It will produce local pics and distribute foreign titles

Korea’s CJ Entertainment formally launched its specialty division, Filament Pictures, at a party on Sunday at the Pusan Film Festival.

Filament aims to produce low-budget Korean pics and distribute foreign titles acquired or co-produced by CJ Entertainment.

On Nov. 4, it will distribute Feng Xiaogang’s blockbuster drama “Aftershock,” which cumed a record $98.9 million in China and was nabbed by CJ Entertainment for Korea.

“In terms of foreign movies, we have handled Hollywood pics by DreamWorks and Paramount Pictures. But now we need to find more efficient ways when working for smaller foreign movies that we co-produce,” said Lee Sang-yoon, the senior manager of Filament Pictures.

When it comes to local films, producers and filmmakers have had a hard time financing their projects since the global economic meltdown.

There has also been concern and criticism that Korean films were losing their diversity. Filament Pictures is a way for CJ Entertainment to expand market diversity.

“We will encourage productions with interesting stories and characters in films with a $200,000 to $1 million budget. If there is a market for low-budget films, diverse tastes for films will grow and Korean film industry’s capacity could be strengthened,” added Lee.

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