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KOFIC Announces Reform Plans

In a meeting between the Korean Film Council (KOFIC)'s recently appointed chairman CHO Hee-moon and the Minister of Culture, Sports and Tourism, YOO In-chon, reform plans for the government-funded film support organization were announced to the press.

Addressing several key issues, the reform plan intends to reorganize KOFIC, grouping different departments together, and change its funding policies, turning several advance financing programs into "after the fact" rebates. For example, under the reform, the current P & A support funds given to overseas distributors of Korean films in advance, will now only be given to select recipients after they have finished releasing the film.

Independent and art house film projects will also no longer receive pre-production funds but will be eligible for KOFIC awards after the film's completion. Between 2010-2011, a US $17.5 million film export insurance account will be created to guarantee loans for Korean films with overseas distribution potential.

KOFIC also plans to ensure that at least 25% of its support program funds go to below-the-line labor costs and to prioritize the due payment of staffs and crew before all else.

KOFIC will take on piracy by creating an online marketplace for films called KOME (Korean Open Movie Exchange) with intentions of developing online film revenues from its current $14.40 million to $260 million in three years. As well, during the press announcement, a request by minister YOO was made to reevaluate state support for Korea's numerous film festivals.

Nigel D'Sa (KOFIC)

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