IBK Industrial Bank of Korea is drawing attention again for its track record in cultural-content investing, as the film ‘The King and the Man He Lives With’ continues a strong run and is closing in on 6 million admissions.
According to the Korean Film Council’s box-office tracking system, the movie drew 1,414,207 viewers over its third weekend, Feb. 20-22, bringing its cumulative total to 5,828,885. It has held the No. 1 spot since release, and some are even discussing the possibility of topping 10 million admissions.
For IBK, which participated as an investor, the box-office momentum could translate directly into returns. The film has already passed its break-even point of 2.6 million admissions, and its pace suggests returns comparable to the bank’s past hits.
IBK previously invested 790 million won in the 10 million-viewer film ‘Extreme Job,’ posting a 377% return. It invested 1 billion won in last year’s ‘Exhuma’ and earned a 129% return. Its investment in ‘The King and the Man He Lives With’ is also 1 billion won.
Building on its experience in cultural content, IBK plans to invest more than 50 billion won this year. In line with its policy goal of fostering small and midsize content companies that struggle to raise funds, the bank said it will continue to back projects with both commercial appeal and artistic quality.
IBK has also been expanding beyond film into performances and musicals. After investing 3 billion won in the musical ‘Wicked’ last year, it invested 1 billion won in the musical ‘Life of Pi,’ which drew attention as a Korean premiere. It also plans to participate in an investment for the musical ‘Lempicka,’ set to open in March.
A financial industry official said IBK’s cultural-content investing is positive because it shows a policy lender can go beyond loans and serve as a catalyst for industry growth. The official added that the bank appears to be maintaining strong results by selecting content that combines broad appeal with quality.
* This article has been translated by AI.
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