South Korea’s Ministry of Culture, Sports and Tourism and the Korean Film Council (KOFIC) have formed a new public-private consultative body to negotiate a voluntary theatrical holdback agreement for Korean films, with the goal of reaching terms by August. The group held its first meeting on Friday in Seoul and brings together 22 stakeholders from the production, distribution, exhibition, TVOD and SVOD sectors, including representatives from producer, distributor, cinema and IPTV associations. Culture Minister Chae Hwi-yong attended the launch and said the government wants an agreement that increases film industry revenue while reflecting market conditions and limiting negative side effects.
The initiative is moving forward alongside a bill in the National Assembly that would require a six-month delay before films can move to streaming platforms, but officials said the committee is focused on self-regulation rather than waiting for legislation. In addition to the holdback issue, the panel is expected to discuss a proposed screen cap that would limit how many auditoriums a single title can occupy. Domestic filmmakers have pushed for that measure to reduce concentration in multiplexes and create more space for a wider range of releases.
The committee will use feedback from its inaugural session to shape a draft framework and is expected to hold a second meeting before the August deadline. The launch forms part of a broader government effort to support and stabilize South Korea’s film industry. Earlier this year, the National Assembly approved a KRW65.59 billion emergency supplementary budget for the sector, the largest such allocation in the country’s history. KOFIC has also expanded its mid-budget production support program to help finance commercially viable local films and strengthen the pipeline of new releases.
The talks come at a time when South Korea’s box office is showing early signs of recovery. Historical drama “The King’s Warden” recently became the highest-grossing Korean film of all time, earning KRW151.8 billion domestically, according to KOFIC. That success helped push first-quarter 2026 theatrical revenue to its highest level since the start of the pandemic. Another major release, Yeon Sang-ho’s zombie thriller “Colony,” premiered in the Midnight Screenings section at Cannes before opening in South Korea on May 21. It dominated the domestic market in its opening weekend with a 71.85% share, grossing $9.4 million from 1,283,343 admissions.
Even with these gains, annual box office results remain below pre-pandemic levels, underscoring the need for structural reforms and policy support. Industry participants are now looking to the new consultative body to balance the interests of studios, distributors, theaters and streaming platforms while building a more sustainable release model for Korean films.
