From its struggles with online piracy, sharp contraction in overseas distribution and sales, and “a failure to get on board the emerging trend of multimedia convergence,” doom and gloom were the words to describe the future of the local film industry during the “Korean Films Going Global” forum at the Korea Chamber of Commerce in Seoul, Friday.
“Unless the Korean film industry begins globalizing through co-financing, co-production, and content sharing with Hollywood, it will continue its course of decline,” said Seo Hyeon-dong, team leader of CJ Entertainment’s overseas investment and production division.
CJ is the current market leader among all major film studios having captured 27.3 percent of the market share this year from its closest rivals Showbox, Mediaplex, and Lotte Entertainment.
Of the industry’s dire situation, Seo added that in order for the local film industry to bounce back “we must come up with content that is accessible to the world ― not just among Koreans.”
“With the global film industry going digital, restrictions have been brought down and boundaries broken, and the industry has become one market.”
Social networking and online content sharing sites such as Facebook and YouTube were mentioned during the conference as important factors in film marketing and promotion in addition to content development.
Seo added, “with the likes of YouTube, Facebook, and the iPhone ― where people all over can receive and share content ― the ability to seize the opportunity that such outlets can provide has become crucial in the development of ideas as well as for the industry’s survival.”
On the continuing spread of online piracy, illegal distribution, and a reduction in overseas sales of Korean films this year, Seo said “Adding to the industry’s current crisis are paralyzing factors such as online piracy, illegal content distribution, and a contraction in overseas sales of our films.”
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