Spackman's new film opens at No 1 in South Korea

CATALIST-LISTED Spackman Entertainment Group's new film Default has opened at number one in South Korea, grossing US$1.7 million in box office revenue on the first day of its wide release, Spackman announced before the market opened on Thursday.

Released on 1,176 screens, the film saw total ticket admissions of 315,052 on its opening day on Nov 28, capturing 40 per cent of the South Korean box office, and has been presold to 17 markets including Canada, Italy, Japan, China, Taiwan, Singapore, Indonesia, Malaysia, Brunei, the Philippines and the United States. 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.

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. Set during the 1997 Asian Financial Crisis, the film depicts the behind-the-scenes story of the tumultuous week leading up to the rescue package agreed upon between the International Monetary Fund and South Korea.

Spackman shares closed up 0.2 Singapore cent or 6.9 per cent at 3.1 Singapore cents on Wednesday.