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New leadership revitalizes Busan International Film Festival
A fresh direction for the Busan market
Just five months into her role as the head of Busan’s market, Ellen Kim has already begun to leave an indelible mark on the Busan International Film Festival (BIFF). Her innovative approach aims to navigate the current turmoil in the entertainment industry while ensuring the market remains as vibrant and relevant as ever.
A rising tide in a turbulent industry
The four-day market, set to kick off this Saturday, promises a slight increase in the number of executives, booths, and conference speakers compared to previous years. Kim attributes this uptrend to the industry’s adaptability and resilience amid ongoing challenges.
Introducing the Producers’ Hub
What makes the Producers’ Hub unique?
One of this year’s standout initiatives is the Producers’ Hub, inspired by the Producers’ Network at Cannes. This new addition aims to support producers by providing a dedicated space for networking and collaboration. Spearheaded by the Korean Film Council (Kofic), the Hub has attracted significant interest, with Korea as the focal country for this inaugural edition. Future editions will feature a rotating country in focus, enhancing the Hub’s international appeal.
Evolving the traditional market
Adapting to a changing landscape
The traditional aspect of the Asian Contents & Film Market (ACFM), primarily dedicated to rights sales for finished films, has seen a strategic evolution. As the number of direct sales for completed films declines, there’s a growing emphasis on project markets, story markets, and a variety of conferences. These components form an ecosystem that Kim believes functions well in the current landscape, allowing buyers to engage at earlier stages of production, acquire intellectual property (IP), and participate as producers.
Maintaining human connections
Despite the rise of online markets, industry professionals still prefer the physical market for its unparalleled networking opportunities, direct information exchange, and the chance to screen films in person. This human touch remains a cornerstone of the festival’s continued relevance.
Financial resilience and new partnerships
Financial growth amidst challenges
Last year, the market registered around 2,500 participants, a number expected to remain steady this year. Interestingly, the festival’s income has increased by approximately 10%, reflecting a robust financial footing amid broader industry challenges.
International presence
The market will also see the return of the British umbrella stand and the introduction of a new Italian pavilion, enhancing its international dimension and providing fresh opportunities for cross-cultural exchange and collaboration.
Budget considerations
Adapting to financial realities
Although the overall budget for the festival has not changed significantly, increased sponsorship and local government support from Busan city have mitigated the loss of national subsidies. This financial stability is key to sustaining the festival’s diverse and dynamic programming.
Korean cinema and its global impact
The relationship with Korean cinema
The success of the ACFM is not directly tied to the fluctuating fortunes of the Korean box office. Even as box office figures in Korea remain weak, the market has seen increased participation from notable Korean companies like Megabox and M Plus. This suggests a broadening interest that extends beyond national borders, attracting significant attention from the Asian and global film industries.
Seeking solutions amidst change
Participants are keen to explore solutions to industry challenges, focusing on the future mix of technology and content and the balance between traditional film content, IP, and webtoons.
Reaching out to TV companies
Collaboration over competition
While TV companies are a significant part of the industry, Kim explains that this sector is well-covered by the Busan Content Market held in May. Rather than competing, the ACFM collaborates with the BCM to address the needs of TV producers, enhancing the overall ecosystem.
The role of AI in filmmaking
A different perspective on AI
Traditional AI conferences often emphasize AI’s potential to empower independent filmmakers by democratizing filmmaking tools. However, the upcoming AI conference at ACFM takes a different approach, focusing on how financial capital interacts with AI and content creation.
Industry insights from AI pioneers
The morning sessions will offer a roadmap of the Asian content industry, featuring insights from companies like IQiyi, Dentsu, and Korea’s WYSIWYG Studios. These sessions will explore AI’s impact on content generation, marketing, and the merging of technical and creative industries.
Practical demonstrations and future tech
The afternoon will focus on practical applications, including demonstrations and discussions on new workflows integrating AI into filmmaking. With extensive participation from Chinese companies, the conference highlights AI’s growing influence as an elite and predominantly Chinese-driven industry.
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