- Title: SOUTH KOREA: SOUTH KOREAN FILM INDUSTRY IS BOOMING
- Date: 11th February 2001
- Summary: (SEOUL) (RECENT) (REUTERS - ACCESS ALL) SCU (SOUNDBITE) (Korean) SHIM JAE-MYUNG, PRESIDENT OF MYUNG FILM, PRODUECER OF "JSA", SAYING: "We invested seven billion won last year for three films of different genres (including 'JSA'). And we believe last year's (investment) was a significant success,"said Shim Jae-myung, president of Myung Film, producer of "JSA."
- Embargoed: 26th February 2001 12:00
- Keywords:
- Location: VARIOUS LOCATIONS IN SOUTH KOREA AND CHINA
- Country: South Korea
- Topics: Entertainment
- Reuters ID: LVA2JCVXQZIFDNG19VPPFIWI3JBW
- Story Text: South Korean film budgets are burgeoning after a series of homegrown successes has fattened exports and handed local filmmakers an enviable slice of their own market.
Reuters reports on the reasons behind the recent upsurge.
Last year, 5.5 million South Koreans, or about one in eight people, saw "JSA" (Joint Security Area), narrowly surpassing "Swiri", which had set box office records the year before. Both films deal with the Cold War dynamic between North and South Korea, who have embarked on a path of reconciliation since last June's inter-Korean summit in Pyongyang.
"JSA" was exported to Japan for a $2 million minimum guarantee, a record for a Korean film, and has been invited to screen at this year's Berlin Film Festival.
That helped exports more than double last year to $7 million from $3.04 million in 1999, Korea Film Commission (KOFIC) data showed.
Film industry sources are confident at least 100 billion won ($79.36 million) will be invested in the industry this year.
"The Korean film industry already has 50 percent more investment officially, compared with last year," said film critic Yi.
Directed by 39-year-old director Park Chan-wook, "JSA"
portrays friendship between opposing troops along the world's last Cold War frontier in the truce village of Panmunjom on the border with North Korea.
"Swiri" also explores North-South relations, but this spy thriller is a love story.
The two films each cost 3.5 billion to four billion won, or four times what mosts films are shot for, but their success has producers bulking up budgets for new films.
"Pichonmu", named after a martial arts skill, is a romance filmed on location in China and cost four billion won and "The Legend of Gingko," an ancient love story, cost 4.5 billion won.
"We invested seven billion won last year for three films of different genres," said Shim Jae-myung, president of Myung Film, which produced "JSA". "We believe last year's (investment) was a significant success."
The company plans to double its investment to about 14 billion won to make five films this year, Shim said.
"Swiri" was exported to about 20 countries in deals worth $2.3 million. It has drawn over one million Japanese cinemagoers and also has done well at the box office in Hong Kong.
"The success of "Swiri" has led investors to pour money into the film industry," said its 38-year-old director Kang Je-gyu, who also produced "The Legend of Gingko."
Unprecedented revenues are pushing up not only spending on films, but their share of the domestic market, which has risen to 35 percent from 15 percent over the last four or five years.
Analysts say the downside is that only a handful of films are spurring the sudden surge in funding and the venture capital behind much of it could dry up just as quickly if the more expensive films flop.
"A blockbuster would lose money unless it could attract 300,000 cinema goers in two weeks," said film critic Yi.
That means hitting 130 of the nation's 700 screens, he said.
Yi said another risk is that the industry could give way to less creative films if the focus on profits becomes too prominent.
Making better quality movies has paid off at international film festivals, where local product is also breaking new ground.
"Chunhyang", a love story featuring Korea's traditional "pansori" singing, was directed by Im Kwon-taek and last year became the first Korean film invited to compete at the Cannes Film Festival. It was also invited to vie for a place in the foreign film category at this year's Academy Awards.
Some 119 South Korean films participated in 128 film festivals last year, and won more than 20 awards, KOFIC said.
"Once the film (Chunhyang) was invited to compete at the Cannes Film Festival, many distributors in the world came to us for contracts," said Lee Tae-won, president of Taehung Pictures, which produced "Chunhyang".
"Chunhyang" has been distributed to over 20 foreign countries.
South Korea's next big film is "The Warriors", which is set for release in late May and is expected to cost an unprecedented 6.5 billion won.
The story of nine Korean warriors exiled to 13th century China was shot on location and stars South Korea's Ahn Sung-ki and Chinese actress Ziyi Zhang.
A score by Japanese composer Sagisu Shiro, who did the animated film "Evangelion", is expected to add to its Asian target market.
Production company Sidus expects $5 million in overseas sales, Sidus vice-president Tcha Sung-jai said.
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