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Investment Fund Financing |
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Korean films have for the most part relied on equity investment for their investment funds. While the equity investment method revolves around the paying out of profits earned from the interest accrued on the amount invested, it does not come with any guarantees that the principal will be repaid. Three types of equity investment can be identified in the case of Korean films: main investment, sub-investment, and self-financing by the producer(s).
The Korean film industry has seen investment funds operated by venture capitalists emerge to play the role of sub-investor in the Korean film industry. These funds now account for almost 30% of overall production costs as of 2007. The companies investing in the industry must meet the requirement stated by the Korean government and, in order to do so, venture capitalists secure a certain ratio of financing from government-led agency such as KOFIC.
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Nationwide Computerized Box Office Data System (www.kobis.or.kr) |
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Until 2004, Korea was without a reliable nationwide box office system with which accurate data on admissions could be gathered. Figures were based on Seoul admissions according to hand counting and generally were inaccurate. Acutely aware of the need for trustworthy nationwide box office figures in order to realize the goal of the rationalization of the film industry, KOFIC finally managed to gather together over 95% of screens in the country in its Nationwide Computerized Box Office Data System, also known as KOBIS, which provides real-time accounting of tickets sold throughout the country. KOBIS provides the securing of transparent and accurate data for the Korean film industry that will in the end help to reform film distribution system in Korean film market. |
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Mortgage Loans for Screening Facilities |
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KOFIC provides low-interest mortgage loans for screening facilities in order to ameliorate the film-viewing environment for audiences, with an emphasis on upgrading screening facilities, expanding art cinema theaters, and making theaters more accessible for the physically challenged.
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North-South Korean Film Exchange Pre-production Development Funding Support Program |
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Towards the aim of invigorating North-South Korean film exchange, KOFIC offers support to South Korean production companies that are developing film projects in collaboration with the North and/or about the North. This year¡¯s program will look at projects that deal with finding commonalty between North and South Koreans, the harmonization of North and South, and themes of common interest for both North and South Korea
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Script Market Support Program |
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Breaking away from conventional, limited off-line scriptwriting contests, KOFIC is working so that a wider spectrum of additional scripts and film ideas can be introduced and distributed online, thus creating a better environment for writers to grow and develop true partnerships in film production.
Original scripts from all registered members of Korean Film Script Market (www.scenariomarket.or.kr) are eligible to apply.
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Dramatic Feature Film Development Support Program |
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KOFIC provides support funds for the development of feature-length dramatic films with an aim to invigorate feature film production of a greater variety of genres and subject matter, and to strengthen Korean films¡¯ competitiveness locally and overseas, as well as invigorate collaborative projects between the industry and academia.
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International Co-production Film Support Program |
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In order to create diverse film production-funding method from the revitalizing of international co-production KOFIC created this program in helping Korean films for overseas entry to the global film market.
Feature-length live-action films, in pre-production/planning stage, meant for theatrical exhibition, with a production budget of below 3,000,000,000KW (approx. US$ 3.26 million) with investments from at least 2 countries including Korea are eligible. These films must be compatible with Korea¡¯s Film Promotion Law and KOFIC¡¯s regulations. The Korean producer must be registered according to the Film Promotion Law, and have a co-production contract with at least 1 overseas production company. (Except for when the same person owns both the local production company and overseas production company.)
Two films can be selected once a year. Each film can receive up to 50% of its budget, in cash, within the limit of 200,000,000KW (approx. US$ 217.287). (Budgets cannot include office rent/operation costs, script copyright/development fees, print production costs, publicity/marketing costs, etc.)
O Recent recipients of this support program include:
2007 by BAE Hyung-jun: a Korea-Japan co-production.
2007 by JEON Soo-il: a Korea-French co-production.
2006 by KIM Young-nam: a Korea-Japan co-production.
2005 by HONG Sangsoo: a Korea-French co-production.
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Independent Film Production Support Program |
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By providing funds for independent films, KOFIC aims to contribute to establishing a stable production base and invigorating production.
Feature and short independent dramatic and experimental films along with documentaries and dramatic films for theatrical releases that are produced on film and/or video, are eligible for this program except for animations. Anyone producing an independent film can apply, but not if they are registered professional producers.
