Will the Korean film industry's declining number of million-viewer films see improvements in its distribution structure? First meeting of the public-private consultation body held today (29th)

*This content was translated by AI.

The "Public-Private Consultation Body for Improving the Korean Film Distribution Structure" will hold its first meeting after its launch and begin focused discussions on measures to improve the screening environment. With the number of "million-viewer films" declining since the COVID-19 pandemic and consumer behavior toward films changing, attention is on whether the film industry's structure and distribution system can be improved.

On the 29th at 2 p.m., the Ministry of Culture, Sports and Tourism (Minister Choi Hwi-young, hereinafter Ministry of Culture, Sports and Tourism) will hold the first meeting of the "Public-Private Consultation Body for Improving the Korean Film Distribution Structure" (hereinafter Public-Private Consultation Body) at the Korea Film Council's Planning Development Support Center 'Cine One' in Jung-gu, Seoul, hosted by the Korea Film Council (Chairman Han Sang-jun, hereinafter Korea Film Council).

The Public-Private Consultation Body was launched under government leadership to normalize the revenue structure of Korean films amid rapidly changing industrial conditions and to create a symbiotic ecosystem between distribution platforms such as theaters and online video services (OTT).

In this first meeting, a total of 22 key decision-makers with substantial influence over the entire film distribution process, including Choi Hwi-yeong (Minister), film production, distribution, screening, TVOD (transactional video on demand), and SVOD (subscription video on demand), will participate.

The Ministry of Culture, Sports and Tourism plans to build a sustainable ecosystem through voluntary agreements within the film industry, rather than a regulation-focused approach, through this Public-Private Consultation Body. The Public-Private Consultation Body will sequentially negotiate △voluntary agreements on appropriate holdback periods (the grace period from theatrical release to additional market screenings) to maximize film revenues, △requirements from the film industry to improve the screening environment, and more.

Choi Hwi-yeong (Minister) stated, "Given that key figures leading the Korean film industry have gathered in one place, I hope that meaningful dialogue will take place to realize the sustainable growth of Korean films and a balanced revenue structure beyond mutual interests." He added, "We will actively lead discussions to reach a 'holdback' agreement that maximizes the film industry's revenue through close communication and coordination among stakeholders while appropriately reflecting market realities to minimize side effects."

Attendees at the first meeting today include representatives from the film production sector: Lee Dong-ha, President of the Korean Film Producers Association; Baek Jae-ho, President of the Korean Independent Film Association Lee (President); and from the distribution sector: Yoon Sang-hyun, CEO of CJ ENM; Kim Jong-yeol, CEO of Lotte Cultureworks; Kim Jae-min, CEO of NEW; Shin Ho-jeong, CEO of Showbox; and Lee Hwa-bae, CEO of the Distribution Companies Alliance. Regarding screenings, attendees include Jeong Jong-min, CEO of CGV; Nam Yong-seok, CEO of Megabox; Shin Han-sik, Head of the Korean Theater Industry Association; from the TVOD side: Yoo Yong-hwa, Korea IPTV Bang Song-hyeop-hoe (Chairman); Lee Chang-hoon, Content Strategy Director at SK Broadband; Kim Byung-jin, Head of KT Media Business Division; Park Chan-seung, Head of LG Uplus Home Business Group; and from the SVOD side: Choi Seung-hyun, Vice President of Policy at Netflix; Kim Sung-han, CEO of Coupang Play; and Choi Ju-hee, CEO of TVING. They are scheduled to engage in dialogue with officials from the Ministry of Culture, Sports and Tourism.

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*This content was translated by AI.