Asian Contents & Film Market Signs MOU for ‘Rising Films International Awards’

Published : Thursday, May 4, 2023, 10:02 pm
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Busan International Film Festival’s Asian Contents & Film Market (ACFM) has signed a memorandum of understanding (MOU) with Taiwan’s Rising Films International CO., LTD (Rising Films) to take part in the expansion of the industry through production support of Korean independent films.

“Support and Benefits of Unprecedented Levels”
Taiwan’s Rising Films Joins Hands with Busan International Film Festival
Supporting 1,000,000,000 KRW in production cost for Korean independent feature film!

Asian Contents & Film Market is launching a production investment program with Rising Films, a film and series production company based in Taiwan. ‘Rising Films International Awards (Rising Films Awards)’ is a production investment support program for a single Korean feature-length independent film, organized by Taiwan’s Rising Films in cooperation with ACFM to discover and support original feature-length independent films in Korea. The project, which will provide an unprecedented level of support and benefits for the selected recipient, will run for three years from 2023 to 2025.

Rising Films is an all-inclusive production company in Taiwan that provides service in the production of films and drama series, global IP transaction business, and more in the field of contents industry. The company took part in the investment of Terrorizers, the opening film at the 2021 Taipei Golden Horse Awards, and unveiled The Love Not Taken, a feature film development work funded by TAICCA, at the 2022 Toronto International Film Festival. Rising Films recently took part in filming a short virtual film in Hollywood and is putting effort in the cinematic adaptation process through means of hosting open calls for scenarios with an IP start-up investment business. In doing so, the company is actively fostering new talents and participating in versatile roles in the cultural content industry.

Rising Films Awards targets Korean feature-length independent films (excluding documentaries) that aims for release in theaters with a total production cost of less than 1 billion KRW. Projects that pass the preliminary examination in the first half of 2023 will proceed to participate in the main competition through pitching during this year’s ACFM period. The single project selected through the main stage will receive a maximum of 1 billion KRW in production cost, and have its world premiere at the 2024 Busan International Film Festival. Details regarding the production investment project will be announced in June.

The MOU ceremony, which took place on May 3 (Wed) at the Park Hyatt Busan, was attended by Busan International Film Festival’s festival director, Huh Moonyung and ACFM director, Oh Seok-geun, and executive director Link Cheng, CEO Rio Peng, and president Paul Cheng from Rising Films, and more.

At the ceremony, BIFF festival director, Huh Moonyung stated, “The decision to support 1 billion KRW in production cost in such difficult times is truly good news for the Korean independent film industry. We hope that this project will be the starting point for Asian filmmakers to overcome the boundaries of nationalities and promote active collaboration with each other.” ACFM director Oh Seok-geun quoted, “That the production cost of Korean independent films will be supported by Taiwanese capital is very symbolic. We hope that this project will be an opportunity for not only networking between Korean and Taiwanese filmmakers, but for Korean independent films to meet the audience in Taiwan as well as all across Asia.”

Taiwan’s Rising Films’ executive director Link Cheng also expressed their excitement for the Rising Film Awards. “We are very glad to bind an agreement with the Busan International Film Festival, the largest film festival in Asia. We have hopes that this cooperation between Taiwan and Korea will forge a more intimate relationship between the two countries’ audiovisual industry, and that Rising Films will be able to lead the Taiwanese film industry further into the Korean market through the Rising Films Awards. We will maximize synergy alongside the Busan International Film Festival as we discover original IPs and materials, unrivaled anywhere in the world.”

Following the global rise of Korean and Asian film industry, ACFM is garnering much anticipation as a platform for foreign capital to discover Korean directors and projects, and provide a foundation to advance to the world stage. This is expected to serve as an opportunity for Korean independent feature films to overcome the waning investment situation and prolong the influence of K-content.

The 28th Busan International Film Festival will be held for 10 days from Oct 4 (Wed) to Oct 13 (Fri) around the Busan Cinema Center, while the 18th Asian Contents & Film Market will be held at the Busan Exhibition and Convention Center (BEXCO) from Oct 7 (Sat) to Oct 10 (Tues).

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