[비즈한국] Director Lee Chang-dong, who received the Silver Lion Jury Grand Prize at the 2026 Venice Film Festival for his film 'Possible Love,' stated in his acceptance speech, "Without the patience and waiting of so many people, this film would never have been able to emerge into the world." He also addressed his brother and producer, CEO Lee Joon-dong, saying, "I want to apologize to producer Lee Joon-dong, who had to drink every day while waiting for this film." This served as a reminder of the many twists and turns that occurred during the production process.
Although 'Possible Love' is director Lee Chang-dong’s first work in eight years since 2018's 'Burning,' it took 10 years when counting from the planning stage. The director faced personal ethical concerns regarding how to address the reality and suffering of Korean labor, such as the mass layoffs at Ssangyong Motor, and externally, he faced difficulties in securing investment. Despite being regarded as a world-class auteur, it is difficult to readily find investors for films dealing with such heavy themes within the domestic film ecosystem. In fact, CEO Lee Joon-dong once remarked, "Even if the quality of the work is high, it is not a film that openly pushes for commercial appeal... Domestic investors were interested, but they couldn't find the courage." He also revealed that at the time, "the investment capacity of the Korean film industry was nearly at rock bottom, making it a situation where even highly commercial genre films were unable to secure funding."
This was a result of the aftermath of the COVID-19 pandemic and the rapid rise of OTT services. Eventually, an investor appeared, but it was not a domestic company. It was Netflix. This background explains why, despite being selected for the Korean Film Council's 'Medium-Budget Korean Film Production Support Project' (Group C) established this year, the application was voluntarily withdrawn. 'Possible Love' had a production budget between 6 billion and 8 billion KRW, and the reason for the voluntary withdrawal was that Netflix’s investment terms were more favorable.
Netflix invested 12 billion to 13 billion KRW, nearly double the original production budget. It wasn't just a matter of the budget. Since Netflix is fundamentally an online release platform, the lessened burden of box-office performance was a key factor. In a sense, the film could be evaluated on its own merit, independent of its break-even point. Moreover, global release and consumption occur simultaneously.
Netflix does not necessarily need box-office profits. Netflix’s target is director Lee Chang-dong. It needs his fame and brand. This is because a world-class auteur director can enhance Netflix’s recognition. Director Lee Chang-dong is a Cannes and Venice award-winner, and he already has recognition from being on the Academy shortlist for 'Burning.' It would not be an exaggeration to say that Netflix's ultimate goal is the Academy Awards. This is likely the context of director Lee Chang-dong's remark that "this is just the beginning." While director Bong Joon-ho’s 'Parasite' was powered by capital from a major domestic conglomerate, the capital and system of Netflix took on that role for 'Possible Love.'
The film 'Possible Love' has been selected as the official Korean entry for the International Feature Film category at the 99th Academy Awards. Consequently, Netflix pursued a limited theatrical release. This was necessary to become a candidate for major categories such as Best Picture. The film must be screened consecutively for at least one week in 10 or more commercial theaters within 50 designated major U.S. cities. Furthermore, it must be screened at least three times a day, with one of those screenings occurring during prime time (6 PM – 10 PM) in designated major U.S. cities. The Academy strengthened these requirements to keep streaming films in check.
Netflix also engages in the 'For Your Consideration' (FYC) campaign, into which Hollywood production companies pour tens of billions of won. This method helped director Bong Joon-ho’s 'Parasite' achieve its four-win success. Of course, these steps are not taken solely to win an Oscar. Master directors insist on theatrical releases as a non-negotiable condition. In Korea, it will also be released in theaters on September 23, about two months ahead of its Netflix release. A limited theatrical release is a brief but valid choice that aligns with traditional film values.
However, the enthusiastic praise from Hollywood media before and after the Venice International Film Festival is not solely due to Netflix’s investment. It is because the film demonstrated the possibility of fundamental, aesthetic art to a wider audience. For example, let’s compare it to 'Woman Unknown,' which won the Golden Lion at this year's Venice Film Festival. This film dealt with the stigma and collective lynching faced by women who were lovers of German soldiers in Denmark during World War II. While familiar to Europeans, it is unclear if it will have high receptivity in the U.S. On the other hand, 'Possible Love' has greater appeal because it shares insights by approaching class, exploitation, love, and desire in a universal and everyday manner. Most importantly, it is a story needed in the current AI era.
Director Christopher Nolan’s film 'Odyssey' makes one think about universal values and sincerity in the AI era, but considering it returns to the ancient world, it has limitations in capturing current reality. 'Possible Love' is a work that sufficiently complements this aspect. While the film 'Odyssey' returns through love for hometown and family, 'Possible Love' is more comprehensive as it is a work about the solidarity of love and friendship with others.
Crucial to this film’s storyline is the actors' performances, and this is likely the background for the assessment that Jeon Do-yeon’s acting is a once-in-a-century masterpiece. It is the backdrop that makes one look forward to the possibility of an acting award, something 'Parasite' could not achieve at the Academy. While director Bong Joon-ho’s 'Parasite' depicted class conflict directly, it was coated with the sugar of black comedy. In contrast, 'Possible Love,' while also dealing with class issues, delves into the abyss of that pain, treating the prerequisites for love—humanity and friendship—with meticulous, reflective contemplation.
The fact that such a work can be shared instantly with people around the world opens a new channel for the K-content industry. With the rise of Netflix, the ecosystem of platforms and investment has changed. As in many countries around the world, Netflix has influenced the domestic film industry in one way or another. I hope that 'Possible Love' remains an example of a positive influence. It is also worth noting that Netflix has consistently specialized in the documentary genre. This is because it has shown that heavy and serious films can, in fact, create a virtuous cycle and become global brands. This could serve as an alternative to the multiplex cinema industry, which focuses on box-office hits.
The author Kim Heon-sik has been wandering through or cutting through the forest of pop culture phenomena since his 20s, with the expectation that there is a way to make the world a better place through culture. He continues on this same path in the 21st century, where AI and quantum computers are active, with the same belief.