(Culture Zone) - 2008 Recap & Outlook
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"Doom and gloom" would be the right words to describe the culture scene in Korea last year ravaged by the global economic crisis that has affected practically every corner of the country.
The effects of the economic downturn were especially apparent in the Korean film industry.
There was little incentive to invest in new movies while video and DVD sales fared poorly.
And the so-called "screen quotas" were drastically lowered meaning theaters operators were required to show Korean movies for fewer days of the year than previously required.
The slowdown was evident in more than just empty theater seats but also market share.
The share of the 800-million-US-dollar market held by Korean films plummeted from around 60 percent in 2006 to 42 percent in 2008.
That's the lowest market share since 2001. Despite the release of more than 100 Korean films this year only SEVEN of them were able to make a profit OR attract an audience of two million. The biggest Korean box-office hit this year was the Korean western "The Good, the Bad, the Weird" which sold more than 6 point 5 million tickets followed by "The Chaser" a suspense thriller with over 5 point 1 million. As for the outlook for this year's film industry Kang Hansup the Chairperson of the Korean Film Council says the ongoing global economic downturn could serve as a chance for domestic movies to find a new beginning by tapping into new strengths.
[Interview : Kang Hansup, Chairperson Korean Film Council] " As an old saying goes in this business, the golden age of Korean films comes every 5 years. The first Korean film boom was in 2006, therefore, I see 2009 as the preparation stage towards the second golden age in Korean movie business. More investment is slated to be made on high quality films featuring big stars. We will manage to make films with lower budgets, pay actors less to lower the risk of investment".
The effects of the economic downturn were especially apparent in the Korean film industry.
There was little incentive to invest in new movies while video and DVD sales fared poorly.
And the so-called "screen quotas" were drastically lowered meaning theaters operators were required to show Korean movies for fewer days of the year than previously required.
The slowdown was evident in more than just empty theater seats but also market share.
The share of the 800-million-US-dollar market held by Korean films plummeted from around 60 percent in 2006 to 42 percent in 2008.
That's the lowest market share since 2001. Despite the release of more than 100 Korean films this year only SEVEN of them were able to make a profit OR attract an audience of two million. The biggest Korean box-office hit this year was the Korean western "The Good, the Bad, the Weird" which sold more than 6 point 5 million tickets followed by "The Chaser" a suspense thriller with over 5 point 1 million. As for the outlook for this year's film industry Kang Hansup the Chairperson of the Korean Film Council says the ongoing global economic downturn could serve as a chance for domestic movies to find a new beginning by tapping into new strengths.
[Interview : Kang Hansup, Chairperson Korean Film Council] " As an old saying goes in this business, the golden age of Korean films comes every 5 years. The first Korean film boom was in 2006, therefore, I see 2009 as the preparation stage towards the second golden age in Korean movie business. More investment is slated to be made on high quality films featuring big stars. We will manage to make films with lower budgets, pay actors less to lower the risk of investment".
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