Busan International Film Festival Embraces New Technologies and Co-production Ventures
Busan, South Korea – Under the leadership of Ellen Y.D. Kim, the industry platform of the Busan International Film Festival (BIFF), the Asian Contents and Film Market (ACFM), is stepping up its engagement with new technologies and fostering international co-production efforts. This year's ACFM is set to be more dynamic with a series of new initiatives and expanded participation, reflecting its growing significance in the global film industry.
The ACFM is scheduled to take place from October 5 to October 8 at the BEXCO convention centre, concurrent with the BIFF which runs from October 2 to October 11. One of the key highlights of this year’s ACFM is a day-long conference on October 6 that will delve into the integration of Artificial Intelligence (AI) in content production. The conference will feature notable speakers from leading companies including Stability AI, Microsoft, iQiyi, and Naver Webtoon.
Following this, on October 7, another significant conference will focus on the ever-evolving world of streaming. Sessions will provide in-depth analyses of the business strategies of regional Over-The-Top (OTT) platforms across Asia, including Japan, Taiwan, and Southeast Asia. These sessions aim to explore how these platforms are navigating intense global competition and how the rise of OTT platforms has transformed storytelling methods, particularly in series and short-form content.
“These sessions will focus on how platforms in Japan, Taiwan and Southeast Asia are carving out unique survival strategies amidst intense global competition,” said Kim. “Additionally, we will explore how the rise of OTT platforms has transformed storytelling approaches, particularly in series and short-form content, through specific case studies.”
The ACFM’s proactive adaptation to global trends is evident from its strategic initiatives. BIFF has recognised that the need for physical film markets for trading completed films is diminishing as more sales activities shift online and negotiations with global streamers become commonplace. During the pandemic, ACFM positioned itself as a premier hub for discovering Asian intellectual property (IP), such as manga, books, and games, through its Busan Story Market. This year, French IP will also be included, broadening the market’s appeal.
In response to political changes and shifting industry dynamics, ACFM has seen increased interest, particularly following the reduced appeal of Hong Kong's Filmart due to growing political repression. Registration numbers for ACFM 2023 are reportedly higher than last year, with strong participation from various Asian territories. Additionally, there is rising engagement from North American and European markets, particularly France and Italy, and an expanded presence from Saudi Arabia.
A significant new initiative this year is the Producers Hub, running from October 5-7. This initiative aims to bolster networking among producers seeking international co-production and financing opportunities. Each year, Producers Hub will select a Focus Country to showcase co-production projects and industry trends, beginning with South Korea this year.
“Korea has not traditionally been an active co-producer, tending to handle finance and international distribution from within its own borders, but co-production is becoming a growing trend in Asia,” noted Kim. The initiative aims to explore how Korea can integrate into this evolving ecosystem, fostering partnerships and exploring new financing models.
Despite these advancements, ACFM remains a traditional rights trading platform, attracting an increasing number of Asian and European sales agents. While some Chinese buyers may opt for Filmart due to China’s soft ban on Korean movies, European sales agents still find value in attending ACFM to connect with a diverse range of Asian buyers.
Notable companies such as Germany’s Pluto Film and Picture Tree International will participate, reflecting ACFM's strategic timing and importance in the international market circuit. European Film Promotion will also bring 28 sales agents, and the market will host national pavilions from Italy, France, Spain, the UK, and several Asian countries.
Other significant draws at ACFM include the Asian Project Market, which this year features 30 selected projects, and Platform Busan, a networking initiative for independent filmmakers. The event will be punctuated with numerous dinners, parties, and networking events, enhancing the collaborative atmosphere.
The ACFM at BIFF is poised to be a nexus for new industry trends and international collaborations, heralding a period of growth and innovation for the global film market.
Source: Noah Wire Services