How upstart Korean distributor By4M Studio is scoring box office hits and beating the competition

South Korea has a new distributor on the scene that has scored three consecutive box office hits, unseated Bong Joon Ho’s Mickey 17 with its latest release and is hoping to revitalise the struggling local film market.

By4M Studio was a little-known name in the industry even six months ago but has recently challenged the long-held dominance of Korea’s so-called “big five” distributors (CJ ENM, Showbox, Lotte Entertainment, NEW, Plus M Entertainment) with a hat-trick of successes.

Kwak Kyung-taek’s The Firefighters led the box office for two weeks in December and broke into the top 10 biggest films of 2024, eventually taking nearly $25m from 3.85 million admissions. Action-comedy Hitman 2 dominated the Lunar New Year holiday at the beginning of February and has taken $16.4m to date from 2.5 million admissions.

Hitman 2 is the second biggest film of the year to date locally behind Bong Joon Ho’s Mickey 17, which was released by Warner Bros. on February 28 and led the box office for a month. But that streak came to an end last weekend when By4M opened The Match, a sports drama based on a true story that took more than $3.5m on its opening weekend, representing nearly two thirds of all tickets sold.

It marked another triumph for the burgeoning distributor, which previously operated in digital marketing, music and publishing before making the move into the film business in 2022.

But The Match also represented a risky move by By4M. Originally set for release on Netflix in 2023, it was postponed due to a drug scandal involving co-lead star Yoo Ah-in. While major distributors shied away, By4M stepped in to mount a theatrical release, which unintentionally coincided with the release of the actor after five months in prison.

“The reason we are willing to take risks is because By4M has only been in the film industry for about three years,” says Han Sang-il, who has been By4M’s director of distribution since joining in 2022. “Competing for the same projects as larger players typically requires more capital, and since we’re not quite there yet, we sometimes have no choice but to take chances and seize opportunities.”

The Match is a true story based on a rivalry between two players in the world of strategy board game Go: Cho Hun-hyun, played by Lee Byung-hun, and his protégé-turned-rival Lee Chang-ho, played by Yoo Ah-in.

To shift focus away from Yoo, By4M spotlighted co-star Lee Byung-hun, capitalising on a recent boost in his popularity from his role in Netflix megahit Squid Game. Teasers and posters excluded Yoo, and the marketing emphasised the film’s intense storyline rather than any controversy.

“We didn’t rely solely on the film’s content to give audiences a reason to watch,” says Han. “Instead, we encouraged engagement through elements such as encouraging people to recommend the film.”

It was a risk that paid off. But it is also not the first time By4m has defied a scandal to achieve success.

Controversy

The Firefighters topped the box office despite a swell of political controversy linked to the director’s brother, Kwak Gyu-taek – a member of South Korea’s People Power Party (PPP) who failed to attend a parliamentary vote to impeach President Yoon Suk Yeol.

The film’s release was initially delayed by the pandemic before being pushed again in the wake of a drunk-driving scandal involving lead actor Kwak Do-won in 2022. But its sales were bolstered by a pledge to donate a small amount per ticket to the National Fire Hospital, which is scheduled to open this year.

As By4M was aware of potential backlash, it minimised mention of Kwak during promotion and asked the director to cutback scenes featuring the actor that could make audiences “uncomfortable”.

Based on a true story, the film honours the heroic efforts of first responders during the 2001 Hongje-dong arson fire and the six people who died in the incident.

Conversely, Hitman 2 faced no such challenge. The sequel, in which Kwon Sang-woo reprises his role as a secret agent-turned-webtoon artist, has surpassed the box office of original Hitman: Agent Jun, which took $14.1m when released in January 2020.

Its performance prompted local industry to take a closer look at how By4M’s approach was achieving success.

“While preparing these two projects, our biggest challenge was figuring out what the audience truly wants,” says Han. “We maintained the fundamentals of traditional marketing but also spent a lot of time as a team thinking about what made our approach and our films distinctive.

“Also, rather than relying solely on conventional methods, our focus was on online promotion, constantly refining our approach.”

Looking to the year ahead, the studio plans to produce and release three to four mid-budget films – around $2m (KRW3bn) each – with the goal of hitting 1 million admissions, which represents a modest milestone in a struggling market.

“Considering the ongoing challenges in the Korean market, our upcoming projects for 2025 will prioritise smaller-scale productions with lower break-even points,” says Han. “While the number of titles this year may be fewer than last, we’re increasing the number of projects where we handle investment, distribution, and marketing directly.”

Han adds that the company will also expand its overseas distribution network with “titles that are well-suited to introducing K-content to global audiences, regardless of genre, and with star power or unique storytelling”.

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