Budget Set at 149.8 Billion Won
Film Fund of Funds to Be Doubled
The Ministry of Culture, Sports and Tourism announced on September 5 that it has finalized the government's proposed budget for the film sector in 2026 at 149.8 billion won. This represents an increase of 66.9 billion won (80.8%) compared to this year, and is the largest amount ever, except for 2022 when emergency COVID-19 support was allocated.
The Korean film industry has been experiencing a prolonged slump, as theater attendance has been slow to recover following the COVID-19 pandemic. Minister Choi Hwi-young of the Ministry of Culture, Sports and Tourism recently emphasized at a meeting with the film industry that "an emergency response akin to CPR is needed to save Korean cinema."
This budget increase appears to reflect the government's recognition of this crisis. The Ministry will increase support for film planning and development by 3.3 billion won to a total of 8 billion won, and has separately allocated 1.7 billion won for the planning and development of follow-up projects by production companies with previous box office releases. To increase the supply of 'watch-worthy' Korean films, support for mid-budget film production will also be increased by 10 billion won to a total of 20 billion won.
Additionally, to improve accessibility for audiences of independent and art films, a new screening support program with a budget of 1.8 billion won will be established, and support for fostering domestic and international film festivals will be increased by 1.5 billion won to a total of 4.8 billion won.
The foundation for revitalizing film investment will also be strengthened. In particular, the Film Account of the Fund of Funds, which plays a priming role in film investment, will be established at 140 billion won, twice the amount of the previous year. The Ministry is also focusing on cutting-edge technology, allocating 2.2 billion won for AI-based film production support and 16.4 billion won for building a virtual production studio at the Busan Gijang Filming Studio.
Jung Sangwon, Director General of Content Policy at the Ministry of Culture, Sports and Tourism, stated, "We will continue to provide unwavering support so that the Korean film industry can once again become a leading force in the future of K-Content."
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