Bussines News

SKorea to create $55.6 mn film fund South Korea is to establish a USD 55.6 million (80 billion won) film fund aimed at reviving its stagnant film industry, officials said today. The Korean Film Council (KOFIC), an autonomous government-supported body, announced creation of the fund as part of short-term measures to revitalize the industry that people fear has passed its golden years. South Korean cinema gained international fame following the release of director Park Chan-wook’s ‘Old Boy’, which won the Grand Prix award at the 2004 Cannes Film Festival. Yet the country’s film exports have fallen over 50 per cent in the past two years to USD 12.28 million after reaching a peak in 2005 of USD 75.99 million. “We would need public support measures in order to stop the downward trend of the film industry from being protracted,” said KOFIC in a statement. “We expect that the newly created fund would ensure production of an appropriate number of Korean films and sustain the market share of those films.” The KOFIC said it will also input USD 1.04 million to support DVD contents marketing and improve the distribution environment for the DVDs.