According to the Korean Cinema Today newsletter, Chinese investors are increasingly turning to the Korean film industry. And in the future they may be more likely to work with Korea than Hollywood.
The organization's film newsletter pointed out that the opening party for the 2014 Busan International Film Festival was sponsored by iQIYI, which also purchased the rights to the drama "You Who Came From The Stars" and has distribution rights to 40 Korean films. Youku Tudo, the Chinese equivalent of YouTube, sponsored the festival's closing party.
The Chinese film market is expected to grow dramatically and the demand for entertainment is projected to outpace that of the U.S. film market by 2020. The Hallyu has made Korean dramas and stars very popular there.
China has increased its financial investment in the Korean film industry, but incentives have also been created for Korean talent to work in China and for Korean films to be made in collaboration with Chinese firms.
Korean post-production and special effects firms have worked on several Chinese films such as "A Chinese Ghost Story" and "Love In Space." Korean talent such as cinematographer Kim Hyung Goo and director Heo Jin Ho have worked on Chinese films. Directors from both countries have worked together. Films have been made with production companies from both countries. And Korean stars such as Rain, Song Hye Kyo, Song Seung Hoon, Kim Bum, Jang Nara, Kim So Eun, 2PM's Hwang Chansung and Lee Da Hae have appeared in Chinese productions.
An agreement between the two nations now makes it easier for Korean films to be shown in China. On July 4, 2014, China and South Korea signed an agreement on jointly producing films. The agreement gives such joint productions domestic film status, thereby avoiding China's quota limitations for foreign films and enlarging the audience for any film that is a co-production.
"We are keen to bring our films to China. The agreement opens a new window for us," Kim Pil Jung of the Korean Film Council (KOFIC) told the South China Morning Post. Previously only 34 foreign films could be imported into China every year and only one or two of those were Korean.
"The agreement will encourage not only Korean stars and directors to work in China, but also attract Korean investors to fund film productions there," Kim said.
The U.S. film industry has taken note of the emerging Chinese film industry and has made an effort to shoot more films there, including "Iron Man 3" and "Transformers 4." Shooting films in China could improve their marketability there.
