Korea is, with little doubt, the number one producer of quality film content in the East with Japan following closely behind Korea. Korea is, also, one if not the leading producer of game and TV content in the East.
However, Korea has not, to date, been a significant player in film and cinema hardware and production technology.
A recently executed MOU between Lotte Group and the City of Los Angeles may assist in turning Korea into one of the largest manufacturers of movie and cinema technology.
MOUs, normally, are worth as much as the paper they are written on, but MOUs with governments usually produce results. The L.A. government is expected to use its contacts with Hollywood to get a firmer foot in Hollywood’s door for Lotte and also assist in getting Lotte Group’s Lotte Cinema established in the L.A market in exchange for investments in L.A.
According to the Korea Times: “In association with Redrover, a U.S. stereoscopic image producer, Lotte Cinema is providing opportunities with U.S. blockbuster movie producers to experience 4-D movies at their joint lab in LA. The company is currently investing in Sony’s ‘Smurf 3,’ ‘Men in Black 3′ and Paramount Pictures’ ‘TinTin: The Secret of the Unicorn,’ according to the officials.”
Will Korea be a leading producer of 4-D Cinema Technology?
IPG Legal has one of the leading Entertainment attorney and practice in Korea. KS Chong wrote the first book on Korea Entertainment Law and represents some of the largest Korean entertainment companies.
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SeanHayes@ipglegal.com
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