외환위기 이후 금융자본 및 영상전문 투자조합이 한국영화산업에 미친 영향

Abstract

Korean film industry has experienced a renaissance by qualitative and quantitative development based on financial capital such as venture investment companies newly introduced in the movie industry in the late 1990s, and as a result, increased gradually, making the share of Korean movies exceeding 50% and reaching 63.8% in 2006, which became the basis of growth of Korean movie industry. In addition, The film investment association, which emerged in the 2000s, is responsible for most of the of the film production cost excluding the investment amount of the investing distributor, standing key axis in film production costs of Korean movies. Although the film investments association contributed to the stabilization of the movie industry, in a response to increased risk due to declining profitability caused by the collapse of the ancillary right market and the sharp increase in production costs, they changed their investment position to more conservative ones including the participation as a partial investor to a project where large conglomerates is a main investor. These changes resulted in the insolvency of production companies and concentrating of capital on the project involved with major investors, and eventually to strengthened market dominance and monopoly/oligopoly of major investors, thus distortion and problems in soundness and stability of the movie industry. These problems directly linked to deterioration of profitability made the investors to withdraw, resulting in a vicious cycle in the movie industry. It was suggested, therefore, that serious discuss about these problem and examination of the overall structure of the film culture industry are needed.