South Korea‘s Ministry of Culture, Sports and Tourism and the Korean Film Council (KOFIC) have launched a public-private consultative body to negotiate a voluntary theatrical holdback agreement, aiming to finalize terms by August without waiting for pending legislation.
The committee – formally titled the Public-Private Consultative Body for Improving Korean Film Distribution Structure – held its inaugural session Friday in Seoul. The 22 participants included decision-makers from across the production, distribution, exhibition, TVOD and SVOD sectors, among them Lee Eun of the Korean Film Producers Association, Lee Hwa-bae of the Distributors Alliance, Shin Han-sik of the Korean Cinema Industry Association, and Yoo Yong-hwa, chair of the Korea IPTV Broadcasting Association. Culture Minister Chae Hwi-yong attended.
The effort runs alongside a bill advancing through the National Assembly that would impose a six-month holdback before films can migrate to streaming platforms. The committee’s mandate, however, is to pursue a self-regulatory accord rather than hold out for a legislative solution.
“We will actively lead discussions to arrive at a holdback agreement that maximizes film industry revenues while appropriately reflecting market realities and minimizing potential side effects,” Chae said.
