Government-Backed Mid-Budget Films to Cap Actor Fees at Under 10% of Net Production Costs

The Korean Film Council (KOFIC) and the Ministry of Culture, Sports and Tourism (MCST) will sign an "Agreement between the Government, Production Companies, and Management Agencies for the Revitalization of Korean Film Production" at the National Museum of Modern and Contemporary Art, Seoul, at 2:00 p.m. on Thursday, July 16.

The signing ceremony will be attended by representatives from KOFIC, the MCST, top-tier domestic management agencies including BH Entertainment, Management SOOP, and J,WIDE-COMPANY, as well as the Korean Film Producers Association and the Producers Guild of Korea (PGK).

Through this agreement, management agencies and the production industry will cooperate to ensure that the appearance fees for lead and supporting actors in projects supported by KOFIC's "Mid-Budget Film Production Support" program are capped at less than 10% of the net production costs. Furthermore, to ensure this ceremony is not a one-time event, a private-led autonomous consultative body involving management agencies, production companies, and investment distributors will be formed to continuously discuss ways to improve the production environment. However, this agreement is a moral consensus without legal binding force.

This agreement was prepared with the intention of having the film industry voluntarily participate in restoring the production ecosystem, in line with the government's establishment of the "Mid-Budget Film Production Support Program" (10 billion won) in 2025 and the policy to expand the support scale to 46 billion won this year.

KOFIC Chairperson Han Sang-jun emphasized securing industrial diversity through the improvement of production cost structures, while Minister of Culture, Sports and Tourism Choi Hwi-young stated that the government would continue its policy support so that government financial aid and the film industry's efforts for mutual growth can create synergy.



(SBS Entertainment News, Reporter Kim Ji-hye)
※ Please note: This article was translated by AI and may contain errors.