Spackman Entertainment Group Limited, one of Korea’s leading entertainment production groups founded by international investor Charles Spackman, wishes to announce that the Group’s upcoming film, DEFAULT, produced by the Company’s indirect wholly-owned subsidiary, Zip Cinema Co., Ltd. , has grossed US$22.3 million in box office revenue and has accumulated 3,071,324 admissions, crossing the 3 million ticket sales mark since its official wide release in Korea on 28 November 2018.

 

DEFAULT, the highest November opening in the history of the Korean box office, continued to uphold its #1 ranking at the Korea box office.

 

Based on the latest statistics from the Korean Film Council DEFAULT captured an average of 32% of the nation’s market share of box office revenue and occupied an average of 1,046 screens daily as of 13 December 2018[1]. The financial thriller film is anticipated to continue its run for another three weeks leading to the Christmas holiday period.

 

In addition to being the producer of DEFAULT, the Group invested 10% of the film’s total production budget. The estimated total production budget for DEFAULT, including prints and advertising costs, is approximately KRW 9.7 billion (or USD 8.6 million).

 

The film is expected to contribute positively to the Group’s upcoming financial performance.