A public-private committee has been launched in South Korea to establish a six-month theatrical window in the country, with the aim of reaching an agreement by August.
South Korea’s Ministry of Culture, Sports and Tourism has joined forces with the Korean Film Council (KOFIC) to set out the rules of a “holdback” system, which would impose a mandatory period between the release of a film in theatres and its availability on streaming platforms.
The committee met for the first time in Seoul today (May 29) and comprised 22 representatives from across the local film industry. These included executives from film studios, distributors, cinema chains and streaming platforms alongside culture minister Chae Hwi-young.
“We will work to reach a holdback agreement that could minimise potential side effects by reflecting market realities while maximising industry revenues,” said Chae said.
It coincides with a bill that is moving through the National Assembly to solidify a six-month holdback, which has been in discussion since early 2024.
The legislation is hoped to reinvigorate the local film industry, which has faced sharp declines in cinema attendance and the closure of theatres. Admissions have dropped 53% since 2019, from about 226 million to 106 million, while box office revenue has dropped from $1.3bn to $694m.
With investment declining, Korean distributors have gone from releasing around 40 locally produced films a year to a predicted 22 commercial features in 2026.
Despite exhibitors pushing for a theatrical window, the proposed legislation has faced criticism from some distributors, film studios and investors who suggest delays in secondary releases could adversely impact revenues and worsen the situation.
The committee will also discuss broader measures to stabilise the revenue structure of the industry and encourage greater cooperation between theatres and streaming platforms.
Recent moves by the government to help revitalise South Korea’s film industry has seen a $47.5m (KRW65.5bn) emergency supplementary budget for the film sector while 4.5 million vouchers were released this month offering discounts on cinema tickets.
Lotte Cinema and Megabox, the second and third-largest cinema chains in the country, are also set to merge.
Since the pandemic, the local box office has seen several titles pass the 10 million admissions landmark, which serves as the Korean film industry’s definitive marker of a smash hit.
This year, period drama The King’s Warden became the highest-grossing local feature of all time with takings of $108.2m from 16.8 million admissions. Horror Salmokji: Whispering Water has also performed well, taking $22m from 3.2 million admissions, while Yeon Sang-ho’s zombie thriller Colony, which premiered at Cannes, has taken $18m from 2.5 million admissions after just a week of release. Anticipated upcoming titles include Na Hong-jin’s Hope, which bowed in Competition at Cannes.
The wider challenge, which the proposed holdback hopes to address, is to shore up the numerous films that sit outside the top 10 and only accumulate a few hundred thousand admissions – or worse, fewer than six figures.
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