After 'Exhuma' earned 20 billion KRW (13.6 million USD), how much will 'The King's Warden' and 'Salmokji: Whispering Water' make?

ShowBox, which suffered losses of 11.7 billion KRW (about 7.98 million USD) last year, is entering a very different year. Although only the first quarter has passed, expectations are rising for record-breaking results. The momentum is being driven by a dual box office hit: 'The King's Warden' and 'Salmokji: Whispering Water.'

After achieving its best-ever performance in 2024 thanks to the success of 'Exhuma,' ShowBox fell back into the red last year. However, it has now secured another mega-hit just two years later. With a strong upcoming slate including the film 'Colony' and Disney+ series 'Portraits of Delusion,' attention is increasingly focused on ShowBox’s performance this year.

ShowBox is one of Korea’s five major film investment and distribution companies, alongside CJ ENM, Lotte Entertainment, NEW, and Plus M. As a result, the presence or absence of hit titles has a direct impact on its financial performance.

According to its annual report, ShowBox’s revenue stood at 78.6 billion KRW in 2019, but plunged nearly 40% to 46.8 billion KRW (31.93 million USD) in 2020 amid the COVID-19 pandemic.

It partially recovered to 50.9 billion KRW in 2021, supported by titles such as 'The Medium' and 'Sinkhole,' and rose 11% year-on-year to 56.6 billion KRW in 2022, driven by releases including 'In Our Prime' and 'Emergency Declaration.' However, in 2023, weaker-than-expected performances from the imported distribution of 'Suzume' and the domestic title 'Ransomed' dragged revenue down 29% to 40.1 billion KRW (27.3 million USD).

The turning point came in 2024 with a single film, 'Exhuma.' The occult thriller directed by Jang Jae Hyun attracted 11.88 million viewers, helping ShowBox record 63.2 billion KRW (43.1 million USD) in revenue and 20 billion KRW (13.6 million USD) in operating profit in the first quarter alone. For the full year, the company posted record results of 93.1 billion KRW (63.5 million USD) in revenue and 24.5 billion KRW (16.7 million USD) in operating profit—its best performance ever. The film alone generated 114.9 billion KRW in theatrical revenue, with 55 billion KRW (approx. 37.5 million USD) from film-related goods and 7.5 billion KRW from ancillary rights.

However, after 'Exhuma,' ShowBox struggled in 2025 with a series of underperforming releases, including 'Exorcism Chronicles: The Beginning,' 'Lobby,' 'Big Deal,' and 'The First Ride.' While the drama 'The Witch' performed relatively well through Channel A and Netflix, it was not enough to offset losses in the film division.

As a result, ShowBox’s 2025 annual revenue fell sharply by 32.6% year-on-year to 62.7 billion KRW (42.8 million USD), posting an operating loss of 11.7 billion KRW (approx. 8 million USD) and slipping back into the red. Net losses exceeded 15 billion KRW.

This year, however, the situation has reversed. 'Once We Were Us,' released in late December last year, surpassed its break-even point with 2.6 million admissions, setting a positive tone. The momentum was then amplified by director Jang Hang Jun’s 'The King's Warden,' released during the Lunar New Year holiday, which gained explosive word-of-mouth success.

The film surpassed 10 million viewers just 31 days after release and reached 16.28 million cumulative admissions as of the morning of the 11th, ranking second in all-time domestic box office admissions.

In terms of revenue, it has already set a new record. According to the Korean Film Council’s box office integrated data system, as of the 16th, the film’s cumulative revenue reached approximately 159.09 billion KRW (approx. 108.5 million USD). A production cost of 10.5 billion KRW (approx. 7.2 million USD) has translated into more than 15 times the revenue. The break-even point was estimated at 3 million viewers.

Unlike some competitors, ShoBox does not own multiplex theaters, meaning it relies entirely on distribution and ancillary revenue. Industry estimates suggest that when total revenue exceeds production costs, profits are typically split 60:40 between investors and production companies. Based on this structure, “King and the Man Who Lives” is expected to generate hundreds of billions of KRW in profit for ShoBox alone. Given that “Pamyo” delivered 20 billion KRW in operating profit in just one quarter of 2024, the impact of this year’s hit is expected to be significant.

Adding to the momentum, director Lee Sang Min’s horror film 'Salmokji: Whispering Water,' released on the 8th, is also performing strongly. With a production budget of 3 billion KRW and a break-even point of 800,000 admissions, the film topped the box office in its opening week and quickly surpassed its break-even threshold. As of the 16th, it had accumulated 10.23 billion KRW (approx. 6.98 million USD) in revenue and crossed 1 million viewers during its second weekend.

Beyond films, ShowBox is also strengthening its business through drama production. The company has built a strong track record, starting with JTBC’s 'Itaewon Class' in 2020, followed by Netflix’s 'A Killer Paradox' in 2024 and Channel A’s 'The Witch' in 2025.

As of last year, drama revenue accounted for 44.2 billion KRW (approx. 30.1 million USD), or 70.5% of total revenue, more than double film revenue, which stood at 18.2 billion KRW (approx. 12.4 million USD).

Building on this, ShowBox is preparing a diverse lineup this year, including director Yeon Sang Ho’s film 'Colony,' starring Jun Ji Hyun, and the Disney+ original 'Portraits of Delusion' starring Suzy and Kim Seon Ho.

The company is also expanding into new formats such as short-form dramas, overseas co-productions, and joint investments. Earlier this year, ShowBox signed MOUs with global short-form platforms such as DramaBox and Biglu, officially signaling its entry into the market. Two short-form dramas—'Bridal Shower: The Missing Bride' and 'My Favorite Idol Turned Into a Ghost and Came Back to Me!'—were completed in December last year and are scheduled for launch in the first half of this year.

An industry insider noted that film investments carry higher risk but also higher returns, as profits are shared after theaters and ancillary revenues exceed production costs. In contrast, OTT originals offer a more stable structure with production fees and outsourcing margins but limited upside even if a title succeeds. “ShowBox appears to be pursuing a dual-track strategy to balance risk and stability,” the insider said.