Korea raises film budget to record 167 billion won for 2027

South Korea's culture ministry said Tuesday it has set aside a record 167 billion won ($125 million) for film in its 2027 budget proposal, a 30.8 percent increase from this year aimed at reviving an industry weakened by falling theater attendance.

Minister of Culture, Sports and Tourism Choe Hwi-young chaired back-to-back meetings of the ministry's culture and arts policy advisory committee on animation and film in Seoul, where officials discussed the budget with industry experts.

To rebuild the market for Korean movies, the ministry more than doubled funding for domestic and international film festivals to 10 billion won ($7.49 million) and raised support for independent and art film production to 10.2 billion won ($7.64 million) from 7.7 billion won ($5.76 million). It also plans to expand support for international co-productions to 7.3 billion won ($5.46 million) from 3 billion won ($2.25 million) and introduce 6 billion won ($4.49 million) in new funding to attract foreign productions to shoot in Korea.

For animation, the ministry said it will phase in multiyear grants to match the long production cycles of the sector, while continuing production support for titles based on original intellectual property and keeping a dedicated animation fund under the state-backed Mother Fund in steady operation. It also said it will try to increase refundable and performance-linked production grants, a mechanism the industry has asked for.

"The intense deliberations at content production sites and the proposals from field experts are a reliable compass for government policy and budget formulation," Choe said, adding that the ministry will build a solid ecosystem so that "K-animation" success stories keep coming.