À̹ÌÁö È®´ë 20 Once Again
CJ E&M Corp., the media and entertainment arm of South Korean conglomerate CJ, aims to more than double the number of movies targeted toward overseas markets by 2020.
The country¡¯s largest film distributor said Wednesday that it plans to produce 20 films a year for the foreign audience by 2020. It made nine films for the international audience last year. It turns out 10 to 15 movies a year for local screens.
¡°The movie market in Korea is saturated,¡± said Jeong Tae-sung, head of the film division at CJ E&M. ¡°Our success in the global market will be a yardstick in determining whether Korea¡¯s stagnant movie industry can enjoy renewed growth.¡±
The best way to target the foreign market is not through exports of Korean movies but through locally produced films, Jeong said.
À̹ÌÁö È®´ë Jeong Tae-sung, head of the film division at CJ E&M
¡°Exports of Korean films have trouble overcoming language and cultural barriers,¡± said Jeong. Producing localized versions of Korean movies, which are known for their creativity, carry a higher added value, he added.
The most successful example is the 2014 comedy ¡°Miss Granny.¡± The film was remade in China, Vietnam, Japan, Thailand and Indonesia under the name ¡°20 Once Again¡± and raked in 78 billion won ($69.1 million) overseas. Exports of the original film and sale of remake rights generated only 400 million won.
CJ E&M has produced 23 such films over the past ten years in the U.S., China, Japan, Vietnam, Indonesia and Thailand, starting with the 2007 release ¡°August Rush,¡± its first international co-production with the U.S.
The company has also ventured into Turkey, Mexico, Russia and India. In May, it set up a local entity in Turkey and is awaiting the release of ¡°Hot Sweet & Sour,¡± a joint production between the two countries, this winter.
By Kim Si-gyun
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]