KOFIC P&A Fund for Korean Films Abroad
Published on | Source
Find out more details about the scheme at www.kofic.or.kr/english from March 18 th 2008
General Introduction
The KOFIC P&A Fund for Korean Films Abroad is a program where KOFIC supports expenses required for theatrical distribution, designed to expand opportunities for foreign audiences to enjoy Korean films in theaters. The program will be launched this year with a budget of 400 million Won ($420,000 USD).
What kind of film is eligible?
Films eligible for support include feature-length dramas, documentaries or animations that were made in Korea, or co-produced with Korea as the main producing country.
Who are qualified to apply?
Companies owning rights to a film's theatrical distribution in certain foreign countries are qualified to apply for the program. In submitting the application, the company must also submit related documents to demonstrate such rights.
How to apply?
An application form will be available at a web site of Korean Film Council(www.kofic.or.kr/english) from March 18th, 2008. After filling out an application form, please submit the form along with necessary documents to Korean Film Council by post. The necessary documents include a plan for financing which identifies the source of funding, a release plan with the number of theaters and their location, promotion/marketing strategies and an itemized statement of expenditure.
From when?
Applications are accepted from March 18th 2008. Taking into consideration that selections are made 4 times a year, application forms should be submitted at least 2 months ahead of the planned release date. For more details, please see the annual schedule below.
Annual Schedule 2008
3rd round : August 31st - September 30th - after October 31st
4th round : October 31st - November 30th - after December 31st
When will the final selection be made?
In 2008, a total of 4 selection process will take place. The films and companies to receive the Fund will be announced in June, July, September and November.
What is the amount of support?
The support amount covers up to 50% of the theatrical release expenses in accordance with the number of opening theaters and the scale of the marketing, with the maximum amount per film capped at 100 million Won ($105,000 USD).
What kind of expenditure is supported?
KOFIC P&A Fund award should be spent on direct distribution cost, during the period of 5 months prior to the release and 2 months that follow. Direct distribution cost include production cost of promotion materials, expenses for promotion and marketing, costs spent on promotion tours of director/actors, print production expenses, media advertisement costs, advertising material production costs, etc..
When will the support money be delivered?
50% of the total amount will be delivered when the selected film is released and the rest will be delivered when an account report on cost statement is finalized.
In case of a surplus, how should it be returned to KOFIC?
The Korean Film Council will seek to recoup its award in the event that the film generates a surplus for the applicant/distributor in its theatrical release. This will work as follows:
The applicant may recoup its agreed P&A investment in first position from distributor's share of box-office receipts. The applicant's agreed P&A investment includes the applicant's own money, a third party's investment and other grant such as those obtained through public funding program. Any distributor's share of box-office receipts in excess of this will go towards the Korean Film Council award i.e. the Korean Film Council award will be recouped in last position. In the event that insufficient distributor's share of box-office receipts are received to cover the award, then no further payment to the Korean Film Council will be due.
For further information
KIM Hyoun-soo
International Promotion Dept, KOFIC (Korean Film Council)
myear1014@kofic.or.kr
General Introduction
The KOFIC P&A Fund for Korean Films Abroad is a program where KOFIC supports expenses required for theatrical distribution, designed to expand opportunities for foreign audiences to enjoy Korean films in theaters. The program will be launched this year with a budget of 400 million Won ($420,000 USD).
What kind of film is eligible?
Films eligible for support include feature-length dramas, documentaries or animations that were made in Korea, or co-produced with Korea as the main producing country.
Who are qualified to apply?
Companies owning rights to a film's theatrical distribution in certain foreign countries are qualified to apply for the program. In submitting the application, the company must also submit related documents to demonstrate such rights.
How to apply?
An application form will be available at a web site of Korean Film Council(www.kofic.or.kr/english) from March 18th, 2008. After filling out an application form, please submit the form along with necessary documents to Korean Film Council by post. The necessary documents include a plan for financing which identifies the source of funding, a release plan with the number of theaters and their location, promotion/marketing strategies and an itemized statement of expenditure.
From when?
Applications are accepted from March 18th 2008. Taking into consideration that selections are made 4 times a year, application forms should be submitted at least 2 months ahead of the planned release date. For more details, please see the annual schedule below.
Annual Schedule 2008
3rd round : August 31st - September 30th - after October 31st
4th round : October 31st - November 30th - after December 31st
When will the final selection be made?
In 2008, a total of 4 selection process will take place. The films and companies to receive the Fund will be announced in June, July, September and November.
What is the amount of support?
The support amount covers up to 50% of the theatrical release expenses in accordance with the number of opening theaters and the scale of the marketing, with the maximum amount per film capped at 100 million Won ($105,000 USD).
What kind of expenditure is supported?
KOFIC P&A Fund award should be spent on direct distribution cost, during the period of 5 months prior to the release and 2 months that follow. Direct distribution cost include production cost of promotion materials, expenses for promotion and marketing, costs spent on promotion tours of director/actors, print production expenses, media advertisement costs, advertising material production costs, etc..
When will the support money be delivered?
50% of the total amount will be delivered when the selected film is released and the rest will be delivered when an account report on cost statement is finalized.
In case of a surplus, how should it be returned to KOFIC?
The Korean Film Council will seek to recoup its award in the event that the film generates a surplus for the applicant/distributor in its theatrical release. This will work as follows:
The applicant may recoup its agreed P&A investment in first position from distributor's share of box-office receipts. The applicant's agreed P&A investment includes the applicant's own money, a third party's investment and other grant such as those obtained through public funding program. Any distributor's share of box-office receipts in excess of this will go towards the Korean Film Council award i.e. the Korean Film Council award will be recouped in last position. In the event that insufficient distributor's share of box-office receipts are received to cover the award, then no further payment to the Korean Film Council will be due.
For further information
KIM Hyoun-soo
International Promotion Dept, KOFIC (Korean Film Council)
myear1014@kofic.or.kr
Advertisement