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.
The panel’s agenda extends beyond the holdback question. Participants are also expected to weigh a proposed screen cap limiting how many auditoriums a single title can occupy – a measure domestic filmmakers have lobbied for to curb multiplex concentration. The committee will incorporate feedback from Friday’s session into a draft framework and convene a second meeting before the August target date.
Friday’s launch is part of a broader government push to stabilize the domestic industry. South Korea’s National Assembly earlier this year approved a KRW65.59 billion ($47.5 million) emergency supplementary budget for the film sector – the largest such allocation in the country’s history – and KOFIC has expanded its mid-budget production support program to shore up the pipeline of commercially viable local titles.
The talks come as the market shows tentative signs of recovery. Historical drama “The King’s Warden” became the highest-grossing Korean film of all time with KRW151.8 billion ($110 million) at the local box office, according to KOFIC data, and helped push Q1 2026 theatrical revenue to its highest level since the onset of the pandemic. Yeon Sang-ho’s zombie thriller “Colony,” which premiered in Midnight Screenings at Cannes before opening in South Korea on May 21, captured 71.85% of the domestic market in its debut weekend, grossing $9.4 million from 1,283,343 admissions. Annual box office figures nonetheless remain well below pre-pandemic norms.
Leave a Reply