In 1988 the Korean film industry was on the verge of failing. In accordance with trade liberalization, United International Pictures (UIP) announced the direct distribution of films in Korea. Due to the direct distribution, Hollywood films in Korea have increased twice as much as the previous year (around 175 films).
Some in the Korean film industry resisted the increasing screening of Hollywood movies by setting fires in the theaters. After about two years, UIP has broadened its distribution range from suburban to city areas, augmenting the market share of foreign films to 81.2%. In 1993, the rate of foreign film's market share went up to 85%.
The surprising turn over in the market share of the Korean film industry began in late 1990s. Starting from Kang Jae-kyu's film "Shiri
" in 1999, the market share of Korean films had increased from 39.7% to 50.1% by the year 2001. The breakthrough of 50% in Korean film market share was a striking phenomenon at that time. The people of the Korean film industry had hope only to reach 30% of the market share; however, the market share of the Korean movies is steadily marinating its rate as 50~60%.
Only in a few years, the position of ...More
MK Pictures announced on March 17 that it has sealed a contract with CCTV-6 in Beijing over the broadcasting rights of MK Pictures' films in the Chinese TV channel. A total of three films ? 'If The Sun Rises In The West', "Happy End"
, and 'YMCA Baseball Team' ? will be broadcast in China under this contract.
CCTV-6 is a leading film channel in China with 780 million viewers. "Although there is a great demand for Korean films in China thanks to the Korean Syndrome, there has been a great lack of Korean films being broadcast due to the absence of a network between the two countries. This contract is expected to further popularize Korean...More
By Nigel DSa
Editor / Staff Writer
In an unprecedented move, CJ-CGV, the nation's leading exhibitor will open a three-screen, 360-seat movie theater in the MaDang, a busy shopping complex in Los Angeles' Korea Town district.
The theater is scheduled to open in June 2007 and will feature first-run releases of new Korean films with English subtitles, as well as Hollywood and Asian movies with Korean subtitles.
This marks the first foray of its kind into the vast and lucrative US entertainment market. The venture will be seen as a test-base for future such operations. While American audiences are not yet familiar with Asian screen stars, CJ-CGV is banking on the ...More
CGV, the biggest multiplex cinema chain in Korea, plans a serious entry into the U.S. market, starting this October, according to its spokesman. The rapidly expanding chain intends to open three movie theatres with 650 seats at the thriving shopping mall Madang Mall in Los Angeles' Korea Town. The construction will begin this fall and the theater will officially open in next June. CGV's CEO Dong-ho Park has put great emphasis on such international cooperation.
Korean theater companies have been in...More
The Korean Film Council, in partnership with the Korean Embassy of South Africa, will for the first time operate a promotion center at the Sithengi Film & Television Market in Cape Town, South Africa.
Held fromNovember 15-18 at the same time as the Cape Town World Cinema Festival, the Sithengi market provides one of key meeting places for professionals in the film and television industries of Africa. The market is now in its tenth edition.
To date, there haveonly been a limited number of Korean films that have been sold and distributed in African countries. In order to more fully tap this growing market, sales companies from Korea such as MK Pictures, Mirovision, Showbox, an...More