To revitalize Korean film production, the government, production companies and management agencies will sign an agreement to cap appearance fees.
On the 16th, the Korean Film Council (KOFIC, Chairperson Han Sang-jun) said that at 2 p.m. that day, it will sign an agreement at the National Museum of Modern and Contemporary Art Seoul with the Ministry of Culture, Sports and Tourism (MCST, Minister Chae Hwi-young) and major domestic management companies and film production organizations to revitalize Korean film production.
At the event, KOFIC and the MCST, along with BH Entertainment, Management SOOP, J.Wide Company and other top domestic management companies, as well as the Korean Film Producers Association and the Producers Guild of Korea (PGK), attended. Representatives of each company and association signed the agreement.
In practice, BH Entertainment is a management company that represents many actors led by Lee Byung-hun, including Go Soo, Kim Go-eun, Park Bo-young, Park Hae-soo, Lee Jin-uk, Jung Ho-yeon, Han Ga-in, Han Ji-min and Han Hyojoo. Management SOOP is also a comprehensive management company representing Kong Hyojin, Jeon Do-yeon and Gong Yoo, as well as Nam Ji-hyun, Kim Jae Wook, Seo Hyunjin and Suzy. J.Wide Company is an actor management company representing a wide range of performers such as Kim So-yeon, Kim Tae Woo, Bae Jong-ok, Lee Bo-young, Cheon Ho-jin and Choo Young-Woo. Centered on these three companies, expectations are growing that the cap agreement on appearance fees for midbudget films will be widely observed.
According to the agreement, management companies and the production industry will cooperate to ensure that lead and supporting actors' appearance fees for projects supported by KOFIC's midbudget film production support program are set at less than 10% of net production costs. In particular, to ensure the agreement is not a one-time event, they will form a private-led consultative body including management companies, producers and investors/distributors to continue discussions on ways to improve the production environment. However, the agreement has no legal force; it is of a moral consensus nature.
Earlier, to restore the Korean film production ecosystem, the government established a midbudget film production support program last year with a scale of 10 billion won. In addition, this year it increased the support scale more than fourfold to 46 billion won and put in place active support measures. Because actors and the management industry voluntarily participated and responded, this is expected to be regarded as an excellent example of public-private cooperation.
Regarding this, KOFIC Chairperson Han Sang-jun emphasized, "Even though there are good plans and creative capabilities, projects sometimes cannot even start because of the production cost structure. In particular, mid- to low-budget films are the backbone that supports the industry's diversity and future, so we need to create a healthier production environment together."
Minister Chae Hwi-young of the Ministry of Culture, Sports and Tourism added, "I thank the actors, who are the core drivers of Korean film, and the management industry for deeply sympathizing with and proactively participating in the government's 'save Korean film' efforts. We will spare no policy support so that the government's financial support and filmmakers' mutual promises produce a synergistic effect and allow Korean film to make a new leap forward."
[Photo] OSEN DB.
[OSEN]