It will support location shoots and coproductions, invest in contents funds and provide support for labour costs on low-budget films.
The Korean Film Council (KOFIC) has announced their 2011 plan to support and promote the local film industry. This includes plans to support location shoots and coproductions, invest in contents funds and provide support for labour costs on low-budget films.
The government-funded organization will be using $2.75m (KW3bn) to support around three foreign productions a year to shoot in Korea. Feature fiction films and TV drama series that have more than 80% of their budgets made up of foreign capital are eligible.
Other requirements include that the production spend more than $2.75m while shooting for at least 10 days in Korea. The productions cannot have content that damages Korea’s national image. Selected productions will get up to 25% cash back on production costs. KOFIC will also operate the online business centre KOBIZ and hold producers’ workshops to further location shoots and coproductions.
The organization also plans to invest $5.51m (KW6bn) into audio-visual content funds that invest in Korean films that have production budgets of $2.75m or less. KOFIC will also act as guarantor for films that are or have the potential to launch overseas so that such productions can borrow up to 50% of their budgets.
Addressing the on-going problem of staff and crew treatment in the Korean film industry, KOFIC is planning to support below-the-line crew on low-budget films. Productions with budgets of $367,400 (KW400m) to $1.83m (KW2bn) are eligible to apply for up to $62,000 (KW67.5m) for labour costs.
Other initiatives in the plan include developing 3D technology, retraining film crews, support for independent film theatres and efforts to support “alienated classes” in society access cinema, as well as promoting fair competition and anti-piracy.