South Korea, a hotbed of latest cultural fervor, is to get a big new improvement and manufacturing firm headed by veteran studio executives. The brand new enterprise, Covenant Pictures begins operations with strong monetary backing, a various slate, and a first-look take care of the producers of the hit “Alongside With The Gods” film franchise.
Covenant sees itself scouring Asia for IP that might be developed and produced as Korean-made movies and TV sequence. Relationships in East Asia might forged the online wider, in future.
Covenant is co-founded by Lee Younger Han and Justin Choi, each former GMs of Lotte MediaWorks (beforehand Lotte Cinema), Korea’s second-largest vertically-integrated film conglomerate. Lee has manufacturing and movie finance expertise managing over 90 titles whereas at Lotte, whereas Choi’s focus was on worldwide affairs, acquisitions and advertising. Choi was additionally the territory GM for Paramount Pictures’ sub-distribution relationship in Korea.
“Korea is essentially the most thrilling and dynamic leisure market on this planet immediately. Covenant Pictures is designed and constructed to deliver collectively aggressive unique IP, co-production alternatives with first-class Korean expertise, and precious world strategic partnerships,” Choi instructed Selection.
To kick off the enterprise in a excessive gear, the pair have secured the strategic backing of Taiwanese investor and distributor Cai Chang Worldwide, which has credit together with “Alongside With the Gods” and the current “OK! Madam”, and Purple Plan, a 20-year previous Southeast Asian regional distribution firm headed by Singapore-based Violet Kwan.
The backers have taken minority fairness stakes in Covenant and will subsequently select to be concerned within the manufacturing finance of Covenant motion pictures and sequence as they’re totally packaged. Cai Chang and Purple Plan might also work with Covenant on native content material in Taiwan, Singapore, and Vietnam.
The primary-look co-production take care of Blaad Studio provides Covenant an enviable springboard. The corporate was based by Kim Yong-hwa, director behind a string of commercially profitable Korean movies together with “Take Off,” “Mr Go,” “200 Kilos Magnificence,” and “Alongside With The Gods: The Two Worlds,” and “Alongside With The Gods: The Final 49 Days.”
“I’ve nice expectations on Covenant Pictures’ administration. I want we might work collectively on varied tasks shifting ahead and have alternatives for each firms to develop,” mentioned Kim in an emailed assertion. Kim is at present in pre-production on Korean tentpole “The Moon.”
Covenant has already moved forward with improvement of a handful of tasks derived from IP together with novels, webtoons and current motion pictures. These embrace: book-to-film adaptation “A Spy From North Korea Goes to College”; “One,” a webtoon that was a 2020 winner of the KOMACON award and which has over 65 million viewers; unique script, “Bari,” a couple of girl who has been repeated by reincarnated for a thousand years, however who now finds herself moored within the current; and a brace of movie remakes.
“Our ambition is to develop and produce Korean movies and sequence based mostly on verified and confirmed IP. We may also uncover and work with younger gifted writers who perceive present tendencies amongst world youth audiences, and collectively develop aggressive unique tales,” mentioned Lee.