Industries & Festivals — February 11, 2013 at 2:19 pm

Korean film exports rise by 8.4 percent in 2012

south-koreaKorean film exports went up 8.4 percent to a total of $37.8m last year, according to the Korean Film Council (KOFIC).

Completed films sold for $29.1m, up 27.5 percent year-on-year. This marks the first time since 2008 that completed film exports went over the $20 million mark.

The total number of films that did export deals last year was 331, slightly down from 366 the year before.

The average price for a film last year was $42,811, up 5.8 percent year-on-year.

As for film sales territories, Asia accounted for 71.6 percent of exports or $14.4 million, up 60 percent year-on-year.

Although Asia has always been a major export region for Korean films, last year was particularly so with star vehicles such as The Thieves, Code Name: Jackal and I Am The King.

North America and Europe switched places as the second and third top export territories last year for Korea. North America accounted for 14.2 percent of total exports with $2.87 million, a total which is up 71.7 percent year-on-year.

Direct distribution of Korean films in North America has gone up and is seen to have contributed to the total racked up on that continent.

Europe accounted for 12.2 percent with $2.45 million, down 30.3 percent year-on-year. Films like Venice Golden Lion winner “Pieta”, disaster film “Tower”, 3D animated film “Speckles: The Tarbosaur”, and sci-fi omnibus “Doomsday Book” sold well to Europe.

Japan was the top buyer of Korean films last year with $9.67 million, up 164 percent year-on-year.

Films that did well in Korea such as “All About My Wife”, “Architecture 101” and “Nameless Gangster: Rules Of The Times” sold well and CJ E&M’s branch in Japan contributed with direct distribution.

Also in 2012, production and post-production services including VFX and 3D work, special effects, make-up, martial arts/stunts and locations made $17.6 million, down 7.3 percent year-on-year.

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