New Partnership Formed as Response to Conglomerates
Last week, the Korean Film Producers Association (KFPA) announced the formation of the new film development firm Little Big Pictures, a partnership between ten companies. The move was a response by the industry’s top film producers to the continued dominance exerted by the major film conglomerations in the country, including CJ CGV, Lotte Cinema/Entertainment and Showbox/Mediaplex.
Since the major film studios in Korea not only produce films but also distribute and exhibit them, there have been worries that smaller films not produced by these giants are being shut out by receiving less than optimal theatrical booking.
The ten embattled companies include Myung Films, Chungeorahm Film, REALies, Samgeori Pictures, Caper Film, Filmmaker R & K, JupiterFilm, Invent Stone Corp and weekly publication Cine21 and film ancillary rights distributIon The Contents Company. Each company contributed KRW 50 million (USD 47,400) to a mutual fund. The new outfit hopes to raise its capital to KRW 2 billion by inviting more members to join. Little Big Pictures is hoping to produce three pictures a year.