Paramount Movie Park Korea, an amusement park inspired by Hollywood glamour with a dash of hallyu (Korean wave), will open in 2011 in Incheon, South Korea.
It will be the world's first Paramount Pictures-branded theme park and resort complex and Korea's first ever movie-theme park. Daewoo Motors Sales Corp (DWMS) will fund and assume ownership of the joint venture company while Paramount will act as its licensor and manage creative development, organizers in Seoul said Tuesday. The two signed a licensing agreement last December.
"Some 40 MOUs between Korean firms and major foreign industries had been established for such a park, but none bore fruit", said Lee Dong-ho, president and CEO of DWMS. Problems included the massive investment involved, licensing fee agreements and locating a site large enough. "I'm proud to say this will be the first movie theme park in Korea", he said.
Entertainment facilities including a water park and some 30 attractions inspired by films such as "Mission Impossible", as well as two resort hotels will span over 120 acres. The grand opening of the $1.5 billion-project will be in three years time in Songdo, Incheon, located just outside of Seoul and in the proximity of Incheon International Airport.
However, the "glocal" (global yet local) park will also feature aspects of local culture including hallyu, and Korean computer games and technology.
"Why South Korea? The answer is easy. Korea is a fast growing and attractive market. It's business friendly and has a sophisticated culture", Michael Corcoran, president of Paramount Licensing Consumer Products and Recreation Group, told reporters. "We could not have had a better partner (than DWMS)".
In a subsequent interview with The Korea Times, Corcoran explained that Paramount had previously owned several regional parks but not a world-class movie-themed park. Paramount had been scouting several locations around the world for one and Incheon was perfect. "It's one of the best sites I've seen for a theme park. It has no heavy visual intrusion, Songdo city is being developed all around it and there is incredible access to the airport", said Corcoran, who previously worked for Universal Parks & Resorts.
The impact of the theme park will be paramount to Korea's culture and tourism. It is expected to attract about 5 million visitors each year, of which roughly 20 percent may be from overseas, namely China and South Asia. Yu In-chon, minister of Culture, Sports and Tourism, and An Sang-soo, mayor of Incheon, expressed strong enthusiasm for the project at the VIP ceremony Tuesday evening, particularly since it will be a tourist attraction for visitors during the 2014 Asian Games in Incheon.
For Corcoron, the Paramount Movie Park is about taking visitors into the wonder of Hollywood and the heart of Paramount Pictures Studio, which is in fact the only major film studio located within Hollywood.
Watching movies onscreen is a "passive" form of consumption, but "in the theme park environment you get to interact with the brand", he said. It's about combining physical experiences people enjoy with the Hollywood storytelling people love.
"From a business perspective, there's an awful amount of investment behind that Paramount mountain. It's important to leverage that investment to take those properties into areas that live and breathe and continue to be commercially successful even after the film has been released at the box office", he said.
Right now, the master plan has been drawn up and the next step is the schematic design or "putting flesh on the bones".
"Hollywood today, as the entertainment capital of the world, recognizes the value of global entertainment ventures, companies and talent", he said, referring to the incorporation of local cultural content. "There's a strong vibe in the Korean entertainment industry and the world is going to enjoy experiencing it", he said. "Glocalization" is in.
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