Recent years have seen a wave of Korean pop culture—known as hallyu—sweep across Asia as consumers from Thailand to Japan became ardent fans of Korean TV dramas, movies and music acts. No pop culture phenomenon lasts forever, however, and recently released statistics suggest that exports from Korea’s entertainment industry are now declining. Is the Korean wave finally ebbing? If so, why? And what can be done about it?

These questions were put to Michael Huh, vice president of ImaginAsian TV and Kim Yong-hwa, director of the recent Korean comedy 200 Pound Beauty, at a panel discussion moderated by The Korea Society’s film blogger Samuel Jamier.

Huh characterized the current trend as a market correction. When Korean pop culture first caught the world’s attention—especially Korean TV dramas, which are the most profitable segment of Korea’s entertainment exports—the industry responded with hasty exuberance. Korean producers rushed to create new dramatic series in order to capture the momentum. In the process, they might have neglected the fundamentals of their genre, and soon many Korean dramas featured formulaic narratives and focused on the drawing power of a limited number of stars. It should be no surprise then, he added, that viewers’ interest is waning.

The panelists agreed that Korean film companies would be wise to improve their marketing strategies, as they often lack clear plans on how to promote their cultural products abroad. Huh pointed to the recently released film The Host as evidence. The Host did phenomenally well with South Korean audiences he said, and had all the qualities necessary to be an international hit. But The Host’s distributors didn’t have a specific target audience in mind when they released it in the U.S., and as a result their marketing efforts fizzled and The Host was less successful in the American market than it could have been.

Kim shared Huh’s belief that the current downward trend was more of a normal fluctuation than a disaster. He described the state of the industry as basically healthy, but suggested it is facing long-term troubles. Presently, a small number of hit movies are subsidizing the production of many more mediocre films. While this keeps the industry afloat, it contributes to a blockbuster mentality that might sink it in the long run.

Kim said that the Korean entertainment industry’s emerging success in the late 1990s was derived, paradoxically, from its inability to compete with Hollywood blockbusters on equal terms when it came to production budgets or special effects. As a result, Korean directors were forced to focus relentlessly on the quality and originality of their stories and audiences responded. Now that the industry’s appeal is softening, Kim believes Korean directors have an excellent opportunity to refocus on their storylines and surprise their audiences all over again. Indeed, he added, Korean directors are already experimenting with new cinematic formulas that augur well for the future—such as the upcoming D-War, a sci-fi epic that blends Korean folklore with non-Korean actors.

Thursday, August 23, 2007 | 6 PM
Registration and reception @ 6 PM
Presentation and Q&A @ 6:30 PM

The Korea Society
950 Third Avenue, 8th Floor
New York, NY 10022

Admission:
$10 Members / $15 Non-members

Panelists:

Kim Yong-Hwa (Movie Director, 200-Pound Beauty)
Michael Huh (Vice-President, ImaginAsian TV)
Robert Cagle (Assistant Professor of cinema studies, University of Illinois at Urbana-Champaign)
Samuel Jamier (Moderator, The Korea Society Film Blog)

Recent years have seen a wave of Korean pop culture (hallyu) sweep across Asia as Korean movies, music and TV have kept audiences rapt. But now production costs are soaring, a backlash against Korean content is brewing in some of its most lucrative Asian markets and the domestic screen quota system, which nurtured the country's entertainment talent, is being dismantled. Is the Korean Wave receding?

Join the discussion as some of the top producers of Korean pop culture discuss the state of their industry and where it's headed next.

Presented in conjunction with the New York Korean Film Festival, presented by Helio (August 21 - September 2, 2007).