Busan City to Establish 215-Billion-Won Film & Video Content 2nd Fund

(Provided by the Busan Film Commission. Redistribution and database use prohibited.)

Busan City announced on the 18th that it has formed its second film and video content fund, the “NextG Mid-to-Low Budget Korean Film Investment Partnership,” with a total size of 21.5 billion won.

The first fund, the “Saltlux Korean Film Renaissance Fund,” was established last July with 23.3 billion won by Busan City, the Busan Film Commission, and Saltlux Ventures.

The purpose of these funds is to create an investment foundation to foster the growth of the film and video industry in the Busan region.

Under its five-year film and video content fund plan (2024–2028), Busan City aims to establish funds totaling 100 billion won. With the formation of this second fund, the city has achieved approximately 44.8 billion won, or about 45% of the 100-billion-won target.

The 21.5-billion-won fund consists of 1 billion won from Busan City, 10 billion won from the Ministry of Culture, Sports and Tourism’s parent fund, 500 million won from the fund manager NextG Investment, and 10 billion won from private companies.

NextG Investment will operate the fund for six years. Busan City’s 1-billion-won contribution will be invested in installments over three years, using an indirect investment method through the Busan Film Commission.

Like the first fund, the second fund applies a “mandatory Busan project investment” clause. During the four-year investment period, it must invest at least 20 billion won—more than twice the committed amount—in projects such as films and video works produced by Busan-based companies, projects utilizing intellectual property owned by Busan companies, or works with at least 20% of filming conducted in Busan.

By Kim Seon-ho