Bollywood, Nollywood & Hallyuwood Can Learn From Each Other But Are Facing New Challenges, Say Red Sea Souk Panelists
deadline.comPost-pandemic audiences are much more open to different cultures, thanks to streaming and exposure to new types of content, but some of the world’s biggest film industries are still figuring out how to adapt in a rapidly changing landscape, said speakers on the ‘Cinematic Crossovers’ panel in Red Sea Souk.
Leading producers from three industries with an international footprint – Woo-sik Seo from Korea’s Barunson C&C (Parasite), Dheer Momaya from India’s Jugaad Motion Pictures (Last Film Show) and Jadesola Osiberu, founder of Nigeria’s Greoh Studios (Gangs Of Lagos) – compared their business and funding models with the old world system set up by France’s CNC and the nascent film industry in Saudi Arabia.
But they concluded by saying that, despite their success in achieving global impact, the current systems face some challenges – particularly in terms of censorship and IP ownership. Korean reality check Seo, whose credits also include Ojka and Descendants Of The Sun, kicked off the discussion by explaining how Korea’s world-beating film, TV and music industries initially grew with a combination of government funding and venture capital funds, starting when censorship restrictions were removed in the late 1990s.
Streaming then accelerated the global appetite for Korean content through hits like Netflix series Squid Game. But the pandemic and rise of streaming platforms also brought a reality check to Korea’s domestic industry. “Our local audience has become much harsher and more objective – they used to watch Korean movies just because they were Korean, but now they don’t feel the need to go to the cinemas because they can watch everything on OTT,” said Seo, referring to the fact that market share for Korean films
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