Showbox, one of Korea’s leading financier-distributor, has entered into a co-production partnership agreement with horror specialist Blumhouse Prods. and Ivanhoe Pictures to co-develop and produce six Korean-language genre films over five years.
The deal was announced by Showbox, according to which Blumhouse and Ivanhoe had been looking for a Korean partner and chose Showbox, based on the strength it has previously shown with genre films.
Showbox’s major genre works include horrors “The Red Shoes,” “Possessed,” and “Don’t Click,” and thrillers “The Chaser,” “I Saw the Devil,” and “A Hard Day.” It recently produced the hit nationalist tentpole “Assassination.”
Blumhouse specializes in micro-budget movies, including the “Paranormal Activity,” “Insidious” and “Ouija” franchises. Ivanhoe recently co-produced and co-financed a slate of Asian films with Fox Intl. Prods.
Blumhouse and Showbox will co-develop and produce the films selected under the partnership, and Ivanhoe will fully finance the selections. Showbox will also manage the marketing and distribution in Korea.
“The purpose of this partnership is to make Korean-language genre films with Korean filmmakers, talents and staff involved,” Showbox said in a statement. “According to the terms and conditions of the agreement, however, Blumhouse may produce English-language remakes of some of the films selected.”
“We aim to recruit new writers and directors with unique ideas in Korea,” said Jeong-Hun You, CEO of Showbox. “I hope this will become an opportunity to revive the Korean thriller/horror film market and for capable Korean producers, writers and directors to advance into Hollywood, reaching a global audience.”
“We have always admired Showbox and are excited to partner with them on these co-productions while extending our relationship with Ivanhoe,” Jason Blum, CEO of the Blumhouse, said. “We look forward to bringing our love of genre to Korean audiences.”
Earlier this year, Showbox signed an exclusive agreement with China’s Huayi Brothers to co-produce at least six films over three years. The company says it regards 2015 as the year for its rapid growth with an expansion to the global film market.