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South Korea Unveils Coronavirus Support for Film Industry

South Korea North Korea city Seoul, South Korea 2020 Government crisis Coronavirus
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www.hollywoodreporter.com
hollywoodreporter.com:

South Korea's government has unveiled a series of measures designed to boost the country's influential but coronavirus-battered film industry.

Central to the policy plan is a decision to exempt major cinema chains from paying into South Korea's movie development fund.

Under local law, large movie theater chains usually are required to pay 3 percent of all ticket sales to the Korean Film Council's movie development fund, which is used to support the local industry's development in various ways.

The fund typically generates about $45 million in contributions per year. The new exemption will apply retroactively from February.

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