Korean Officials & Industry Execs Launch Committee To Discuss Six-Month Theatrical Window
South Korea’s Ministry of Culture, Sports and Tourism and the Korean Film Council (KOFIC) have launched a public-private consultative body to discuss setting a theatrical window for films in the Korean market.
A bill is currently working its way through Korea’s National Assembly that calls for a six-month window for films before they can be shown on streaming platforms.
In addition to government and KOFIC representatives, the first meeting of the committee held today will bring together 22 filmmakers and executives from across the Korean film industry. Participants include Korea’s Culture Minister Chae Hwi-yong and execs from film studios, distributors, cinema chains and IPTV platforms.
The committee will also discuss measures aimed at stabilizing the industry’s revenue structures, and fostering more cooperation between cinema circuits and streaming platforms. Officials said they aim to reach a deal by August.
“We will work to reach a holdback agreement that could minimize potential side effects by reflecting market realities while maximizing industry revenues,” Chae said.
The legislation aims to revive a struggling local film industry that has suffered from declining theatrical attendance since the pandemic, with audiences turning to streaming platforms, production costs increasing and local talent increasingly working for the global streamers.
Two of Korea’s biggest exhibitors, Lotte Cinema and Megabox, are merging their operations to counter the downturn. The government has also launched a series of cinema ticket discounts to shore up the flagging market.
Korean cinema has been experiencing a revival of sorts since February with historical drama The King’s Warden becoming the highest-grossing Korean film of all time with $108m and supernatural horror film Salmokji: Whispering Water becoming the most-watched Korean horror ever with $22m.
Last weekend, Yeon Sang-ho’s Colony had a strong opening weekend grossing $10m following its world premiere in Midnight Screenings at Cannes. All three films are distributed by Showbox.
However, Korea’s annual box office is still way below pre-pandemic levels and other Asian markets have also experienced a few big seasonal hits that brought audiences back to cinemas but didn’t result in sustained box office recovery.
