\n The culture ministry has recently mandated films receiving government funding must wait a certain period after their silver screen debut before becoming available on IPTVs and streaming platforms.<\/p>\n
The so-called holdback period was specified as a condition for new Korean films receiving government funding in a public notice posted on Jan. 31 for the funding program, ministry officials said Friday.<\/p>\n
Details of the holdback period have yet to be disclosed. However, officials said the ministry intends to exempt films with a budget of less than 3 billion won (US$2.25 million) from the obligation. They also plan to announce the length of the period and other specifics within this month through discussions with relevant industries.<\/p>\n
The move comes as the government strives to help revive the local film industry, which has suffered significantly due to the COVID-19 pandemic.<\/p>\n
Movie theaters have seen a sharp drop in revenue as more people opt to wait a few months to watch new movies on streaming platforms than in t
\nheaters these days. Some films are released exclusively on streaming services without theatrical releases.<\/p>\n
In an effort to address the crisis facing the film industry, the ministry began a test-run in November of a system mandating that films receiving government funds observe a four-month holdback period with exceptions for films with a budget of less than 3 billion won.<\/p>\n
Earlier in the month, Culture, Sports and Tourism Minister Yu In-chon expressed his strong desire to introduce the holdback period for Korean films during a press briefing to announce the ministry’s plan to develop the Korean video content industry.<\/p>\n
The government’s move to introduce the new system was met by mixed reactions from the entertainment industry.<\/p>\n
While the film industry, including movie theaters, productions, investors and distributors, generally welcomed the plan, streaming services opposed it.<\/p>\n
They argue that the system will limit viewers’ rights to watch TV dramas and films on streaming platforms on time and at a place of
\ntheir choice and will primarily benefit major theater chains.<\/p>\n
Officials note that enacting a law mandating the holdback period would necessitate consensus from both the film and streaming industries.<\/p>\n
Source: Yonhap News Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
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