‘The King’s Warden’ Surpasses 12 Million Viewers: Will Director Chang Hang-jun Rake In Tens of Billions of Won in Running Guarantee?

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\r\n[The Financial News] As the film "The King’s Warden," directed by Chang Hang-jun, has surpassed a cumulative audience of 12 million, attention is turning to his potential earnings.
Distributor Showbox announced that as of the 11th, the total number of viewers for "The King’s Warden" (hereafter "The King’s Warden") has exceeded 12 million.
Set around Cheongnyeongpo in 1457, the film follows a village head who voluntarily goes into exile to revive his town, and a young former king who has been pushed from the throne. Actor Yoo Hae-jin plays Eom Heung-do, while Park Ji-hoon appears as Danjong of Joseon. Yoo Ji-tae, Jeon Mi-do, Lee Jun-hyuk, and Ahn Jae-hong also joined the cast and deliver strong performances.
The film reached the 10-million-viewer milestone on the 6th, 31 days after its release, becoming the first Korean movie in roughly two years to join the 10-million club after the 2024 releases "Exhuma" and "The Roundup: Punishment." It has since gone on to surpass the 11,914,869-viewer record set by "Exhuma." It currently ranks 20th in the all-time Korean box-office chart.
With this film, director Chang took home the first "10-million director" title of his career. Lead actor Yoo Hae-jin also secured his fifth film to top 10 million admissions, following "The King and the Clown," "Veteran," "A Taxi Driver," and "Exhuma."
"The King’s Warden" has not slowed down even after crossing the 10-million-viewer mark. It surpassed 11 million viewers on the 8th, then drew 12 million by the 11th, just three days later, adding yet another milestone to Korean box-office history.
As the film’s momentum continues in theaters, the public is now focusing on how much financial profit director Chang may ultimately receive. According to Showbox, the break-even point for the film is around 2.6 million viewers. Based on the current cumulative audience, roughly 9.4 million admissions are above that threshold.
In the film industry, directors typically receive not only a base fee but also a "running guarantee"—a performance-based bonus tied to box-office results. This bonus is paid according to the number of viewers beyond the break-even point. Industry sources say the amount is usually set at around 300 to 500 won per viewer.
Using this standard for a simple calculation, the approximately 9.4 million viewers above the break-even point could generate an additional 2.8 billion to 4.7 billion won in income. When combined with the directing fee he already received, reportedly in the hundreds of millions of won, many expect Chang’s total take-home amount to easily exceed several billions of won.
However, the detailed contract terms and the exact settlement method have not been disclosed. In a past interview, Chang himself cautiously remarked, "As far as I know, the production company is still considering the running guarantee," adding, "It would be more accurate to ask the production company and investors about the exact contract conditions."
Lim Eun-jung, the producer of the film, told reporters the same day, "With 'The King’s Warden,' it’s not a structure where I take everything; it’s a structure where the earnings are shared," and added, "I’m thinking about how to reward the people who worked together. I’m also in discussions with the co-producer. It’s still at an abstract stage, but whatever we do, I want it to be in a direction that helps Korean cinema. One way or another, incentives will be paid."
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hsg@fnnews.com Han Seung-gon Reporter