Since the establishment of diplomatic have been tied between Korea and China for almost 20 years, cultural exchange between the two countries has been steadily increasing. Joint venture in film industry is one form of cultural exchange between them that is truly thriving at the present. Despite full-scale investments and intense and extensive publicity campaigns, however, films co-produced by the two countries have almost invariably been commercial failures. Although film, which is an art-form, should not be judged solely by its commercial viability, the commercial aspect of film-making cannot be down-played, considering the extent of financial risk that producing a film involves. This paper aims at analyzing why these films have failed commercially from the perspective of comparative cultural studies.