Gov't to inject W17 billion into virus-hit film industry
A movie theater foyer in Seoul is empty amid growing fears over the spread of COVID-19, April 20. / YonhapBy Kwak Yeon-sooThe Ministry of Culture, Sports and Tourism announced Tuesday that it had formulated additional plans to give financial support to the virus-hit film industry. The culture ministry said it will provide a 90 percent exemption from charges for a film development fund as the industry suffers cinema closures and all-time box office lows amid the COVID-19 pandemic. The exemption will be applied from February to December this year. Conventionally, Korea levies a 3 percent tax on ticket sales that goes into the film development fund. With the latest measure, however, movie theaters are required to pay 0.3 percent of monthly ticket sales to the fund.The number of moviegoers dropped to a record low of 1.83 million in March, the lowest for the month since local box-office data was first compiled in 2004. Total revenue nose-dived 88 percent year-on-year to 15.2 billion won ($12.5 million) in March. Multiplex chain CGV temporarily closed 35 branches across the country in a fi
