Busan Market Chief Sees Virtue in Convergence, Conferences and Crossover as Film Industry Seeks Route out of Turmoil

As a seasoned movie critic with over two decades of experience under my belt, I must say that the Busan International Film Festival (BIFF) is truly making strides in the right direction. The new head, Ellen Kim, has brought a breath of fresh air to the festival, and the introduction of the Producers’ Hub is a brilliant move that will undoubtedly benefit the industry.

Ellen Kim, who’s been working at her position for five months now, as the head of Busan’s market, is gradually leaving her mark on the film festival industry sector.

As a movie enthusiast, I’m excitedly counting down the days until the four-day film festival kicks off this coming Saturday! This year, we’re anticipating a slightly larger crowd with more executives, booths, and conference speakers gracing our event. Interestingly, Kim suggests that this uptrend might not be in spite of, but rather because of the current upheaval in the entertainment industry. It seems that even amidst the chaos, creativity continues to thrive!

The Market’s novelty this year is the Producers’ Hub. What is that about?

This year, at the Cannes Film Festival, the Korean Film Council (Kofic) ran KoPick and selected five producers to attend. As a supporter of our film industry in Busan, I found Lee Dong-ha, president of the Producers’ Guild of Korea, expressing a desire for us to expand our assistance to producers more substantially. Inspired by the Producers’ Network structure at Cannes, we established The Producers’ Hub – an initiative that wasn’t initially included in our budget. However, Kofic generously stepped forward to make this inaugural edition possible. It is a privilege for us to focus on Korea during this first installment of the event, with plans to rotate the spotlight on different countries in future years.

How about we rephrase this sentence as:

In order to thrive long-term, we need more than just sales markets. We have projects, stories, conferences, and now the Producers Hub – a robust ecosystem that functions effectively. The trade of completed films is losing significance, as buyers are seeking to engage earlier in production stages. They’re interested in producing or acquiring intellectual properties themselves. Despite the lower chances for actual sales, sales companies continue to attend annually. To offset this, we have an online market, but they still prefer face-to-face interactions to network, gather new information, watch films, and gain insights.

Despite a shift in the conventional function of the market segment during the festival, both elements are functioning effectively. Last year, we received approximately 2,500 registrations and anticipate a similar number this year. However, our earnings have experienced a significant boost, approximating a 10% increase.

This year, we’re bringing back our charming British umbrella stand and introducing a fresh Italian pavilion.

Has the ACFM suffered from the budget cuts that the festival has experienced?

To clarify, while the total budget experienced only minor adjustments, the festival managed to secure substantially more sponsorship, effectively making up for the reduction in national government funding. Additionally, the subsidy provided by Busan City has seen an increase as well.

How much does the success or failure of this market depend on the success of Korean cinema?

I’ve noticed that the box office in Korea isn’t as strong this year, and it seems CJ ENM has decided to forego operating a market sales booth at the ACFM. However, I can’t help but wonder about the implications. CJ ENM appears to be focusing on other aspects of the festival, perhaps indicating they aim for a broader presence that extends beyond the ACFM, reaching a wider audience.

As a cinephile, I must admit that there’s an influx of exciting Korean cinema companies on the horizon, like Megabox and M Plus, along with some promising newcomers. Contrary to what might seem logical, a surge in these companies doesn’t necessarily indicate trouble for the American Film Market (AFM). In fact, it’s quite the opposite – we’re witnessing a significant wave of interest from the Korean film industry, as well as other Asian and global markets.

We anticipate increased involvement from others. I believe they’re curious about finding an answer. They’re keen to understand current events, the direction of the industry, the blend of technology and content, or the equilibrium between movie content, intellectual property, and webtoons.

Despite experiencing a slump in box office sales, I believe they’ll still manage to provide valuable information at the market.

Should the ACFM be making more outreach to the TV companies?

The sector in question has previously been covered by the Busan Content Market, during May. This market is already thriving and functioning effectively. To attract more television professionals, it would undeniably be wiser to collaborate with the Busan Content Market instead of establishing a rival platform.

What is the thrust of your AI conference?

Previously, I’ve attended various AI gatherings that were deeply passionate about the potential of AI to amplify the creative abilities of individual filmmakers. These conferences aimed to empower independent filmmakers to articulate themselves more effectively and liberate them from financial constraints.

In our method, we’re taking a different route by examining how capital can integrate AI with content. To set the stage for this exploration, our morning discussion will focus on a blueprint of the Asian content industry. IQiyi leads in creating AI-generated content, while Dentsu employs AI strategies in marketing. WYSIWYG Studios, a technical powerhouse from Korea, is bridging the gap between technology and the content world. We also have an Intellectual Property (IP) segment, featuring Naver Webtoon and story protocol, which utilizes blockchain technology.

Later in the day, let’s dive right into exploring how filmmaking interacts with AI. We’ll showcase a demonstration and discuss possible adjustments to our workflows.

Many Chinese businesses are participating in the AI conference, giving the impression that AI is increasingly being led by China, a trend that suggests it may become predominantly Chinese-controlled in the industry.

2024-10-05 10:18

Busan Market Chief Sees Virtue in Convergence, Conferences and Crossover as Film Industry Seeks Route out of Turmoil

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