'Support for Korean Film Overseas Expansion'... Ministry of Culture, Sports and Tourism Holds 5th Content Export Strategy Meeting

The government has begun exploring support measures for the sustainable development and expansion of overseas advancement of Korean films, which stand at the center of K-content sweeping the world.

'The 5th Content Export Strategy Meeting' Held
[Photo by Ministry of Culture, Sports and Tourism]

On the 14th, the Ministry of Culture, Sports and Tourism announced that it held the 5th Content Export Policy Meeting to discuss the current status of the Korean film industry's overseas expansion and support measures.

The meeting was chaired by Jeon Byeong-geuk, the 1st Vice Minister of the Ministry of Culture, Sports and Tourism, and attended by representatives from the Korean Film Council, investment and distribution company CJ ENM, cinema operator CJ CGV, investment and distribution company Content Panda, technology service company Dexter Studio, production service company Ninetailedfox, and the Korean Film Directors' Guild.

Recently, the participation and awards of Korean films at overseas film festivals have expanded interest in K-content, acting as a favorable factor for exports. Last year, the export value of completed Korean films reached $71.44 million (approximately 92.3 billion KRW), setting a new record high in the past decade.

However, due to COVID-19 and the rapid growth of online video platforms (OTT), the film industry is currently significantly contracted.

At the meeting, focused discussions were held on support measures for the sustainable development of the Korean film industry and the expansion of overseas advancement, with an emphasis on export expansion.

First, opinions were raised on the need to revitalize the domestic industry by expanding support for attracting foreign film productions to shoot domestically, promoting investment attraction from overseas capital in Korea, and supporting investment attraction for overseas joint projects.

Additionally, proposals were made on the necessity to eradicate illegal distribution of video content through platforms such as NunuTV, which has recently been problematic. Field opinions were also conveyed regarding ▲incentive support for technology service exports including VFX (visual effects), 4DX, and ScreenX ▲measures to attract excellent overseas talent ▲support for overseas screening theaters ▲and the need to amend copyright law.

A Ministry of Culture, Sports and Tourism official stated, "We will establish a foundation so that the Korean film industry can continuously create attractive content and prepare timely support policies to respond quickly and effectively to the rapidly changing industrial environment, actively supporting overseas advancement."

This content was produced with the assistance of AI translation services.