K-Content Movies and TV Dramas, Break Through Canada’s $400 Billion Fund… Sign a Co-Production Agreement

A huge gateway secured for K-content to enter the North American market

• Korea and Canada, after talks began in 2017, finally reach 'results after eight years'

• Co-produced works are granted 'domestic content' status and benefits equally in both countries

• Access secured to Canada’s '$400 billion won'-scale media fund each year, dramatically expanding production infrastructure

Korea–Canada audiovisual co-production agreement signed… 'a new milestone' for the global media market

Korea and Canada have signed an agreement to co-produce audiovisual content such as TV dramas and films, and 'green lights' have been turned on for K-content’s entry into the North American market.

The Korea Communications Commission announced on the 23rd that on the 22nd (local time) it officially signed the 'audiovisual co-production collaboration agreement' between the two countries in Ottawa, Canada. This agreement, reached as 'results after eight years' following the start of initial talks in 2017, is assessed as a key driving force that will lead to mutual growth in both countries’ media industries.

'Domestic content' recognition for co-produced works… guarantees deregulation and 'full-scale support'

The most noteworthy point of this agreement is that the two countries will recognize co-produced works in each country as 'domestic content' on an equal basis. As a result, not only are the existing stringent scheduling and programming regulations fully exempted, but the ease of moving production personnel and equipment is also substantially improved, and the two countries’ governments will officially guarantee 'full-scale support'.

In particular, the domestic content industry will be able to directly utilize Canada’s 'large-scale production support program', heightening expectations across the industry. In the broadcasting sector, companies will be eligible to apply simultaneously for the 'Canada Media Fund', which operates at roughly 390 million Canadian dollars per year (about '$400 billion won'), and domestic support programs. Since about 84% of the fund is allocated to broadcast programs, K-content’s 'burden of production costs' is expected to be significantly eased.

Partnership expands into the film sector… slated for 'official implementation' this fall

In the film sector as well, local support via 'Telefilm Canada' will be available, and it is expected that the North American screen offensive will become even easier. The agreement is scheduled to take effect 'officially this fall' after strict administrative procedures such as submission to Canada’s Parliament and approval by the Cabinet.

Koh Min-soo, the standing commissioner, said this agreement creates a 'institutional foundation' to expand exchanges between the two countries’ content industries, and expressed a firm intention to strengthen support and cooperation so that it translates into tangible co-production achievements.

Andrew Brown, Deputy Minister for Cultural Heritage, also responded that it will serve as a solid basis for building an 'innovative and mutually beneficial partnership' by combining the strengths and technical capabilities of the audiovisual media industries of both countries.

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