Cha Seung-jae (차승재)

Chungmuro film fest gets competitive

2008/05/07 | Source | Permalink |

The 2008 Chungmuro International Film Festival in Seoul will introduce a competition section this year in a bid to expand its coverage and attract more foreign movies for local moviegoers, organizers said yesterday.

"The Chungmuro festival will feature the international feature film category as a competition section so that local fans can enjoy watching more quality foreign films", festival planning chief Cha Seung-jae said at a press conference at the Daehan Cinema in Chungmuro, Seoul, yesterday. "All the foreign films in the section will be Korean premieres, and four awards, including the Grand Award, will be presented".

The second edition of the fledgling film festival will be held Sept. 3-11, during which time about 170 films from 40 countries will be screened.

But a string of pre-festival events will start from June in Chungmuro, the symbolic center for Korean filmmakers and actors, and Myeong-dong, with an emphasis on participation by Seoul citizens, Cha said.

The Jun...| More

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Cine 21 Names CJ's KIM Joo-seong Most Influential

2008/04/22 | Source | Permalink |

Local film weekly magazine, Cine 21, provided its annual list of the most powerful players in the Korean film industry, with CJ Entertainment president KIM Joo-seong at the top for the first time. With the industry taking a downturn last year, CJ Ent. has grown to become the key investor and distributor for many of the biggest projects expected out this year, including "Modern Boy" and "The Good, The Bad, The Weird".

In second place was CHA Seung-jae of SIDUS FNH, switching from the top spot last year and the year before. In third was Cinema Service founder and director KANG Woo-suk, ("Silmido", "Hanbando", and the upcoming Kang Chul-joon). Mediaplex CEO KIM woo-taek came in fourth while "The Host" helmer BONG Joon-ho was in fifth place.

The ranking are voted on by 85 leading film industry representatives. Other notables included MK Pictures producer SHIM Jae-myung at no.6, Lotte Entertainment CEO KIM Kwang-seop at 7, top Korean actor SONG Kang-ho at 8 and director PARK C...| More

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Korean Film Showcase to be Held in Japan

2007/11/29 | Source | Permalink |

The Korean Film Council (KOFIC) is to hold a showcase event in Tokyo, Japan from December 8 - 14, to introduce 9 Korean films to Japanese viewers.

The event is a result of KOFIC's continuous efforts to expand the market base for Korean films in Japan by presenting Korean films of both quality and commercial value. Furthermore, it is important to note that Korean films exported to Japan will receive support with their theatrical release.

During this week-long event at Cinequanon of Tokyo, Japanese viewers will be able to see 9 Korean films across a varied spectrum such as Beyond the Years, the monumental 100th feature from director IM Kwon-taek, and "200 Pounds Beauty" which was a big success in Korea, as well as "Our School", a record breaking independent documentary.

The films to be shown during the Korean Film Showcase in Japan are as follows;

"200 Pounds Beauty"

"Family Ties" ("The Birth of a Family")

"Paradise Murdered" ("Paradise 1986")

"Beyond the Years"...| More

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Filmmakers seek cost cuts to secure profits

2007/05/16 | Source | Permalink |

Korean filmmakers are initiating a campaign to slash production costs to improve profitability amid growing concerns over a slump plaguing a domestic film industry hurt by intensifying competition both at home and abroad.

Filmmakers, led by the Korea Film Producers' Association, are poised to launch a movement to lower the average film's production cost to 3 billion won ($3.24 million), down from the current 5 billion won, in an effort to ensure profitability.

The move comes in response to criticism that production costs for Korean films are way too high, making it difficult to turn a profit, which in turn undercuts the competitiveness of local films against foreign blockbusters.

According to government statistics, mainstream Korean films cost about 5 billion won to produce and need to sell 2 million tickets to reach the break-even point. But many Korean films now struggle to sell 1 million tickets, leading to losses that discourage further investment in the sector.

Given t...| More

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Movie Industry Coy About Massive Losses

2007/03/14 | Source | Permalink |

IM Pictures, a movie distributor and investment firm, has delayed the release of its 2006 movie business summary which was expected at the beginning of this year. IM Pictures has released an annual profit-and-loss report on Korea's film industry since 2001. It has cited a lack of data for the delay, but experts believe that IM Pictures doesn't want to scare off new investment by revealing last year's huge losses.

Industry insiders estimate the loss for 2006 at W100 billion(US$1=W945). That's nearly twice as much as the W63.3 billion in combined profits from 2003 to 2005. Last year, 90 Korean movies out of 110 failed to recoup production and marketing costs.

The problems facing the domestic film industry are serious. The average cost to produce a feature film is now W5.1 billion, according to a report by the Korean Film Council. And while the number of movie-goers remained about the same, the number of film releases jumped 30 percent over last year's figure. The snowballing costs ...| More

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