The Ministry of Culture, Sports and Tourism announced that it will hold the third meeting of the Film and Video Subcommittee of its Culture and Arts Policy Advisory Committee on Thursday afternoon at the National Museum of Modern and Contemporary Art in Seoul's Jongno district, to discuss key issues and future policy directions for revitalizing the country's struggling film and video industries. The meeting will be chaired by Minister Choi Hwi-young.
According to the ministry, the third meeting will review the status of measures and future plans on major agenda items raised at the second subcommittee meeting, including support for overseas expansion and intellectual property (IP) acquisition in the film and video sectors, financial support for the film industry, and measures to boost film viewership.
The ministry plans to launch a film international co-production support program in response to growing demand for international co-productions abroad, and to pursue a broadcasting and video international co-production program that supports collaboration with local overseas platforms. It will also expand policy financing by increasing its production cost support budget while raising the ceiling on production cost loans.
To effectively channel funds across the film industry, the ministry will ease investment restrictions on policy funds and strengthen incentives for capital inflows. It will form a 259 billion won ($190 million) "K-Content and Media Strategic Fund" that will focus investments on the film and video sectors to provide large-scale investment capital. To ease the loss burden on private investors, it will also expand incentives by raising the priority loss coverage ratio of the Mother Fund from 15% to 20%, thereby encouraging private capital inflows. In May, the ministry will distribute film viewing discount coupons, and it will also discuss ways to diversify audiences and expand future viewership among young people and other demographics.
The meeting will also share various policies and projects the government is preparing ahead of the 2027 budget formulation. In particular, the ministry plans to lay the groundwork for long-term success in the film and video industries and to incorporate full-cycle support measures for the emerging "new media video content industry," including YouTube and short-form content.
The Culture and Arts Policy Advisory Committee, launched in November last year under the direct authority of the culture minister, consists of nine subcommittees covering film and video, popular music, publishing and other sectors. The Film and Video Subcommittee includes nine expert members: Kwak Sin-ae (CEO of Barunson E&A), Kim Jae-min (CEO of NEW), Kim Hee-yeol (Vice Chairman of the Korea Drama Production Association), Baek Jae-ho (Chairman of the Association of Korean Independent Film & Video), Baek Heon-seok (CEO of EL TV), Oh Dong-jin (film critic), Lee Dong-ha (President of the Producers Guild of Korea), Lee Won-jong (film and drama actor), and Jeong Jong-min (CEO of CJ CGV).
"Based on the diverse opinions coming out of this Culture and Arts Policy Advisory Committee, we will develop policies that provide practical help on the ground," Minister Choi said, according to the ministry.
