As the film 'King and the Man Who Lives With Him' ("Wangsanim") passed 15 million moviegoers, attention has turned to the investment results of IBK Industrial Bank of Korea, one of its main backers. Industry watchers are cautiously raising the possibility that its return could surpass the current No. 1, 'Extreme Job.'
According to the Korean Film Council’s integrated box office system, Wangsanim had drawn a cumulative 15.78 million viewers as of April 1. At the current pace, it is expected to top 16 million after the weekend. Cumulative revenue was tallied at 152.2 billion won. With a net production cost of 10.5 billion won and a break-even point of about 2.6 million admissions including marketing, the film recouped its investment early in its run, and most additional revenue is being booked as profit.
With the film posting standout box-office results, investors’ profit expectations have also risen. IBK invested 1 billion won in the project, and the industry estimates the final rate of return could be around 400%.
IBK’s previous best performer was 'Extreme Job.' The bank invested 790 million won and posted a 337% return. The film’s revenue was 15.5 times its total production cost, the highest ratio on record for a Korean film.
Wangsanim’s total production cost has not been finalized, but the industry puts it at about 13 billion won. On that basis, revenue would be about 11.7 times production cost. The film is still in theaters, and additional income remains from overseas sales and OTT rights, which could lift the final return. For Korean films, theater revenue typically accounts for 60% to 70%, while exports and ancillary rights distribution make up 30% to 40%. That is why expectations are growing that Wangsanim could overtake 'Extreme Job' as the top-returning film.
As IBK-backed films continue to succeed, the bank’s investment approach is also drawing renewed attention. The bank is known for closely reviewing production structure and risk factors rather than relying only on budget size or star casting. It is reported to consider whether small and midsize firms participate in production, whether the film contains political or religious elements, and whether the director or actors have a history of controversy.
In the final adjustment stage, IBK applies unusual criteria, including a 10% deduction if the director is 60 or older, a 10% deduction if the director has had three consecutive hits, and a 10% addition if the director’s previous film failed to break even. In that sense, director Jang Hang-jun’s prior film 'Rebound' failing to reach break-even is described as having helped lead to IBK’s investment.
Based on these standards, IBK has directly or indirectly invested in 13 of the 16 Korean films that have surpassed 10 million admissions, including 'The Admiral: Roaring Currents,' 'Ode to My Father' and 'Along With the Gods.' The average return on the bank’s investments in those 10-million-viewer films stands at 172%.
