U.K., Korea get together in output deal
EmptyLONDON -- The government-backed U.K. Film Council said it is signing a co-distribution agreement with its South Korean counterpart, the Korean Film Council.
The pact is scheduled to be signed during the Pusan International Film Festival.
The wide-ranging agreement will see the Korean Film Council create a $200,000 fund to support prints and advertising costs of U.K. movies distributed in Korea over a two-year period. In return, Korean titles will access the same level of support from the U.K. Film Council's Prints & Advertising Fund.
The agreement aims to "assist in the development of audiences and the box office performance potential for the national films of each partner in the others' home markets," the U.K. Council said.
During the first two years of the agreement, through data exchange at pilot project stage, the U.K. Film Council and KOIFC will be able to measure and understand the market potential for U.K. films in Korea and Korean films in the U.K.
South Korea is being targeted as one of the key export territories for British films by the U.K.'s Film Export Group and is billed as "one of the fastest-growing cinema markets in the world."
Admissions have more than doubled since 2000, from 65 million to 143 million, U.K. Council research shows. With an average ticket price of £3.35 ($6.70) it ranks as one of the top 10 most valuable cinema markets in the world.