Pre-production support is available for films that have not commenced shooting and are in the planning stage. Beginning in 2007, Post-production support is available as a separate category providing services rather than cash sum. All Korean nationals, both in Korea and overseas, are eligible to apply.
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HD Film Production Support Program |
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KOFIC endeavors to invigorate production and diversify exhibition platforms for Korean films, reflecting the trend of convergence between cinema and broadcasting. By supporting HD film productions in conjunction with Korean Broadcasting System (KBS) and Jeonju Film Commission that bridges digital cinema and HD broadcast, KOFIC seeks to promote link between film and broadcast, while getting prepared for the future of digital contents era by promoting energetic nature of Korean films and providing the stable production condition for diverse-natured films.
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Art Film Production Support Program |
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By offering art film production support program, KOFIC seeks diversity of Korean film through development & incubation of domestic film professionals and enhancement of their creative will to develop a stable production condition in revitalizing low-budget art films.
KOFIC aims to create more diversity in Korean cinema by discovering and cultivating local filmmakers and advocating their creative drive, and also aims to foster stable production conditions for vigorous production of low-budget art films.
Eligibility goes to feature-length live-action films of below 2 billion KW (approx. US$ 2.17 million) in budget, and feature-length animation films of below 3 billion KW (approx. US$ 3.26 million) in budget, made for theatrical exhibition and with inclination on art and quality. The films must be in pre-production/planning stage with a local producer. (Films in production are not eligible.) Also eligible are films by a noteworthy Korean filmmaker and a co-production film that already has at least one foreign production partner.
- Recent recipients of this support fund include:
2007 <Beastie Boys&rt;, YOON Jong-bin
2007 <Boat&rt;, KIM Young-nam
2007 <Family Invention&rt;, KWON Chil-in
2006 <Never Forever&rt;, Gina KIM
2006 <Hyazgar&rt; ("Desert Dream"), ZHANG Lu
2006 <Goenchanha... ajik-eun goenchanha&rt;, CHO Chang-ho
2006 <Bari&rt;, SEONG Baek-yeop (animation)
2006 <Pruning the Grape Vine&rt;, MIN Byeong-hun
2006 <Family Ties&rt;, KIM Tae-yong
2006 <Modern Boy&rt;, JEONG Ki-yong (animation)
2006 <Bewitching Attraction&rt;, II Ha
2006 <Driving with My Wife's Lover&rt;, KIM Tae-sik
2005 <This Charming Girl&rt;, LEE Yoon-ki
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Art Cinema Theater (Art Plus Cinema Network) Selection Support Program |
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KOFIC works for the long-term advancement of Korean films by providing subsidies to theaters that broaden the opportunities for art films to be exhibited and create an environment where audiences can see more diverse films. KOFIC is creating an alternative distribution system with the art cinema theater network of theaters that focus on screening art films and independent films.
Visit www.arpluscn.or.kr for more information.
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DVD Production/Distribution Support for Independent Films |
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By producing and distributing DVDs for diverse-themed films (including independent and low-budget art films) that have difficulty getting theatrical distribution and exhibition, KOFIC works to improve the distribution environment for these films and to introduce them to the public.
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Exhibition/Distribution Support Program for Films at Artplus Cinema Network |
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KOFIC provides marketing cost (P&A) for the exhibition and the distribution of films produced in various formats and deemed to contribute on the enhancement of diversity in film culture. Eligible are the films of 60 minutes or longer (including omnibus films) and shot on film or digital format to be shown theatrically. Any one of producer, distributor or director of the film can apply for this support.
This support program previously ran under the title of ¡®Marketing Support for Diversity¡¯ but beginning in 2007, the program was renamed to show the strengthening of KOFIC¡¯s relationship with Artplus Cinema Network.
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Support for Film-Related Organizations |
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KOFIC provides support for film-related organizations in order to seek the advancement of media culture and the autonomy of civic organizations.
Seoul Independent Film Festival: SIFF is a full-scale festival of independent film works that presents active viewing opportunities for independently produced short films to the general audiences.
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