KOFIC to invest in medium-budget films to revitalize local cinema

▲ The logo of the Korean Film Council is seen in this image provided by the agency. (PHOTO NOT FOR SALE) (Yonhap)

film industry-investment

KOFIC to invest in medium-budget films to revitalize local cinema

SEOUL, Jan. 23 (Yonhap) -- The Korean Film Council (KOFIC) on Thursday laid out a plan to bolster the production of mid-budget films this year, aiming to revitalize the struggling local film industry.

The state agency will allocate approximately 10 billion won (US$6.94 million) to support films with budgets ranging from 2 billion to 8 billion won, emphasizing their pivotal role in the Korean cinema landscape.

Selected projects must begin production within six months of signing the contract and can receive up to 30 percent of their production costs, capped at 1.5 billion won per film.

▲ This file photo from June 12, 2022, shows a multiplex cinema in Seoul. (Yonhap)

In addition, KOFIC retains the right to collect a share of profits exceeding the total production cost within two years of a film's release.

"Medium-budget films, which serve as the backbone of the local film industry, are like blood vessels," KOFIC Chair Han Sang-jun said. "Several films attracting 1 million moviegoers create more jobs than one blockbuster with over 10 million viewers. Also diverse filmmaking experiences contribute significantly to the creation of future works."

The local film industry's post-pandemic recovery has slowed due to a shortage of new projects and dwindling investment.

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