The Korean Film Council (KOFIC) has launched a ₩10bn ($9.3m) fund for development and films that will qualify for ratings of all ages or 12+
The governmental organization through Korea Fund of Funds has created the new investment fund citing the need to grow the market for children’s and family films.
The Korea Venture Investment Corp. (KVIC), which operates the Fund of Funds, will use 70% of this specialized fund to invest in films that would get either the “all” (ages) or “12+” rating. Taking into consideration the production time necessary for animated theatrical films, the fund will be run for up to seven years.
According to KOFIC, Hollywood films took 82.6% of the box office for children’s and family films in 2013. Of the 236 films rated “all” or “12+” last year, 192 (or 81.4%) were foreign films.
Disney animation Frozen, which opened Jan 16 during the local winter vacation season, has recorded more than 10 million admissions, a fact that KOFIC credits to “not only children and family [viewers] but also to the middle-aged who have been consuming Disney animation from when they were young”.
The organization decided it is important for future market share to nurture audiences from a young age and get them used to going to see Korean films in theatres.