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Korean fund to bail out film biz

Kofic to shore up industry with $55.5 million

SEOUL — The Korean Film Council (Kofic) is creating film funds worth $55.5 million to shore up the local industry, which has been struggling since last year.

Unveiling the measures on Monday, Kofic chairman Kang Han-sup said the org would allot $41.6 million to mid-range films, $3.4 million to independent films, and $3.4 million to international co-productions.  

This year, Kofic will invest $208,000 in each of 10 films to support debut directors, and $69,300 in each of 10 new projects.  

Kofic also wants to back the three Ds — downloads, DVDs and documentaries.

It plans to hand out $1.1 million to expand online distribution, $690,000 to strengthen online copyright protection and $1 million to improve DVD distribution and support the marketing of Korean films on DVD.  The org will also fund documentary films, to stimulate production.