Moviegoers walk by a poster of "Exhuma" in a theater in Seoul, Sunday, when the movie surpassed 10 million viewers for the first time this year. Newsis

Optimism is growing that media stocks may finally emerge from the prolonged post-pandemic downturn following the success of the occult film "Exhuma," the first movie to surpass 10 million viewers this year.

The release of other forthcoming films, including "The Outlaws 4," is further fueling the anticipation.

The stock price of Showbox, the production and distributor of "Exhuma," reached a one-year peak at 4,540 won ($3.37) on Feb. 28, just a week after the release, according to the Korea Exchange.

While the stock price has shown signs of stabilizing since the spike, Wednesday's closing price still represented a 9.13 percent increase from its value on Feb. 1.

The stock price of CJ CGV, Korea's largest multiplex cinema chain, also saw a steep rise after the premiere of "Exhuma," recording 6,300 won on March 4. This was the highest since last September when its massive capital increase caused the share price to drop by 25.4 percent in one day.

"In the last four years, the ratio of Korean movie releases to audience numbers has been disappointing, with many films not aligning with the current trends. The pandemic has extended the lead times for movie releases, presenting challenges in attracting viewers," Lee Hyun-ji, an analyst at Eugene Investment & Securities, said.

With "The Outlaws 4" set for release next month, expectations are high for the industry to maintain its positive momentum.

"The Outlaws series is a popular intellectual property, with its second and third films each attracting over 10 million viewers," Lee said. "This success has set the stage for high expectations surrounding the box office performance of the fourth installment."

Additionally, the Korean film industry is poised for a significant boost with the recent establishment of a fund worth 11.2 billion won, designed specifically to facilitate the release of Korean films.

Led by the Korean Film Council and the Korea Venture Investment Corp., this fund mandates that over 50 percent of its managed assets be allocated to movies filmed before 2022.

Movies that received investments should be released within three months.

"There are around 40 projects that fit these criteria at this moment," Lee said. "With the rise in new releases expected from the second half of this year, a rebound in box office revenues is expected."