The Korean Film Council (KOFIC) has launched a new initiative to back mid-budget films, in a bid to revitalise Korea’s struggling film industry.
The government-supported agency has allocated nearly $7m (KRW10bn) to the scheme that will offer support to local features with budgets from $1.4m to $5.6m (KRW2-8bn).
Selected projects must secure investment and distribution deals within six months of signing the contract and begin filming within six months. Eligible projects will receive grants of up to 30% of production costs, capped at just over $1m (KRW1bn) per film.
In return, KOFIC can collect a share of the profits if a supported film recoups its total production costs within two years of theatrical release.
Post-pandemic, the Korean film industry has struggled to recover due to a backlog of releases, a shortage of new titles and declining investment. A select number of local productions continue to perform strongly at the box office, with blockbuster titles last year including Exhuma and The Roundup: Punishment taking more than $75m.
However, the total box office has traditionally been shored up by a large number of mid-budget films, which have been underperforming in recent years. Admissions in 2024 were 45.6% down on pre-pandemic 2019.
Unveiling the new initiative, KOFIC chairman Han Sang-jun underscored the significance of mid-budget films, labelling them “the backbone of Korean cinema”.
“Producing several films that attract a million viewers each can create more jobs than a single blockbuster which amasses 10 million viewers,” he said. “Diverse experiences in filmmaking will also become valuable production assets that can fuel future projects.”
KOFIC is also expanding its Project Development Support programme to foster “diverse and innovative” Korean films. This year’s budget has increased to $1.7m (KRW2.5bn), enabling support for 141 projects, up from 85 in 2024.
The programme offers support and funding for writers and production companies at various stages, from early planning to pre-production.
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