KOFIC Announces Funding Plan
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The Korean Film Council (KOFIC) unveiled the launch of a US $56 million film fund, Monday, to inject life into the struggling film industry. KOFIC chairman KANG Han-sup announced that the new measures will be operational by early next year to boost production.
The bulk of the fund, $42 million, will go to mid-range commercial features, while independent films and international co-productions will both be allocated $3.5 million each.
KOFIC also plans to bolster the ancillary markets with $2.8 million in funds going to secure and expand an online distribution network, enforce online copyright protection and improve distribution and marketing support for Korean films on DVD.
For this year, KOFIC has selected 10 feature films by debut directors, investing $210,000 in each, while $70,000 each are allocated in support of 10 new projects. Plans to expand upon existing funding for documentary films to boost quality and production will go into effect early next year.
The bulk of the fund, $42 million, will go to mid-range commercial features, while independent films and international co-productions will both be allocated $3.5 million each.
KOFIC also plans to bolster the ancillary markets with $2.8 million in funds going to secure and expand an online distribution network, enforce online copyright protection and improve distribution and marketing support for Korean films on DVD.
For this year, KOFIC has selected 10 feature films by debut directors, investing $210,000 in each, while $70,000 each are allocated in support of 10 new projects. Plans to expand upon existing funding for documentary films to boost quality and production will go into effect early next year.
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