The Cannes festival invited a record five Korean movies this year, with one, Chunhyang , becoming the first Korean entrant ever in the main competition section. Directed by Im Kwon Taek, known as the godfather of Korean films, the movie was funded by Mirae Asset Management, a financial-services company, and it shows. But since the success of Swiri, money has been flowing into the industry. Chaebols like Cheil Jedang, Internet start-ups like Locus, venture capitalists and even the government are rushing in with cash in hand. Korean movies turn huge profits so of course investors are willing to put their money down.
All signs point to a renaissance for Korean film.
But Kim, the Kofic researcher, says that even with the boom, only 49 films were made locally last year, compared with more than 100 annually in the 1950s and 60s. With the United States continuing to press for greater access for its films, Kim thinks the industry remains under threat.