Crisis of Korean Cinema Resuscitation… Film Budget Increased by 80.8% Next Year

The Ministry of Culture, Sports and Tourism announced on the 5th that the budget for the film sector in 2024 has been finalized at 149.8 billion won, an increase of 66.9 billion won (80.8%) compared to this year. This budget is the largest ever, excluding the emergency support included in 2022 due to the COVID-19 pandemic.

In light of the growing concerns over the prolonged stagnation of the Korean film industry, the Ministry actively reflected the demands for recovery from the film sector in the budget preparation. Minister Choi Hwi-young stated at a meeting with the film industry last month that "emergency measures at the level of resuscitation are needed to save Korean cinema."

The film budget focuses on expanding support across the entire industry. The budget for supporting medium-budget film production has doubled from 10 billion won to 20 billion won, and the budget for film planning and development support has increased from 4.7 billion won to 8 billion won. In particular, the 'Next Project Planning and Development Support' program, which was suspended after 2023, will be restored with an investment of 1.7 billion won. Additionally, 1.8 billion won has been allocated for the establishment of a new support project for independent and art film screenings.

Furthermore, to invigorate film investment, the fund for the film sector will be increased to 70 billion won, doubling from this year, creating a total fund of 140 billion won. Along with this, 2.2 billion won will be newly invested in AI-based film production support, and a budget of 16.4 billion won has been allocated for the construction of a 'Virtual Production Studio' at the Busan Gijang Film Studio.

Jung Sang-won, Director of the Content Policy Bureau of the Ministry of Culture, Sports and Tourism, stated, "We will continue to support the Korean film industry to recover quickly and establish itself as a leader in the future of K-content."