South Korea’s film industry is navigating a difficult transition as movie theaters struggle to bring back audiences and streaming services reshape how films are financed, distributed and consumed—a shift that could create both challenges and new opportunities for U.S. investors and entertainment companies looking to expand in Asia.
Director Lee Chang-dong’s latest film, “Possible Love,” captured the Grand Jury Prize at the 83rd Venice International Film Festival on September 12, giving the Korean film industry a prominent international showcase as it confronts those changes.
At a press conference following the festival’s closing ceremony, Mr. Lee said filmmakers are facing increasingly difficult questions about the future of cinema, particularly as audiences find it harder to gather in theaters and the social connections once built around movies begin to weaken.
“The concerns of people who make films are becoming deeper,” Mr. Lee said. “It is becoming harder for people to gather in theaters, and the relationships that allowed people to share their thoughts through films are gradually disappearing.”
The changing relationship between theaters and audiences has left Mr. Lee questioning what kind of films he should make. He said he wants to build a deeper connection with audiences and hopes that a film can become a meeting point between a filmmaker’s questions and viewers’ thoughts.
“I want to meet audiences more deeply going forward,” Mr. Lee said. “I hope my questions and the audience’s thoughts can meet through a film. I think this award encourages me to do that.”
The prize also underscores the growing international reach of South Korean cinema, which has become a significant part of the global entertainment market. For U.S. studios and streaming platforms, Korean films offer access to established creative talent and an audience base that has already demonstrated strong demand for locally produced content.
Mr. Lee, however, focused less on the commercial prospects than on the artistic challenge facing filmmakers.
He also credited actress Cho Yeo-jeong with bringing some unexpected luck to the project. Ms. Cho had told him that she had dreamed a good dream and had jokingly sold the dream to him.
“There is such a custom in Korea,” Mr. Lee said, laughing. “I think that dream brought this good fortune.”
The Grand Jury Prize, known as the Silver Lion, is the Venice festival’s second-highest award after the Golden Lion. Mr. Lee is the first South Korean director to receive the honor.
“Possible Love” follows two couples—a laid-off worker and his wife, and a documentary filmmaker and her husband—whose encounter brings hidden desires to the surface.
The film stars Jeon Do-yeon, Sul Kyung-gu, Cho Yeo-jeong and Zo In-sung. It is scheduled to open in South Korean theaters on September 23 before becoming available worldwide on Netflix on November 6.
