Spackman film breaks even within 12 days of release in South Korea

CATALIST-LISTED Spackman Entertainment Group's new film Default has grossed US$20 million in box office revenue with 2.7 million admissions, crossing the break-even point of 2.6 million tickets within 12 days of its official wide release in South Korea on Nov 28.

It is expected to start contributing positively to the group's upcoming financial performance from now onwards, said Spackman on Monday morning. Apart from being the producer of Default, Spackman invested 10 per cent of the film's estimated 9.7 billion won (S$11.9 million) total production budget.

The film saw the highest November opening in South Korea and captured an average of at least 35 per cent of the country's market share of box office revenue as at Dec 9. The thriller about the Asian Financial Crisis is expected to continue its run for another three weeks.

The film has been pre-sold to 17 markets including Canada, Italy, Japan, China, Taiwan, Singapore, Indonesia, Malaysia, Brunei, the Philippines and the US. Produced by Spackman subsidiary Zip Cinema Co, it stars South Korean star Yoo Ah-in of UAA & Co Inc, a subsidiary of the group's associated company Spackman Media Group.