Spackman surpasses breakeven point for 'Default', film grosses US$20 mil in box office revenue

Spackman surpasses breakeven point for 'Default', film grosses US$20 mil in box office revenue

Michelle Zhu
10/12/18, 07:40 am

SINGAPORE (Dec 10): Spackman Entertainment Group Limited says its new film, Default, has grossed US$20 million ($27.4 million) in box office revenue and crossed its break-even point of 2.6 million tickets within 12 days since its official release in South Korea on Nov 28.

Default is a Korean financial thriller film produced by the company’s indirect wholly-owned subsidiary, Zip Cinema.

Set in the 1997 Asian financial crisis, the production is headlined by Korean actor Yoo Ah-In (main image), and also marks the first South Korean project of French actor Vincent Cassel from Ocean’s Twelve, Oceans Thirteen and Black Swan.

Spackman itself has invested 10% of the film’s total production budget of approximately US$8.6 million, and expects the film to begin contributing positively to its upcoming financial performance from now onwards.

In a Monday filing, Spackman says its latest figures for Default mark the highest November opening in the history of the Korean box office.

Citing statistics from the Korean Film Council, the group estimates the film captured at least 35% of the nation’s market share of box office revenue as of 9 Dec, on overage, such that the production occupies an average of at least 1,080 screens daily.

Default has been presold to 17 countries including Singapore, Malaysia, Japan and the United States, with CJ Entertainment as the overseas distributor.

Its theatrical distribution rights in Hong Kong, Macau, Singapore and Taiwan have been purchased by Singapore-based film distributor Clover Films.

Shares in Spackman closed flat at 3 cents on Friday. 

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