rising again after a retirement of roughly 8.1 percent of outstanding shares. POSCO faces mounting pressures of its own, including weak steel demand, high U.S. tariffs and persistent Chinese dumping. Its fast-growing battery materials division is also pushing forward with diversification amid sluggish electric vehicle sales. The group spends an estimated 3 trillion won annually on logistics to import coal, iron ore and battery materials, and it has argued that an HMM acquisition could lower freight costs while offering a hedge against global supply-chain disruptions. But the idea has met resistance from Korea's shipping industry. The Korea Shipowners' Association and several domestic operators have voiced strong opposition, warning that "if POSCO, whose main business is steel, acquires HMM, not only will professional shipping management become difficult, but the entire Korean shipping industry will face heightened risks should POSCO's business deteriorate." 2025-11-14 14:28:19 -
NCSoft unveils Horizon Steel Frontiers game based on Sony IP SEOUL, November 13 (AJP) - NCSoft unveiled a new multiplayer game based on Sony Interactive Entertainment's popular Horizon franchise at the G-Star 2025 gaming convention on Thursday, marking its first major collaboration on the globally acclaimed intellectual property. The South Korean game developer revealed "Horizon Steel Frontiers," a massively multiplayer online role-playing game that adapts the Horizon universe to mobile devices, at the BEXCO convention center in the southeastern port city. The game represents a departure from the original series' single-player focus, emphasizing teamwork and tactical combat instead. The trailer showcased combat sequences featuring the franchise's signature bows and melee weapons against mechanical creatures, as well as a system allowing dozens of players to ride ground and aerial mounts simultaneously. The game will support cross-platform play between mobile devices and PCs at launch. "This project started from the idea of playing in the attractive Horizon world not alone, but together with others," said Lee Sung-gu, the game's executive producer. The development period has spanned about four years, excluding initial planning, he said. Lee said the game would focus on player-versus-environment gameplay rather than the player-versus-player combat that has dominated NCSoft's previous MMORPGs. The company plans to adopt what he called a "good business model" aligned with global standards, without random loot box mechanics common in Korean MMORPGs. NCSoft is targeting a simultaneous global release in late 2026 or early 2027, Lee said. Further details will be released gradually through the game's official website. During the sidelines of the collaborative preview, NCSoft also showcased other games including "Aion 2," its sequel of the well-acclaimed Aion game from 2008. 2025-11-13 15:53:33 -
Korea's Hyundai Motor Group relies on hybrid relief until EV appetite returns SEOUL, November 13 (AJP) - South Korea's Hyundai Motor Group has largely weathered headwinds from a sluggish electric-vehicle market and unfavorable U.S. tariff conditions by leaning aggressively into hybrid offerings. The group's two marques – Hyundai and Kia – sold 831,933 hybrid vehicles globally in the first nine months of 2025, up 27.2 percent from 654,067 units a year earlier, according to available data. At this pace, annual hybrid sales are projected to surpass 1 million units for the first time. Mid-size sport utility vehicles led the surge. The Tucson Hybrid sold 132,991 units and the Sportage Hybrid 120,054 units through September, rapidly replacing their gasoline counterparts in key markets including the United States and Europe. In exports, Tucson Hybrid sales were more than triple those of its gasoline equivalent. Hyundai said in its third-quarter earnings that robust SUV hybrid demand helped lift its U.S. market share to a record high, with hybrid sales up 3.6 percent on-year in the July–September period. Kia posted a 4.8 percent gain. The shift reflects mounting pressures on automakers from shrinking EV subsidies, higher battery costs, and tariff uncertainty. In the United States, where federal EV tax credits of up to $7,500 were eliminated last month, a wider industry pullback is unfolding. General Motors is reportedly weighing 1,200 job cuts at its Detroit EV plant, Ford Motor is reassessing its plan to build 200,000 EVs next year, and Nissan Motor has postponed the 2028 launch of two EV models. Hyundai halted production of the Genesis GV70 electric model at its Alabama plant and sharply increased output of the Santa Fe Hybrid, whose production jumped more than 140 percent to roughly 