Domestic Film Exports Drop in H1 2006
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Overseas exports of Korean films plunged in the first half of 2006 after a Korean pop culture boom overseas.
The Korean Film Council said August 1 that 128 domestic films were exported to 47 countries in the first six months of the year, with the contract amount reaching 17.4 million dollars, down 58.3 percent from the same period a year ago. The average export price per film stood at 136,088 dollars, a year-on-year decrease of 50.2 percent.
By region, exports to Asian dropped 63.5 percent this year, while exports to Europe, which had grown steadily, were down 40 percent. By contrast, exports to Latin America rose 75.9 percent.
The council said the average per-film export price was relatively low given the small scale of the Latin American film market compared with those of Asia and Europe, but that the popularity of Korean films in the Latin American market was an encouraging fact.
By country, the ratio of exports to Japan, the largest importer of Korean movies, dropped from 74.1 percent in 2005 to 50.1 percent this year.
The council said Japanese film importers have been showing a lukewarm response to Korean films recently after buying films starring top Korean actors and directed by famous directors for millions of dollars apiece. The council blamed such a change to the overall decrease of Korean film exports and lower export prices.
Japan imported 36 Korean films in 2005 for the average per-film price of 860,796 dollars. However, this year only 15 films were exported to the neighboring country for the average price of 581,566 dollars per film.
Though final figures have yet to be released, Korean films have failed to create a sensation in Japan this year, unlike last year, when the film "A Moment to Remember" grossed three billion yen, while "April Snow" brought in 2.75 billion yen.
Of the Korean films that have opened this year in Japan in 100 theaters, the best-performing film was "Now and Forever", which brought in only 400 million yen.
The council said the decline in domestic film exports was not temporary but a result of the bursting of the Korean film import bubble in Japan, and that only efforts to explore new markets and produce well-planned movies will help overcome the current crisis and create new momentum for Korean films in the global arena.
The Korean Film Council said August 1 that 128 domestic films were exported to 47 countries in the first six months of the year, with the contract amount reaching 17.4 million dollars, down 58.3 percent from the same period a year ago. The average export price per film stood at 136,088 dollars, a year-on-year decrease of 50.2 percent.
By region, exports to Asian dropped 63.5 percent this year, while exports to Europe, which had grown steadily, were down 40 percent. By contrast, exports to Latin America rose 75.9 percent.
The council said the average per-film export price was relatively low given the small scale of the Latin American film market compared with those of Asia and Europe, but that the popularity of Korean films in the Latin American market was an encouraging fact.
By country, the ratio of exports to Japan, the largest importer of Korean movies, dropped from 74.1 percent in 2005 to 50.1 percent this year.
The council said Japanese film importers have been showing a lukewarm response to Korean films recently after buying films starring top Korean actors and directed by famous directors for millions of dollars apiece. The council blamed such a change to the overall decrease of Korean film exports and lower export prices.
Japan imported 36 Korean films in 2005 for the average per-film price of 860,796 dollars. However, this year only 15 films were exported to the neighboring country for the average price of 581,566 dollars per film.
Though final figures have yet to be released, Korean films have failed to create a sensation in Japan this year, unlike last year, when the film "A Moment to Remember" grossed three billion yen, while "April Snow" brought in 2.75 billion yen.
Of the Korean films that have opened this year in Japan in 100 theaters, the best-performing film was "Now and Forever", which brought in only 400 million yen.
The council said the decline in domestic film exports was not temporary but a result of the bursting of the Korean film import bubble in Japan, and that only efforts to explore new markets and produce well-planned movies will help overcome the current crisis and create new momentum for Korean films in the global arena.
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