Spackman Equities Group Inc. (“SEGI”) (TSX VENTURE:SQG) announced that COLD EYES, the summer blockbuster produced by its Korean movie production subsidiary, Zip Cinema Co., Ltd. (“Zip”), has been invited to the Gala Presentations at the 2013 Toronto International Film Festival (“TIFF”), which is set to run September 5-15. Variety magazine described the TIFF as “second only to Cannes in terms of high profile pics, stars, and market activity.”
COLD EYES, a story of a highly specialized police surveillance team tasked with tracking down an elusive and merciless leader of a dangerous criminal organization, will make its North American debut at the 38th annual TIFF. It becomes only the third Korean film to be invited to the Gala Presentations, which serves to showcase only the best films at the festival. Directors Jo Eui-seok and Kim Byeong-seo and the film’s stars, Seol Kyeong-gu, Jung Woo-sung, Han Hyo-joo, and Junho, of the K-pop group 2PM are expected to participate in the red carpet event.
As of today, according to official data provided by the Korea Box Office Information System, COLD EYES has sold 5.28 million tickets in just 27 days, making it the fourth most watched film of the year. Since its release on July 3, 2013, the film has grossed KRW 37.8 billion (CAD 34.9 million). Considering its total budget of KRW 4.5 billion (CAD 4 million), the film is a critical and commercial success as it recouped its production budget and the marketing costs within 6 days of release.
In Korea, as the production company generally takes 40% of the net profit from a film’s box office performance and ancillary revenues, the potential box office success of COLD EYES is expected to contribute significantly to the future bottom line of Zip, and ultimately, to the profits of SEGI, which indirectly owns 68% of Zip through its entertainment holding subsidiary, Spackman Entertainment Group Limited.
cr : reuters