Busan to go Ahead With Studio Building

The Busan city government is to go ahead with a project to build new film studios that will open in 2020.

The facilities are smaller than previously planned, but will still be the biggest in South Korea. And they are to be built despite problems with the sale of the Korean Film Council (KOFIC) studios near Seoul.

The new complex at the 250,000 m2 Ceramic Village site in Gijang will have two indoor stages (one of 5,610 m2 and the other of 1,650 m2,) and an open set, along with digital production support and post-production facilities.

Backers include the Busan Metropolitan City, the Ministry of Culture, Sports and Tourism, KOFIC and the Gijanggun ward office.

At one stage the studios were to have cost $172 million, with the city contributing $100 million and KOFIC adding in the proceeds of the sale of its Namgyangju Studios. But as Namgyangju remains unsold the Busan plans have been scaled back. Still they involve KOFIC borrowing $57.6 million (KRW 66 billion) with Namyangju as security for the loan.

Local industry professionals have expressed concern that KOFIC may not be able to sell Namyangju and that it will raid the film development fund (raised from a 3% levy on cinema tickets), in order to repay its debts.

“A world-class film studio that sets a new milestone in the film industry will help Busan enhance its position as a global film city,” said a city spokesperson.

Busan has also been home to the leading film festival in Asia for the past 20 years, but bitter internal fighting between city authorities and festival organizers has recently put the event in some doubt.

More Film

  • Joker movie

    With 'Ad Astra,' 'Joker' Likely, Venice Set for Strong Showing by U.S., Bolstered by Streamers

    Brad Pitt space odyssey “Ad Astra,” Noah Baumbach’s untitled new project, “Joker” with Joaquin Phoenix, Tom Harper’s “The Aeronauts,” Fernando Meirelles’ “The Pope,” the new “Rambo” installment, and heist thriller “The Burnt Orange Heresy,” starring Mick Jagger as a reclusive art dealer, all look bound for the Venice Film Festival, sources tell Variety. The fest [...]

  • CGV's Massive Imax Screen Order Shows

    CGV's Massive Imax Screen Order Shows Optimism for Chinese Exhibition

    Korean cinema giant CGV has signed a deal with Imax to install a further 40 giant screens in movie theaters in China. The deal suggests that China’s multiplex building boom still has some way to run, and that at least one Korean company is still willing to invest in China, despite China’s currently boycott of [...]

  • BAFTA headquarters at 195 Piccadilly, London

    BAFTA Undertakes Major Renovation of Its London Headquarters

    BAFTA has undertaken a major renovation of its London headquarters that will double the building’s capacity and increase space devoted to the British academy’s programs to promote skills training and new talent. Work has already begun on the $31 million overhaul, which is expected to take two years. In the interim, BAFTA will relocate its [...]

  • Andhadhun

    Booming Digital Lifts Eros Indian Film Distribution Giant

    Eros International, India’s largest and most controversial film distributor, says that its digital revenues now outstrip conventional theatrical and syndication revenues. Its Eros Now streaming platform claims 18.8 million paying subscribers. The New York-listed company reported annual results that were distorted by multiple adjustments to presentation. Reported revenues in the year to end of March [...]

  • The Eight Hundred (The 800)

    Second Huayi Brothers Film Is Canceled as Company's Losses Mount

    Still reeling from the cancellation of the theatrical release of its blockbuster “The Eight Hundred,” production studio Huayi Brothers has been hit with another setback: Its comedy “The Last Wish” has also been quietly pulled from China’s summer lineup. Both films have fallen afoul of China’s increasingly heavy-handed censors. The unwelcome development comes as Huayi [...]

More From Our Brands

Access exclusive content