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South Korea Tackles Film Industry Crisis with New Rules
29 May
Summary
- A new committee will discuss a six-month theatrical window for films.
- This aims to stabilize revenue and foster cooperation between platforms.
- The industry has struggled since the pandemic with declining attendance.
South Korea's film industry is actively seeking solutions to its post-pandemic challenges. The Ministry of Culture, Sports and Tourism, alongside the Korean Film Council (KOFIC), has established a public-private consultative body. This committee's primary focus is to discuss the implementation of a theatrical window for films within the Korean market.
A bill currently progressing through the National Assembly proposes a six-month holdback period. This would mandate that films cannot be released on streaming platforms for half a year after their cinema debut. The new committee, including 22 industry leaders, convened for its inaugural meeting to deliberate this and other stabilization measures.
Discussions also encompass strategies to bolster the industry's revenue streams and enhance collaboration between traditional cinema circuits and burgeoning streaming services. The government aims for a consensus on these matters by August, seeking to balance market realities with industry profitability. This move comes as the local film sector grapples with reduced cinema attendance and increased production expenses.
Despite recent successes like 'The King's Warden' and 'Salmokji: Whispering Water,' the overall box office performance remains below pre-pandemic levels. Measures like exhibitor mergers and ticket discounts are also being implemented to support the market's recovery.
