'Wild Things' flops at box office, heads to Netflix after drawing only 1.33 million admissions

A still from "Wild Things" [Official "Wild Things" video]

Break-even: 2 million admissions. Final tally: 1.33 million.

"Wild Things," which opened June 3, has opted for a Netflix release roughly two months after its theatrical debut.

The film cost 8 billion won ($5.37 million) to produce but fell well short of its break-even target of 2 million admissions, drawing only about 1.33 million. As Netflix has fundamentally reshaped how audiences consume content, producing a genuine box-office blockbuster has become nearly impossible.

To curb the drift toward Netflix and other streaming platforms, industry stakeholders are discussing a "holdback" rule that would fix the window between a theatrical release and a streaming debut at a maximum of six months — but conflicting interests among the parties involved have made progress difficult.

According to Netflix, "Wild Things" will officially launch on the platform on July 31.

"Wild Things" is a comedy about a three-member mixed-gender dance group called Triangle, which once dominated the pop charts before an unexpected scandal forced it to disband overnight. The film follows the group's bid to stage a comeback 20 years later. Kang Dong-won leads the cast alongside Um Tae-goo, Park Ji-hyun and Oh Jung-se. Oh's portrayal of a ballad singer — and the songs performed in character — generated considerable buzz on social media.

Despite strong word of mouth, the film never translated that buzz into ticket sales. With cumulative admissions stuck at about 1.33 million and the break-even point still out of reach, it turned to streaming after just two months in theaters.

A press still from "Wild Things" [Provided by Lotte Entertainment]

Films that stumble at the box office pivoting quickly to Netflix and other OTT platforms has become a defining trend in recent months.

"Humint," which opened in February, made its Netflix debut roughly two months later. "Eojjeol Suga Eopda," which had generated hopes of drawing 10 million admissions on the strength of multiple film festival awards, failed to cross the 3 million mark and moved to Coupang Play and other OTT services after four months.

"Holy Night: Demon Hunters," starring Ma Dong-seok, arrived on Netflix within two months of its theatrical run, while "Love in the Big City," led by Kim Go-eun, followed four months after its release. "Bogotá: City of the Lost," fronted by Song Joong-ki, cost 12.5 billion won to produce but drew only 420,000 admissions — far below its break-even target of 3 million — and chose a Netflix release just one month after opening in theaters.

As Netflix's dominance grows, films that bombed in theaters are increasingly finding a second life on the platform.

A prime example is "Humint," which cost 23.5 billion won to produce, failed to break even at the box office, yet shot straight to No. 1 on Netflix's film chart immediately after its streaming debut.

Against this backdrop, a growing number of films are bypassing theaters altogether and opting for direct OTT releases. With drawing 10 million admissions now considered all but impossible even for major productions, many filmmakers and studios have concluded that going straight to Netflix or a rival platform may simply make more financial sense.

The accelerating shift toward Netflix and other OTT platforms has kept the debate over a "holdback" regime — the mandatory waiting period between a theatrical release and a VOD or OTT debut — alive within the film industry.

Rep. Im O-gyeong of the Democratic Party of Korea introduced legislation that would set a maximum six-month holdback window between a film's theatrical opening and its availability on OTT platforms such as Netflix. The bill is aimed at protecting movie theaters as more films skip theatrical releases entirely and head straight to streaming.

The OTT industry has pushed back, arguing that a flexible distribution structure is needed to protect viewers' right to access content and to strengthen the sector's competitiveness. Film producers and distributors have also expressed reluctance to adopt a holdback rule. A public-private consultative body has been formed to work toward a holdback agreement, and industry insiders expect a deal to emerge as early as next month.

sjpark@heraldcorp.com