The film investment broker tried to dissuade him, but when Jaesung firmly pushed forward, the broker eventually agreed and said he would help proceed.
It had been a while since Jaesung had invested in a new company, so his capital was sitting idle, and between bank interest and dividends, his assets had actually grown a little.
“There’s plenty of available capital. How much is the film’s production budget? I’d like to invest as much as possible.”
“Well, the thing is… the production budget is a bit high.”
“It’s a blockbuster-level film, so of course it’ll be expensive.”
“Let’s see. It’s gone well beyond the initial plan, and the final budget is expected to reach around 250 million dollars.”
“What?”
Although Jaesung was an expert when it came to internet companies, he wasn’t familiar with the film industry, so he thought he had misheard and asked again.
“How much did you say? I think there’s been a mistake.”
“It really is 250 million dollars. It was originally planned at around 150 million, but it’s kept increasing and is now breaking records for the highest production cost.”
From what Jaesung remembered, James Cameron’s Titanic was certainly a massive blockbuster that cost a lot to make, but hearing that over 2,000 billion won had been spent in 1996 terms didn’t quite make sense to him.
Making a single movie was equivalent to pouring in the entire market capitalization of a mid-sized IT company.
“If the production cost is 250 million dollars, how many tickets would they need to sell just to break even?”
“That’s exactly why there’s so much talk in Hollywood. Marine-related films are already posting losses across the board, and people are worried that pouring such a huge budget into a maritime disaster film is too risky.”
The broker explained that because the production budget and filming schedule kept ballooning far beyond expectations, there had even been moves on the studio’s side to abandon the project midway.
When it looked like the film might collapse, Director Cameron gave up the entire eight-million-dollar guarantee he was supposed to receive and continued filming.
“Even after True Lies and Terminator 2 were such huge successes, is funding still that tight?”
“The overall economic situation hasn’t been great lately, and with no recent mega-hits, investors are very anxious about putting so much money into a single project.”
As the broker continued speaking so negatively, even Jaesung briefly wondered if Titanic might actually fail.
He knew it would become a massive global hit, but he didn’t know exactly how much money it would ultimately make.
It was a record-breaking success. There’s no way it ends up in the red… and if I invest now, when things are this urgent, I should be able to secure better terms.
Just as Jaesung expected, Titanic was struggling with a lack of funds and was desperate for cash.
Although the broker spoke gravely, Titanic would defy all concerns once it was released and utterly dominate the box office.
In the United States alone, it would surpass 600 million dollars in revenue and become the first film in history to cross the one-billion-dollar mark worldwide.
Ultimately, Titanic would go on to earn an astronomical 2.2 billion dollars from a single film.
That record would remain unbroken from 1997 until 2009, making it the highest-grossing film in the world, until James Cameron himself shattered it with his next work.
Leonardo DiCaprio wasn’t a star yet, but this movie would catapult him straight to the top of the world.
“The situation doesn’t seem very positive, so I won’t go overboard. I’d like to invest about 10 million dollars. Would that be possible?”
“That’s exactly the amount they urgently need right now. Are you sure you want to proceed like this?”
“If I invest, I’d also like to tour the set. Would that be possible?”
“Of course. Normally, we even arrange private dinners with the director and actors. I’ll check the schedule and get back to you.”
Desperate for production funds, Titanic accepted Jaesung’s investment and conditions almost instantly and invited him to the filming location at Rosarito Beach in Baja California, Mexico.
Many Hollywood films with high set and labor costs chose to shoot in nearby Mexico to save money, and Titanic was no exception, with a massive set constructed in the warm climate of Rosarito.
Since his father had to go to work, Jaesung decided to take his mother and sister with him to visit the Titanic set.
“James, what were you thinking, suddenly investing ten million dollars in a movie?”
“How did you find out?”
“I manage your portfolio. Did you really think I wouldn’t know? Your company’s president told me.”
All of Jaesung’s investment firm staff had been recommended by Warren Buffett, and they were keeping a close eye on things to make sure Jaesung didn’t do anything reckless.
“I was going to tell you in advance, but it slipped my mind.”
“I looked into it myself, and you invested in a movie with an extremely high chance of failure. Film is an industry that lives on illusion and dreams. You should never invest in it. I let the small film go last time, but investing in a movie with a 250-million-dollar budget means I need to reeducate you.”
Warren Buffett’s storm of scolding continued, and when Jaesung couldn’t think of a good excuse no matter how hard he tried, he used his mother as a shield.
“My mom wanted to see a filming set, and she’s always dreamed of wearing a dress and walking the red carpet at the premiere of a famous movie.”
“Even so, that’s hardly unavoidable! There are plenty of other ways to do that without investing ten million dollars. Why did it have to be this movie?”
Buffett’s lecture went on for quite some time, and since the contract had already been signed and the ten million dollars wired, there was no backing out.
Jaesung promised Buffett that he wouldn’t invest in films again and decided to look for ways to minimize potential losses.
If Titanic becomes a smash hit, I’ll definitely get my revenge.
After being thoroughly chewed out for investing ten million dollars in a movie, Jaesung decided he would at least send Buffett movie tickets later.
