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The Korean Film Council (Chairman: KIM Eui-suk, KOFIC) has announced their business plan for the year 2014. The organization continues to strive to provide the best support in areas that saw success in previous years, but also came up with a new items to further improve the environment for Korean films. Please note that all grant amounts are converted approximately into USD.

KOFIC takes pride in supporting the production of indie films. KOFIC believes that with financial support, more unique and experimental films can be produced, diversifying the pool of films in the industry. Funds amounting to USD 1.1 million are available for filmmakers making shorts, features and documentaries.

In terms of support for films that have already screened at theaters, there is a grant which domestic filmmakers can apply to in order to get started for their next film., However, it will depend on the box office success of their previous feature. KOFIC will choose approximately 60 titles that will each be provided with USD 70,000 or less.

The Korean Scenario Database (scenariomarket.or.kr) is a hub that collects and provides scripts online. Scriptwriters are encouraged to upload their works on the market for sale and to open up possibilities for international co-productions. Every month, as many as four outstanding scripts will be chosen and will have a chance to apply for three months of mentoring sessions to improve their writing. Once the scripts have taken shape, the chosen entries will have a pitching session where ten films will be selected from this group to acquire the funding to realize their scripts into reality. The prizes range from USD 5,000 to 50,000.

For production companies, there is also a support program for the planning and development of Korean films. About USD 900,000 will be distributed among 50 scripts, which will also be selected from the scenario market’s entries.

In order to allow investment funds to continuously flow in the local film industry, KOFIC puts aside USD 10 million in a venture capital fund, for which their stake does not exceed 50%. The investment group will decide with its shareholders on which films to support and the amount for each investment.

Most indie and art films have difficulty securing theatrical releases. In order to change this, KOFIC operates and funds arthouse theaters. The theatrers that will be supported by KOFIC include Artplus Cinema Network, Indieplus, Cine Arirang, KOFA, Indiespace, and the Cinematheque Seoul Art Cinema. Provided benefits range from covering fees for theater maintenance, help in producing marketing materials, programming films, and funds going towards translations and subtitling for easier distribution.

There is also a grant that is set aside for assisting the distribution of art, indie, and documentary films. 15 films per year will be allowed USD 30,000 each, which will go towards making prints, digital packaging, shipping and receiving, marketing and P&A.

KOFIC’s Korean Open Movie Exchange/Eco-System (KOME) provides a safe marketplace where film contents providers and service providers can come together to register films and make legal downloading services easy. By creating the ‘good downloader’ campaign, KOFIC markets and promotes the use of KOME and a safe downloading system to protect indie films and provide a safe place for digital contents.

Moving over to the international promotion department, international film festival participation and international marketing is the main area of focus. KOFIC searches for a new markets unfamiliar with Korean cinema and holds events such as retrospectives or cinematheque screenings to expose Korean films and filmmakers. KOFIC assists with the flight and/or accommodation fees for filmmakers and/or cast attending major film festivals or film markets. Alternatively, invited films can apply to get help with subtitling or making DCPs. Features can get up to USD 3,000 and shorts up to USD 600 for technical support. Sales companies attending these major festivals and markets can also get assistance from KOFIC by applying for help with producing screeners, setting up booths, printing and prepping marketing materials, and more. KOFIC also organizes networking events like ‘Korean Film Nights’ to provide a space for networking and offers legal consulting for signing with international companies. The amount of each grant and application requirements vary.

International Korean film festivals or events that are planning to screen Korean films can apply to ask KOFIC for support to put on their events.

The most extensive way that KOFIC reaches out to international film industries is through the Korean Film Biz Zone (KoBiz), a website that comprises the latest news in Korean cinema, a large database of filmmakers, actors and companies, and an online screening service where film festivals or buyers can preview films. News is updated on a daily basis and a monthly digital magazine is also available. Other valuable information such as co-production information, shooting locations, box office reports, and statistics can all be found there.

 

KOFIC encourages co-productions between the Korean film industry and foreign industries, especially with China, USA, Japan and France. With offices set-up in China and USA and local representatives in Japan and France, KOFIC looks forward to broadening and developing more co-productions in the upcoming years through various programs and events.

 

In terms of support for planning and developing co-productions, there are year-round programs to help connect Korean filmmakers with USA and Japan industries and create opportunities for one on one meetings, provide consulting, translating, and business matching. As for China, KOFIC’s Korean Film Business Center in Beijing stands its ground to provide even more intensive support locally. The business center is where producers and filmmakers can apply for long term (three months) or short term (one month) stays in China, which KOFIC provides hospitality, mentoring, doctoring, networking, consulting, and teaches participants about the Chinese film industry.

 

If international funding is over 20% of the total production cost for a co-production project with foreign producers, the film length exceeds 70 minutes, and the budget is more than USD 1 million, it is then eligible to apply for a 25% rebate on production costs, with a maximum cap of USD 300,000.

There is also a location incentive, even when it is not a co-production. KOFIC offers a cash grant worth up to 30% on production expenses for foreign audiovisual works incurred for goods and services in Korea, with a cap of USD 1.5 million. Feature films and television series produced by foreign production companies in which foreign investment exceeds 80% will be eligible for this grant. The shoot must take place for at least three days in Korea and spend a minimum of USD 100,000 in the country. More information can be found on www.koreanfilm.or.kr.

 

Networking is an important element in successfully initiate a co-production. The office in LA and Beijing and the representatives in Japan and France are a crucial part of the fluid networking and communication process. LA office also oversees the pre-agency program, which selects Korean filmmakers and actors that might be suitable to work in Hollywood. Their portfolios are sent to American talent agencies and business meetings are scheduled in order to promote the entry of Korean filmmakers into Hollywood. The Beijing office holds yearly Korean Filmmaker Showcase events, and Ko-production Forums are held in China, USA and Japan. Another major networking event is the KOFIC Industry Forum held during Busan International Film Festival. The program invites key foreign financiers, producers and production companies and provides them with travel and accommodation fees. Upon their visit, the invitees are requested to participate in panels and seminars and to attend meetings with Korean filmmakers, including the selected filmmakers that are working on projects at the Korean Film Business Center in Beijing. Boosting networking opportunities through such events will bring together major players in the industry for in-depth discussions, seminars, case studies and ultimately promote and provide a place to initiate new collaborations.

 

KAFA is a film school which centers its teachings on production. Through hands-on training and research programs, students will produce three feature films and one animated feature every year. The three majors available include Film Directing, Cinematography, and Animation Directing. Supporting individuality and creativity, KAFA insists on small groups to allow freedom of discussion and in-depth training.

New for this year, the Asia Film School is the next big project for KAFA. Aiming to start operation in 2015, the Asia Film School’s main goal is to offer a place for Asian filmmakers to learn filmmaking in Korea. It will work alongside the Asian Film Academy (BIFF), and FLY project (Busan Film Commission) to offer a nurturing program.