Hallyuwood

Hallyuwood, a compound word combining the word Hallyu (Korean: 한류; Hanja: 韓流; RR: Hallyu; lit. Flow/Wave of Korea) with wood from Hollywood, is the informal term popularly used to describe the Korean-language entertainment and film industry in South Korea. Koreans use the term Hallyu to describe the growth in popularity of South Korean cultural export, prevalent in most countries of Asia and many others around the world. The trend has been reported by CNN as "hallyu-wood". The term Hallyuwood has been used and quoted in various news articles, journals, books and symposiums to describe people, places and events related to the Korean Wave such as a planned "Hallyuwood Walk of Fame" in the glitzy Gangnam District in Seoul to a bibimbap dish called Bibigo: The Hallyuwood hopeful.
Hallyuwood, along with Hollywood and Bollywood, constitute the three major pillars of the contemporary world entertainment industry. The three are considered the most famous film-making meccas on Earth.
Following decades of military dictatorship, South Korea underwent a transition to democracy between 1987 and 1998. This shift in governance proved pivotal for the South Korean film industry, opening up new opportunities, securing increased funding and broader distribution channels, all within a less restrictive environment regarding censorship. Filmmakers who came of age during the military dictatorship had been avid consumers of both American film and more artistically inclined Korean films. This eclectic blend of influences inspired them to craft numerous blockbuster productions.
Korean directors, most notably Park Chan-wook and Kim Jee-woon have made the transition from Hallyuwood to Hollywood, and have already released their first English-language films, most notably Kim Jee-woon's The Last Stand starring Arnold Schwarzenegger and Park Chan-wook's Stoker starring Nicole Kidman.
The key to their success lay in the ability to infuse their films with authentic Korean themes and narratives. The outcome was met with critical acclaim and substantial box office success. Throughout the 1990s, the Korean film industry experienced a rapid expansion, delving beyond the conventional genres of thrillers, dramas, and horror films. This era witnessed the exploration of new territories, giving rise to the emergence of romantic and comedic films. A notable example includes the 2001 hit "My Sassy Girl," which later underwent a Hollywood remake, symbolizing the industry's global impact.
The South Korean film industry finds itself at a critical juncture, with one of the pivotal factors being the ongoing debate surrounding the Screen Quota System. This longstanding policy, which stipulates a minimum number of days and screenings for domestic films in theaters, has served as a cornerstone of the South Korean film landscape, fostering the production and exhibition of local content. In recent times, discussions about potentially reducing or abolishing the Screen Quota System have gained momentum, sparking concerns within the industry. Proponents of change argue that easing these regulations could attract more international films, fostering healthy competition and diversifying the cinematic panorama. Conversely, opponents posit that such measures might jeopardize the market share of domestic films, potentially leading to a decline in both their production and exhibition. The potential implications of alterations to the Screen Quota System are far-reaching, prompting filmmakers and industry professionals to express apprehensions about the survival of smaller production companies and the potential impact on the overall diversity of content. Furthermore, the economic ramifications for the local film industry, including potential job losses and talent drain, are significant considerations. As the South Korean film industry grapples with this aspect of the crisis, it has become a focal point for ongoing discussions about finding a balanced approach. This approach aims to support both the global aspirations of the industry and the preservation of its unique domestic character. The outcome of these deliberations is poised to significantly shape the future trajectory of the South Korean film landscape, with implications that extend beyond the borders of the nation.
In 2019, Korean film garnered widespread acclaim on the world stage, spearheaded by the critically acclaimed film "Parasite," directed by the visionary Bong Joon-ho and produced by Barunson E&A. The film, a dark comedy that delves into the intricate layers of social inequality, received international acclaim and achieved unprecedented milestones. Premiering at the Cannes Film Festival in May 2019, "Parasite" secured the illustrious Palme d'Or, the festival's highest honor, affirming its status as an exceptional cinematic achievement. The Golden Globe Awards marked a historic moment for Korean cinema, as "Parasite" clinched the coveted Best Foreign Language Film category, marking a groundbreaking triumph. The 92nd Academy Awards proved to be a watershed moment for "Parasite" and Korean cinema at large. Not only did it become the first foreign-language film to secure the esteemed Best Picture award, but it also garnered nominations in six categories, including Best Director and Best Original Screenplay. The film's triumph at the Oscars underscored its global resonance and the evolving international recognition of Korean cinema. The acclaim wasn't confined to awards; the movie resonated with critics and audiences alike. Rotten Tomatoes, a prominent American movie review aggregator, reflected a staggering 99% approval rating based on reviews from 156 critics. Michael Ward, a certified freelance critic on Rotten Tomatoes, lauded "Parasite" as "undoubtedly one of the best films of the past decade." Sadaf Ahsan of the Nashville Scene hailed the film as a "bold commentary on class society, offering new guidelines for contemporary fears." In the wake of the global success of K-pop and Korean dramas, "Parasite" further solidified the position of Korean cinema as a beloved and influential force in the realm of global entertainment content.
The Discovery Channel released a five-part series documentary by the winners of Discovery Channel's First Time Filmmakers (FTFM) Korea. One of the documentary was titled Finding Hallyuwood featuring actor Sean Richard. Sean meets with Korean singers, actors, film directors, and producers to find out what is unique about Korean music, films and dramas, and how they successfully connect with foreign audiences.
With the possible exception of India's Bollywood, the Korean cinema industry seems to be the most bustling in the (Asian) region, saying government support proved crucial in the struggling days of Korean cinema in the 1990s. It illustrates the amazing relationship the government and the private sectors has in producing Korean films.