자본의 다양화와 투자사의 영역 확장 - 새로운 자본의 유입과 역할을 중심으로 -

Abstract

The government-led paradigm of Korean film industry began to change when the US had asked the full-fledged movie market opening in the end of 1984. In 1988, the direct distribution of foreign film was allowed, and despite this change in the market led to the activation of the market itself by increasing the accessibility of audiences to foreign films, the quality of Korean films was degenerating because the reinvestment of box-office profits was not possible any longer. In the meantime, a robust increase in the video industry provided a groundwork for entering the film industry of manufacturing-based big enterprises which mainly had produced electronic products such as Samsung, LG, Daewoo, for the purpose of dissemination video player. In the beginning, these enterprises were involved only in financing and distribution, however, since the mid-1990s, they began to participate directly in making films by establishing their own film production companies. Unfortunately, no company could earn a profit by a movie investment until the mid-1990s. In addition, due to the IMF crisis, electronics-based enterprises were to withdraw from the film industry. On the other hand, venture capital firms and CJ which was a food and drink company took an interest in film investment. After 2000, there emerged three different types of investors depending on their investment approaches: Strategic investors, financial investors and public investors. Around 2005, when Cinema Service, aboriginal capital of Chungmuro, collaborated with CJ and other small and medium-sized investment companies were on the mergers and acquisitions, the differences of types of investment became apparent depending on their subject of interest. And then, the mobile carriers such as SK telecom and KT began to enter the industry. The period of buoyancy of Korean film market followed the appearance of mega hit films with 10 million-viewers like <the Host>. However, not every view was positive on this buoyancy: it was the bubble to burst. Some pointed out problems in the imprudent government policies and the ticket discount marketing strategy associated with the mobile carriers or credit-card companies. Even in 2013 recorded the highest return on investment in Korean films, the issues such as unfair contractual practices in the market were still raised. Now, it is hard to cover the film production costs without the investment of big enterprises. But there were pros and cons to the role of the big enterprises in Korean film industry. Each field in the film industry must find ways of ‘win-win’, rather than shift the responsibility to others.