Netflix’s big-budget Korean film The Great Flood, produced with an estimated budget of ₩30 billion (approximately USD 22 million), is facing severe fallout not only from viewers, but also in the stock market.
Following an onslaught of negative reviews, shares of related company M83, which handled the film’s visual effects, have plunged to historic lows, leaving investors facing what is effectively a 100% loss.
According to the Korea Exchange on December 27, M83 shares closed at ₩8,950 on the previous trading day, marking the lowest level since the company’s listing. The price has fallen to nearly half of its IPO price of ₩16,000, dealing a crushing blow to investors who had anticipated gains from The Great Flood’s release.
M83, a media and entertainment company specializing in CG and VFX for films and dramas, went public on the KOSDAQ in August last year. Prior to the film’s release, market analysts had predicted that The Great Flood would serve as a major catalyst for the company’s growth. Instead, the opposite occurred.
Industry observers believe the sharp decline reflects growing disappointment over the film’s reception in Korea.
Released on Netflix on December 19, The Great Flood quickly became one of the platform’s most divisive titles of the year domestically. Viewer reactions ranged from I couldn’t even finish 30 minutes to I feel completely tricked. On Naver’s rating platform, the movie’s scores polarized sharply between the lowest (1 star) and highest (10 stars), sparking heated online debates.
The film follows AI researcher Gu Anna (played by Kim Da-mi) as she fights to survive with her son inside a flooded apartment complex after a global deluge caused by an asteroid impact. While marketed as a high-stakes disaster survival film, many Korean viewers felt misled.
Critics point out that promotional materials posters and trailers emphasizing submerged buildings and desperate survival scenes set expectations for a classic Korean disaster movie in the vein of Haeundae, Tunnel, or Exit. However, as the story progresses, the narrative pivots heavily toward artificial intelligence and simulation concepts.
This tonal shift reportedly left audiences confused and frustrated. I thought it was a disaster movie, but it turned out to be something completely different, became one of the most common complaints. Many viewers described the experience as a waste of time.
Ironically, the domestic backlash contrasts sharply with the film’s global performance.
According to Netflix, The Great Flood ranked No. 1 in the Global Top 10 Non-English Films, topping viewing charts in 54 countries, including South Korea, Spain, Brazil, Qatar, and Thailand. The film also entered the Top 10 list in 93 countries, demonstrating strong international interest.
Despite its global success, analysts note that Korean audiences appear particularly sensitive to mismatched genre expectations an issue that may have amplified disappointment and investor anxiety.
As The Great Flood continues to spark debate, the case highlights the growing disconnect between global streaming metrics and domestic audience sentiment and serves as a cautionary tale for investors betting heavily on hype alone.
Sources: Daum