S. Korea to create US$55.6 mil film fund

SEOUL, Oct. 27 (Yonhap) -- South Korea is to establish a US$55.6 million (80 billion won) film fund aimed at reviving its stagnant film industry, officials said Monday.

The Korean Film Council (KOFIC), a government-supported, self-administered body,
announced the creation of the fund as part of short-term measures to revitalize
the industry some fear has passed its golden years.
South Korean cinema gained international fame following the release of director
Park Chan-wook's "Old Boy," which won the Grand Prix award at the 2004 Cannes
Film Festival.
Yet the country's film exports have fallen over 50 percent in the past two years
to $12.28 million after reaching a peak in 2005 of $75.99 million.
"We concluded that we would need public support measures in order to stop the
downward trend of the film industry from being protracted," said KOFIC in a
statement.
"We expect that the newly created fund would ensure production of an appropriate
number of Korean films and sustain the market share of those films."
The KOFIC said it will also input $1.04 million to support DVD contents marketing
and improve the distribution environment for the DVDs.
ygkim@yna.co.kr
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