KOFIC Looks Ahead with New Plans
Published on | Source
The Korean Film Council (KOFIC) announced plans to implement a redistribution fund starting in 2011, which will gather 3 per cent from all box office ticket sales, earmarking half for redistribution to filmmakers and the other half for promotion of the film industry.
The system is expected to generate about US$6 million in redistribution funds. KOFIC will also form another $80 million fund by 2012 to export Korean films to the global market. By the same year, KOFIC also intends to develop the "3D" market, encompassing digital downloading, DVD, and documentary sales.
KOFIC also plans to nurture the legal downloading market to target annual revenue of $160 million, and revive the currently ailing DVD market from its current $199 million value to an ambitious $475 million by 2012.
Separately, the Ministry of Culture, Sports and Tourism has launched the Korea Creative Content Agency, which will oversee the creation of videogames, cartoons and brand merchandising, along with TV and online content.
The new superbody combines five existing organizations, including the Culture and Content Agency, Game Industry Agency and the Broadcasting Institute. LEE Jae-woong, former member of the National Assembly, was named to head the agency, which will have an annual budget of $145 million.
Nigel D'Sa (KOFIC)
The system is expected to generate about US$6 million in redistribution funds. KOFIC will also form another $80 million fund by 2012 to export Korean films to the global market. By the same year, KOFIC also intends to develop the "3D" market, encompassing digital downloading, DVD, and documentary sales.
KOFIC also plans to nurture the legal downloading market to target annual revenue of $160 million, and revive the currently ailing DVD market from its current $199 million value to an ambitious $475 million by 2012.
Separately, the Ministry of Culture, Sports and Tourism has launched the Korea Creative Content Agency, which will oversee the creation of videogames, cartoons and brand merchandising, along with TV and online content.
The new superbody combines five existing organizations, including the Culture and Content Agency, Game Industry Agency and the Broadcasting Institute. LEE Jae-woong, former member of the National Assembly, was named to head the agency, which will have an annual budget of $145 million.
Nigel D'Sa (KOFIC)
Advertisement