Written by David Lewis on Nov 5, 2008. Posted in On Location

KOFIC tries to revitalise Korean film industry

Kang Han-sup, the recently elected chairman of KOFIC, has come under increased pressure recently to be more proactive in helping Korea's ailing film industry. He has at last outlined KOFIC's plans.

A film fund will be created worth a combined USD55.5 million. This includes a USD3.4 milion fund for international co-productions. Money will also be set aside to develop arthouse productions.

KOFIC also proposed a USD1.1 million plan to create a 3D (Download, DVD, Documentary) market by setting up an online distribution network, with a VoD service based on films that received production support funds from KOFIC.

USD693,000 will also be spent on anti-piracy campaigns including legal action against illegal webhards (online file storage and sharing) and services.

As part of the 3D market plan, funds receiving KOFIC money will be required to put 5-10% of their investments into documentaries.

Broadcasters and filmmakers will also be encouraged to work together by KOFIC who will provide USD104,000 for a loan programme that comes with the condition that broadcasting rights have been sold.