The Daejong Film Awards, which had been without an organizer for nearly two years, has finally found a new host after extensive negotiations. The Korea Film Artists Association (Chairman Kim Dae-geun, hereinafter referred to as Yeongyehyup) announced on the 11th that “we have finally acquired the business trademark for the Daejong Film Awards, which had been put up for auction.” As the oldest film awards ceremony in South Korea, the Daejong Film Awards saw its organizing rights—deemed equivalent to the business trademark—auctioned after the Korea Film Actors’ Association (Yeongchong), which held the rights, went bankrupt in December 2023.
Early this year, the Film Planning Producers Association, a subsidiary of Yeongchong, submitted a bid and paid a deposit, opening the possibility of hosting the event. However, it failed to pay the remaining balance, leading to the trademark being re-auctioned in July.
After four failed auctions, Yeongyehyup was granted priority purchasing rights and submitted a bid of 315 million Korean won. With no other institutions submitting bids by the deadline on the 10th, Yeongyehyup officially acquired the trademark rights.
This development brightens the prospect of reviving the Daejong Film Awards, which has not met the public for two years since its 59th ceremony in November 2023. A source from the association told this newspaper on the same day, “We plan to hold the 60th ceremony in April next year.” Artem Studio, under Wiband Co., Ltd., was selected as the event’s organizer.
Yeongyehyup stated, “As Yeongchong faced bankruptcy due to opaque management, we will explore ways to co-host the Daejong Film Awards with local governments in the future, ensuring transparent procedures to reconnect with the public.”
Background of the Daejong Film Awards
The Daejong Film Awards are one of the most prestigious events in the South Korean film industry. Established in 1958, the ceremony has recognized outstanding achievements in cinema and played a crucial role in promoting the country’s film culture. However, the lack of a clear organizer over the past two years has led to uncertainty about its future.
The original organizer, Yeongchong, faced financial difficulties that eventually led to its bankruptcy. This left the Daejong Film Awards in limbo, with no official entity to manage the event or ensure its continuation.
Steps Toward Resolution
In response to the crisis, several organizations expressed interest in taking over the responsibility. The Film Planning Producers Association initially submitted a bid, but its failure to meet financial obligations resulted in the trademark being re-auctioned. After multiple attempts, Yeongyehyup emerged as the successful bidder, securing the rights to organize the awards.
The association emphasized its commitment to transparency and public engagement. It plans to work closely with local governments to ensure that the event is not only financially viable but also accessible to a wider audience.
Future Plans and Challenges
With the acquisition of the trademark, Yeongyehyup has set its sights on holding the 60th ceremony in April of the following year. The choice of Artem Studio as the event’s organizer signals a shift toward more professional and structured management of the awards.
However, challenges remain. The association must navigate the complexities of rebuilding trust among filmmakers, industry professionals, and the general public. Additionally, ensuring that the event maintains its prestige while adapting to modern demands will be a key focus.
Conclusion
The acquisition of the Daejong Film Awards’ trademark by Yeongyehyup marks a significant step toward stabilizing the future of this iconic event. While the road ahead may be challenging, the renewed efforts to restore the awards offer hope for a vibrant and inclusive celebration of South Korean cinema.