62,000 units through September. The automaker also launched the Palisade Hybrid in the U.S. in September. Since debuting in South Korea in April, the model sold 26,930 units through September, outpacing the gasoline version's 18,005 units. Hybrids are typically priced 3 million to 5 million won ($2,038–$3,397) higher than conventional vehicles but command stronger profit margins and face far less consumer resistance than fully electric models. The hybrid Palisade costs more than 5 million won above the gasoline version, yet delivers about 1.45 times greater fuel efficiency. Industry experts view hybrids as a pragmatic bridge during the transition to full electrification. "The biggest reason people prefer hybrid vehicles over electric vehicles is safety concerns. While hybrid vehicles do have batteries, they are comparatively smaller than those in full electric vehicles," said Lee Jae-won, a professor of energy engineering at Dankook University. "Charging remains an issue, as it takes much more time to fully charge an EV than to refuel a gasoline car. Given time, improved infrastructure and institutional support, we still believe electric vehicles will become the new norm," he said. Responding to questions about its hybrid push, Hyundai Motor Group said consumer hesitation around EVs remains strong and that hybrids serve as a necessary intermediate step. "We have been taking incremental steps toward electrification through hybrid vehicles rather than radical changes, and our strategy has aligned well to drive these successful hybrid sales," a Hyundai Motor Group spokesperson said. 2025-11-13 15:02:46 -
Korea's G-Star 2025 loses earlier glow and star names as industry falls into doldrums SEOUL, November 12 (AJP) - G-Star 2025, South Korea's annual expo once celebrated for showcasing the country's global gaming prowess, opens Thursday in Busan in a visibly downscaled form that reflects a stagnating blockbuster pipeline and weakening earnings across the industry. The event at Bexco will feature about 3,010 booths, down from 3,359 last year, and will notably miss major players such as Nexon, Pearl Abyss and Smilegate. The subdued tone follows the game industry's grim third-quarter results. Netmarble and Krafton were the only two of the five largest publishers to post modest revenue gains, as Korean companies that once dominated online and mobile gaming now struggle to fend off Chinese rivals amid a lack of major new releases. Korea failed to secure a single spot in the top 10 mobile games by revenue in October, according to Sensor Tower. China's Tencent ranked second, with domestic competitor Century Games taking fifth. NCSoft, which posted an operating loss of 109.2 billion won last year after years of declining users, is mounting an all-in wager on "Aion 2," the massively multiplayer online role-playing game launching Nov. 19. The company is operating 300 booths as the event's main sponsor. "We have considerable confidence internally in Aion 2," NCSoft CEO Park Byung-moo said in a recent earnings call. The game will preserve the original title's aerial combat while expanding player-versus-environment content. The company will also showcase looter-shooter "Cinder City" and three additional titles. Netmarble, last year's Grand Prize winner at the Korea Game Awards, will operate 112 booths with 145 demo stations for titles including "Solo Leveling: Karma" and "Project Evilbane," a cooperative action game receiving its first public demonstration. Krafton will unveil "Palworld Mobile" for the first time, developed by its PUBG Studios using Japanese studio Pocketpair's creature-collection franchise. The firm continues searching for a successor to its aging Battlegrounds franchise, which will have a separate booth run by Kakao Games. Smaller exhibitors will take up much of the remaining space. Webzen will feature its defense game "Gate of Gates" with cosplay models used in recent promotions. Neowiz will demonstrate a spin-off of "Sanabi," a dystopian action-platformer blending Korean cyberpunk aesthetics with narrative gameplay. Gravity plans to exhibit 18 titles, including a new Ragnarok Online project. Amid sour sentiment at home, several major publishers are shifting their focus overseas through the Tokyo Game Show and Gamescom. Pearl Abyss showcased "Crimson Desert" at both Tokyo and Cologne this year but is skipping Busan. Smilegate, which ran a large booth at Tokyo, is participating only in business-to-business meetings at G-Star. Nexon, last year's main sponsor, also attended the Tokyo Game Show but opted out of this year's Busan event. Foreign players are filling part of the void. Blizzard Entertainment is returning after a 12-year