Crowdfunded Film "Pandora" Breaks All-time Record
SEOUL, Nov. 15 (Yonhap) -- The South Korean nuclear disaster movie "Pandora" has raised 530 million won (US$452,650) through crowdfunding, 30 million won more than its goal, its local distributor said.
The investment breaks the highest record set by the Korean War film "Operation Chromite" at 500 million won for local movies utilizing this type of fundraising, Next Entertainment World said on Monday.
The nuclear-themed flick tells the story of ordinary people from different walks of life risking their lives to save their loved ones and town from impending nuclear disaster in the wake of an unexpected earthquake hitting a power plant. It was helmed by filmmaker Park Jung-woo, best known for his science fiction horror "Deranged."
The blockbuster launched its campaign on the SNS-based crowdfunding platform WADIZ on Nov. 3.
Donations made through this system return investors a percentage of the profit if ticket sales surpass the break-even point, which is 5.4 million for this movie.
If the movie attracts 6 million moviegoers, the backers receive a 7.4 percent return rate, 18.8 percent if seen by more than 7 million viewers and 53.1 percent in the case of the flick making notable success, exceeding the 10 million mark.
However, the investing company bears the brunt of the costs if the movie is unsuccessful. Fewer than 2 million sales in tickets will result in a loss of 63.9 percent of the investment.'