Announcement made at the Berlin International Film Festival regarding a new initiative to support overseas theatrical releases.
The Korean Film Council (KOFIC) publicly announced its new initiative to support overseas releases of Korean films on February 7th local time in Berlin, as the 58th Berlin International Film Festival raised its curtain.
The KOFIC P&A Fund for Korean Films Abroad is a program where KOFIC supports expenses required for theatrical distribution, designed to expand opportunities for foreign audiences to enjoy Korean films in theaters. The program will be launched this year with a budget of 400 million Won ($420,000 USD).
Companies owning rights to a film's theatrical distribution in certain foreign countries are qualified to apply for the program. Films eligible for support include feature-length dramas, documentaries or animations that were made in Korea, or co-produced with Korea as the main producing country. The support amount covers up to 50% of the theatrical release expenses in accordance with the number of opening theaters and the scale of the marketing, with the maximum amount per film capped at 100 million Won ($105,000 USD).
At the moment, the importance of foreign markets is increasing as Korea's domestic market is taking a downward turn. Thus such a funding initiative is expected to greatly vitalize the Korean movie scene which is trying to advance into foreign markets. Also, by supporting local distribution companies abroad that are burdened with costs related with theatrical release, it is hoped that the number of companies that specialize in Korean film distribution will increase.
KOFIC has already provided support programs for Korean films released in the UK as part of a co-distribution support agreement concluded with the UK Film Council last year. Among 5 UK films selected in December 2007 to receive support, Angel directed by Francois Ozon was funded by the program and released last February in theaters for Korean movie-goers. At the same time, export insurance for Korean films was launched in December of last year, as a result of a memorandum signed with Korea Export Insurance Corporation (KEIC). Through such various programs, KOFIC is continuously supporting the expansion of Korean films in overseas markets.
As the KOFIC P&A Fund for Korean Films Abroad launches in March, KOFIC will provide its utmost efforts to raise the exposure of Korean films with overseas audiences in a wider number of foreign countries.
For further inquiry about P&A Fund, please contact Mr. KIM Hyoun-soo (+49 (0)15 228 018 406, myear@kofic.or.kr).
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