Shares jump 19% this morning on back of film’s stunning night in Los Angeles
The studio behind Parasite saw its stock explode on the Korea Exchange this morning.
Shares in Barunson Entertainment & Arts Corp, the South Korean studio behind 2020’s Best Picture winner, jumped 19% Monday morning. Parasite won four major awards at the Oscars, including Best Picture, Best Director, Best Original Screenplay, and Best Foreign Language Film. It’s the first non-English language film to win Best Picture.
Earlier this year, the Oscars produced another market windfall. Netflix, the studio with the most nominations overall at the awards this year, saw its stock jump 3.5% after nominations were announced in January.
Three studios brought home four awards at the Oscars: Barunson, Sony, and Disney. The latter two firms, which won somewhat less marquee awards like production and costume design, both opened down from their close on Friday.
Barunson is the clear market winner, in the wake of its film’s unprecedented award victories. The stock has added nearly 50% since Parasite was nominated.
Parasite, directed by South Korean auteur Bong Joon-ho, uses dark humour to take on class conflict and social inequality.