 |
| ▲ Culture, Sports and Tourism Minister Chae Hwi-young (C) speaks during a press conference at a Seoul theater on Sept. 4, 2025, to mark one month since he took office. (Yonhap) |
culture ministry-film budget
Culture ministry boosts film budget over 80 pct to revive industry
SEOUL, Sept. 5 (Yonhap) -- The culture ministry said Friday it has significantly increased next year's budget for the local movie industry by more than 80 percent to reinvigorate the sector.
The budget now stands at 149 billion won (US$10.7 million), a substantial rise from this year's 82.9 billion won. This marks the second-highest allocation ever, surpassed only by the special budget allocated in 2022 amid the COVID-19 pandemic.
The decision came after Culture Minister Chae Hwi-young pointed out the challenging situation facing the industry during a press conference Thursday.
According to the minister, fewer than 20 films with a production budget of over 3 billion won are expected to be made in the country, compared with about 100 in a typical year. This is due to an investment drought, declining moviegoer numbers and the resulting vicious cycle.
"Investment has stopped, and the film production scene has run out of money," Chae said at the event. "The ecosystem of the film industry is collapsing to the point where filmmakers can't make a living."
The budget will be used to support independent and medium-sized films, artificial intelligence movies and the construction of a new virtual production studio in Busan, among others.
The ministry also plans to inject 70 billion won to create a 140 billion-won fund, which will serve as seed money for film investment.
(END)
(C) Yonhap News Agency. All Rights Reserved