absence with an "Overwatch 2" experience zone and will participate in the expo's official esports tournament. Japan's Sega and Bandai Namco Entertainment will operate booths with existing franchises, and game engine developer Unity will also join. "The convention remains one of Korea's premier exhibitions, giving companies a platform to present new products to the public," said Kim Jung-sun, a professor of game content at ChungKang College of Cultural Industries, dismissing arguments about G-Star's decline. "With the proliferation of game festivals and viral marketing channels, participation has become a more strategic choice. G-Star is evolving beyond a platform for game companies — it now serves content creators and related industries as well." 2025-11-12 15:46:19 -
Japanese R-rated anime dominates Korean box office amid drought in Korean cinema SEOUL, November 11 (AJP) - KPop Demon Hunters may have ruled the global animation scene on the small screen, but it is R-rated Japanese anime films that are pulling South Koreans back to the big screen this year. Han Suk-hee, a 27-year-old web novel writer, returned for a second viewing of "Chainsaw Man – The Movie: Reze Arc" after being "bewitched" by the immersive big-screen experience and its dark, kinetic storytelling. Adapted from Tatsuki Fujimoto's hit manga series, Han said the film captivates far beyond its core anime fanbase. "People come to experience the perfected mise en scène and the lingering aftertaste," he said. "It's not one of those day-to-day films. The beginning, climax, and finale are all stunning." Having read the original comic series and watched the Netflix adaptation, Han joins a wave of avid moviegoers driving the surge in so-called "otaku-genre" films in Korea, as the domestic film pipeline remains in the doldrums. Another Japanese anime sensation, "Demon Slayer: Kimetsu no Yaiba – Infinity Castle," recently became the highest-grossing Japanese film ever released in Korea. It drew a cumulative 5.63 million viewers as of Tuesday, coming within 30,000 viewers of the year's No. 2 Korean box office title, "My Daughter Is a Zombie." In revenue terms, the Japanese blockbuster has earned 60.4 billion won, more than 7 billion won above the Korean film. "Demon Slayer" also broke the previous Japanese box office record in Korea, surpassing the 5.58 million cumulative viewers set by "Suzume," until now the most successful Japanese release in the local market. Meanwhile, "Chainsaw Man: The Movie – Reze Arc" recorded 2.97 million cumulative viewers over the Nov. 7 to 9 weekend, overtaking Park Chan-wook's festival-lauded "No Other Choice," which drew 2.93 million viewers. The anime has remained a top performer into its eighth week since opening on Sept. 24, buoyed by strong word-of-mouth and steady advanced ticket sales. Repeat viewings by both curious newcomers and longtime fans continue to fuel its resilience. Industry observers say the two anime films excelled at stoking repeat engagement through post-screening events, brisk sales of film merchandise, and an already solid fanbase built through original comics and globally accessible anime series. Domestic films, facing a thin and uninspired slate, have struggled to defend their home turf. The theatrical slump deepened through November and is extending into December, marking a stark reversal from last year. According to the Korean Film Council's first-half industry report published on July 31, total box office revenue fell 33.2 percent from a year earlier to 407.9 billion won, while total admissions declined 32.5 percent to 42.5 million. Korean films performed even worse. Revenue fell 43.1 percent year on year to 202.3 billion won, and admissions dropped 42.7 percent to 21.36 million. Domestic film revenue share slid 8.8 percentage points to 50 percent, and audience share dropped 9 percentage points to 50.3 percent. The absence of big hits—unlike last year's "Exhuma" and "The Roundup: Punishment," both of which surpassed 10 million admissions—left theaters without strong anchors. Japanese anime, which did not crack Korea's annual top 50 between 2015 and 2020, began gaining traction during the later pandemic years. Four anime titles entered the top 50 in 2021, including "Demon Slayer: Mugen Train" with 2.22 million viewers. By 2023, six titles made the list, led by "Suzume" with 5.58 million and "The First Slam Dunk" with 4.9 million. Many analysts link this shift toward fandom-driven and niche content to the explosive growth of global streaming platforms after the pandemic. Streaming fragmented viewer habits by exposing audiences to a far broader range of global content, enabling more refined personal tastes to emerge. Japanese