CFA Society Singapore
SINGAPORE (Dec 1): Spackman Entertainment Group says its upcoming film, Sovereign Default will feature top-tier Korean actor Yoo Ah-in, veteran Korean actress Kim Hye-soo and French star actor Vincent Cassel.
The movie by the group’s wholly owned subsidiary, Zip Cinema, is a historical financial thriller depicting the behind‐the‐scenes story of the tumultuous week leading up to the rescue package agreed upon between the International Monetary Fund (IMF) and South Korea to prevent its economy from collapsing during the 1997 Asian Financial Crisis.
Targeted for released in 1H18, the movie will be distributed by CJ Entertainment and the total production budget is tentatively set at about KRW9.7 billion ($12 million).
Actor Yoo Ah-in is represented by Korean talent management agency, UAA & Co, a subsidiary of the group’s associated company, Spackman Media Group.
Charles Spackman, executive chairman and CEO of Spackman, says, “With a strong cast of veteran actors and Zip Cinema’s production capability under Eugene Lee’s leadership, we look forward to delivering another high quality film.”
Friday's news come on the back of the group announcing on Tuesday that its 51%-owned subsidiary, Novus Mediacorp, has broken its own record of opening ancillary sales.
Novus achieved a total of KRW1.7 billion in revenue within the first four days of selling the ancillary rights of movie, The Outlaws.
In view of the strong ancillary sales, Novus Mediacorp expects to achieve a total ancillary revenue of KRW6 billion, from the movie.
According to statistics from the Korean Film Council, The Outlaws is the third highest over 19 movie in the history of the Korean box office, selling around 6.9 million tickets and earning US$51.6 million ($69.9 million) at the Korean box office as at Nov 27.
“This unexpected performance will contribute positively to the Group’s performance in the fourth quarter of this year,” says Spackman.
As at 4.10pm, shares in Spackman are trading at 10 cents.