A group of film lovers in South Korea has made the internet their new “source of income” and are using the bidding wars to make a little bit of money.
According to The New York Times, the South Korean government is set to auction off about $40 million worth of old movies for a whopping $1.4 million, bringing the total number of auctions for films to about $200 million.
The internet auction is just the latest in a series of initiatives that have been undertaken in recent years to promote the country’s film industry, as well as to help raise funds for the South Koreans.
The country has one of the most vibrant film and TV industries in the world, with more than 3 million movies and TV series released in 2018.
The boom in the country has seen the number of movie tickets sold in the last year rise by about 70 percent, to over 4 million, according to the National Film Board.
The South Korean film industry has also been hit hard by the economic crisis in China, with many studios shutting down.
Some of the biggest hits of 2018 have been dramas like “The Legend of Korra,” “Moonlight,” and “Moonrise Kingdom,” as well a documentary about South Korea’s “comfort women.”
Many South Korean films have been re-released by independent theaters in China and abroad, but the boom in demand in the United States has led to a glut of films in theaters.