Interestingly, he didn’t get scolded by his father.
Now that he had set up an investment corporation and was investing at the company level, he no longer needed his father’s signature and had simply said it was a modest investment.
“The ocean is so beautiful.”
“Oppa, it’s so warm here.”
His mother and sister were delighted by Rosarito Beach.
Seattle had beaches too, but most of them were rocky and not suitable for swimming.
Rosarito, not far past the Mexican border from San Diego, was a popular destination for American tourists, with resorts and vacation facilities, a long sandy beach, and coastal rock formations blending together beautifully.
Following the staff member who came to meet them at the airport, they soon arrived at the film set, where crew members were bustling about preparing for the shoot.
“We’re using a full-scale replica ship for filming.”
“Oppa, that pool is huge.”
“That’s not a pool. It’s an underwater filming tank.”
His mother, who had once worked as an actress, marveled at the Titanic set, which was on an entirely different scale from anything in Korea.
Jaesung also found it fascinating and exciting to be standing at the site of a film that would go on to become a masterpiece.
After finishing the set tour, they followed a staff member to James Cameron’s office.
“Welcome. I should have arranged a separate meeting, but filming is in full swing, so I couldn’t step away.”
“It’s fine. Being able to see the filming site instead makes this even better.”
Looking younger than Jaesung remembered, Cameron mistook Jaesung’s mother for the investor and greeted her with a handshake and words of thanks.
“You must have trained as an actress.”
“Oh my! How could you tell?”
“When you’ve done this work long enough, you can sense an aura that only actors have.”
Cameron thanked her for the investment and talked about the film’s direction and box office prospects.
“Actually, I’m not the investor. James here is. He’s a middle schooler, but he made a lot of money creating programs.”
Hearing that the investor wasn’t the mother but a young Asian boy, James Cameron looked surprised and extended his hand to Jaesung.
“Oh. The investment came in under a corporate name, so I misunderstood. My apologies.”
Only then did Cameron shake Jaesung’s hand and thank him for the investment.
“You, your mother, and both your children have faces that really suit the camera. Have you ever considered appearing in a film?”
Cameron explained that there was a scene where an Asian noblewoman and her children were rescued, and seeing the refined aura of the three of them, he thought they would fit perfectly as an Asian wealthy family.
“Thank you for the offer, but the kids still have school, so it might be difficult.”
“Schedules can be adjusted. We’re not filming that scene right away, and child actors usually shoot during winter break. You could visit briefly then. Appearing in a film you invested in can be quite meaningful.”
Faced with an offer from the world-famous director behind Terminator 2, Jaesung’s mother hesitated, while his sister clung to her, saying she wanted to appear.
“It’s just a brief extra role, so there’s no need to worry too much. It’s a nighttime rescue scene, so it’ll be dark, and faces won’t be easy to recognize.”
After thinking it over, his mother asked Jaesung what he wanted to do.
“If it’s during winter break, it shouldn’t be a problem. Mom, you should try appearing in a Hollywood movie this time.”
His mother thanked Cameron for the offer and said she would discuss it with her husband and give him an answer soon.
Afterward, they were briefed on the filming and release schedule in their capacity as investors and took commemorative photos with Cameron and the lead actor.
“Wow! I’ve never seen such a handsome white guy at school. Movie actors really are different.”
“Haha. Thank you. Among the Asians I’ve seen, you’re the most handsome.”
Leonardo DiCaprio, who had not yet established himself as a top-tier star, was already radiating the aura of his prime.
People often assumed most Westerners were good-looking, but around Jaesung, most people were engineers who paid little attention to their appearance.
Used to being surrounded by tech geeks, Jaesung couldn’t help blurting out that Leonardo was handsome when he saw him in his pre-decline peak.
“Jenny, you’re really pretty and cute too. You must be popular at school.”
“Hehe. Thank you.”
His sister gazed at Leo’s prince-like looks with honeyed eyes, clearly smitten.
In a situation where filming funds were scarce, Jaesung and his family, who had invested ten million dollars like rain in a drought, were treated as VIPs even by the actors.
After taking countless photos, they returned to rainy, cold Seattle.
“You’re going to appear in a James Cameron movie during winter break?”
“We only planned to tour the set, but they said they needed an Asian noblewoman and children. It’s just an extra role, so filming will be quick.”
“I want to appear too…”
“There is a sneaky Japanese character who secretly boards a lifeboat. Should I ask?”
“No. I can’t act, so just watching the set will be enough for me.”
They contacted Cameron and agreed to appear, and in the meantime, his other film, Scream, was released and unexpectedly became a sensation, earning over 173 million dollars—more than ten times its production budget.
Thanks to that, Jaesung’s cash reserves, which had been drying up after investing in Titanic, were replenished.
Time flew by, and winter break arrived.
They stopped by Arkansas to spend Christmas with the Walton family, then went to Omaha to bow to Buffett and wish him a happy new year.
After getting scolded and squeezing some New Year’s money out of him, Jaesung headed to Rosarito, Mexico, for the Titanic shoot.
Premium Chapter
Login to buy access to this Chapter.