Kim Min-seok: "Hallyu Should Be a Target of National Support, Including the Future Response Fund"

[Financial News] On the 14th, Kim Min-seok, leader of the Democratic Party of Korea, stated regarding Korean cultural content such as TV and movies, "should be eligible for various forms of national support, including the Future Response Fund."
Kim made this assertion at an on-site Supreme Council meeting held in Gangwon State that day, stating, "Support for Hallyu, as well as for film and culture, is also part of the future response. We must change the habitual thinking that these things cannot be targets of national strategic support."
Kim's remarks came after Lee Chang-dong's new film, Possible Love, won the Grand Prix at the Venice International Film Festival in Italy the previous day. The film, inspired by the mass layoffs at KG Mobility in 2009, nearly failed to be produced after it could not attract domestic investment, but behind-the-scenes details were later revealed showing that it came to fruition after receiving full investment from the global OTT company Netflix.
Choi Min-hee, a senior Supreme Council member of the Democratic Party of Korea and a member of the Culture, Sports and Tourism Committee of the National Assembly, also suggested, "The film-sector budget within the Ministry of Culture, Sports and Tourism (MCST)'s budget for next year has increased significantly," adding, "The key is to invest in producing many films that attract 1 million or 2 million viewers rather than aiming only for films with 10 million viewers."
Kim also emphasized, "We will work to overcome the situation in which films made by this director, despite having production costs of less than 10 billion won, must rely on overseas sources such as Netflix because they are not supported domestically."


[email protected] Song Ji-won Reporter