The Struggle for the Development of the Music Industry and the Disappearance of Profitable Films

The Struggle for the Development of the Music Industry and the Disappearance of Profitable Films

In recent news, it has been reported that Representative Lim Jong-seong has been pushing for improvements in the music video rating system in order to promote the development of the music industry. The proposed amendment would allow qualified "designated operators" to classify music videos themselves, while the Video Rating Committee would be responsible for post-management. However, the complex pre-classification review process has led to a problem where video promotion cannot take place simultaneously with the release of music, hindering the development of the music industry.

On a similar note, it seems that profitable films are becoming increasingly rare. Korean films that used to reach the 10 million viewers mark are now struggling to surpass the 1 million mark. Out of all the Korean films released this year, only "The Negotiation," which was released during the Lunar New Year holiday, managed to attract over 1 million viewers. The estimated break-even point for this film was 3.5 million viewers. On the same day, another film called "The Ghost" had a break-even point of 3.3 million viewers but fell short with only 660,000 viewers. This trend of underperformance has continued into the spring season. "Suzume's Surveillance" and "Killing Romance," which were released with high expectations, failed to attract a significant audience. As of the 24th, "Suzume's Surveillance" had 600,000 viewers, while "Killing Romance" had only 140,000 viewers. The estimated break-even point for both films is 1.6 million viewers each. The upcoming film "Dream," set to be released on the 26th, is already being overshadowed by the power of the animated film "Super Mario Brothers," which will be released on the same day. As of the 25th, "Dream" has a reservation rate of 20%, while "Super Mario Brothers" has a reservation rate of 37%.

It is clear that both the music industry and the film industry are facing challenges in terms of reaching their intended audiences and generating profits. In the case of the music industry, the cumbersome rating system for music videos is causing delays in promotional activities, which in turn is hindering the development of the industry. In the film industry, the diminishing number of films that can attract a significant audience is a cause for concern. The reasons for these challenges are multifaceted and require a comprehensive approach to address them.

One possible solution for the music industry is to streamline the rating system for music videos. By allowing qualified individuals or organizations to classify music videos themselves, the process can be expedited, enabling timely promotion and distribution. This would help in creating a conducive environment for the growth of the music industry.

Similarly, in the film industry, it is crucial to identify the factors that contribute to the success of films that attract large audiences. This could include analyzing the genre, storyline, marketing strategies, and release timing of successful films in order to replicate their success. Additionally, exploring new avenues for distribution, such as online platforms or international markets, could also help in expanding the audience base and increasing profitability.

In conclusion, both the music industry and the film industry are facing challenges in terms of reaching their intended audiences and generating profits. However, by streamlining the rating system for music videos and analyzing the success factors of profitable films, it is possible to overcome these challenges and foster growth in these industries. It is essential for stakeholders in both industries to collaborate and implement effective strategies to ensure their continued development and success.