anime fits neatly into this pattern. Once a subculture sustained by a small group of devoted fans willing to navigate illegal downloads, anime has now entered the mainstream as major titles became easily accessible on platforms like Netflix. Series such as "Demon Slayer" and "Chainsaw Man" are available on virtually every major streaming service operating in Korea. Critics argue Korean cinema fell into complacency, continuing to churn out broadly targeted films that worked before viewing patterns changed. "Omniscient Reader: The Prophecy," released in late July, is a striking example. Despite its source material—a web novel with 2 billion cumulative global views—the adaptation stripped away much of what energized core fans. Strongly rejected by loyal readers, the film attracted only one-sixth of its 6 million break-even target before exiting theaters. 2025-11-11 15:12:06 -
Korean tofu major ventures into Europe, riding on U.S. success and K-food wave SEOUL, November 10 (AJP) - After a decade of pushing its tofu onto American dinner tables, South Korea's leading tofu maker Pulmuone is preparing a full-scale entry into Europe, buoyed by the global rise of K-food and growing demand for plant-based diets across the region. The company said Monday it will establish a European subsidiary in Amsterdam as early as the end of this year and begin sales in France, Germany and Spain, marking its first major expansion into the bloc. "Both companies and consumers showed great interest in our products at SIAL Paris 2024 and the recently concluded ANUGA 2025 in Germany. We've held concrete discussions and even reached agreements with global warehouse discount chains," a company spokesperson said. The timing reflects Europe's accelerating shift toward greener diets. A survey released in May by the Good Food Institute Europe found that 60 percent of respondents in Germany and 56 percent in the UK consume plant-based products at least once a month. While the survey confirmed strong interest in meat alternatives, it also noted that product familiarity and improved taste remain critical for wider adoption. Tofu, already recognized as a protein-rich and versatile food, is expected to benefit from this trend as it makes a broader push into European grocery aisles. Pulmuone's expansion also coincides with a major upgrade of its Ayer, Massachusetts plant, scheduled for completion in the first quarter of next year. The Boston-area facility, buoyed by robust U.S. tofu sales, will more than double its output to 9,000 blocks per hour from 4,500 currently. Products from the expanded plant will supply both North American and European markets. The company is pushing ahead even as its overseas business remains in the red. Pulmuone plans to streamline operations by shedding unprofitable units, including its Chinese subsidiary. At home, tofu consumption has stagnated as the domestic market remains oversaturated. Tofu exports peaked in 2020 at 7,770 tons worth $11.92 million before plunging during the pandemic to less than one-third of that level by 2022. Exports have since recovered to pre-COVID levels, supported by renewed interest in plant-based protein and Korean cuisine. Although several Korean firms export tofu, Pulmuone far outpaces its rivals with dominant overseas sales and holds about 42 percent of the domestic market. Overseas revenue has steadily increased, rising from 11.9 percent of total sales in 2019 to 19.8 percent last year. The company generated 635.1 billion won in overseas sales in 2024. In the United States, Pulmuone controls roughly 75 percent of the tofu market and has maintained its No. 1 position for a decade. Its success has been driven by extensive product localization—eliminating the bean odor disliked by Western consumers while improving freshness through upgraded logistics and cold-chain systems. The company has set a long-term goal of achieving 1 trillion won in U.S. tofu sales, aiming to increase household penetration across the market. "Much of our U.S. tofu is drier and higher in protein, less silky than domestic varieties. We even sell cheese-like mini tofu cubes, as Western consumers tend to dislike the pudding-like texture of Korean tofu," the spokesperson said. Pulmuone plans to apply the same formula in Europe, with high-protein, extra-firm tofu leading its initial lineup. The company is regarded as a pioneer in exporting Korean food culture. It opened its first U.S. tofu plant in Los Angeles in 1995 and now operates factories in Fullerton, California; Tappan and Ayer in New York; two facilities in Beijing; and five plants across Japan. It is also accelerating expansion into Southeast Asia, including Vietnam. 2025-11-10 16:26:57