South Korea launched a public-private consultative body on Friday to discuss a proposed holdback system that would impose a mandatory waiting period before films released in theaters can be shown on streaming platforms. Authorities aim to reach a deal by August.
The Ministry of Culture, Sports and Tourism and the Korean Film Council held the first meeting of the body at the KOFIC office in Seoul. Participants included Culture Minister Chae Hwi-young and 22 representatives from film studios, distributors, cinema chains and IPTV platforms.
The group will also discuss measures to stabilize the industry's revenue structure and foster cooperation between theaters and streaming platforms. A bill seeking a six-month holdback period remains pending at the National Assembly.
"With the film industry people working together with the government, the industry has begun to show signs of life again," Minister Chae said. "We will work to reach a holdback agreement that could minimize potential side effects by reflecting market realities while maximizing industry revenues." Officials said the group plans to sign a voluntary agreement by August.
