Filmmaker Bong Joon-ho acknowledges audiences at as his feature film “Parasite” won four Oscar awards at the 92nd Academy awards ceremony at the Dolby Theater in Los Angeles on Feb. 2. CJ Vice Chairman Lee Mi-kyung takes the microphone following Bong’s acceptance speech. (Photos: CJ Group)

Korean filmmaker Bong Joon-ho made history in the global film industry, with his feature film “Parasite” winning four awards at the Oscars on Feb. 2, heralding in a golden era for K-movies on the global cinema stage.

“Parasite” was the first non-English film to win Best Picture in the 92 year history of the Oscars. “Parasite” also won Best Director, Best Original Screenplay and Best International Film at the awards ceremony for the 92nd Academy at the Dolby Theater in Los Angeles. Bong tied Walt Disney, who won four Oscars in one night in 1953.

“Parasite,” a twisted social satire, became the second film ever to grab the Palme d’Or and the Oscar for best film together, following the 1955 romance film “Marty” by Delbert Mann.

With the Korean film claiming four major awards at the Academy, which has long been dominated by Hollywood films, the Korean film industry expects K-movies, also known as hallyu (Korean Wave), to enter a golden age in the global film industry.

Hallyu 1.0 started with a focus on Korean-made dramas, followed by hallyu 2.0 centering around K-pop. Hallyu 3.0 ensued with K-culture, a combination of broadcasting, music and performances, followed by hallyu 4.0, which is forecast to flourish on the back of K-movies.

The Korean film sector has a relatively lower recognition compared to K-pop, drams and games. Stats on content industry exports compiled in 2018 showed that game and music sectors raked in $5.9 billion and $512.58 million, whereas the movie segment earned just $40.72 million.

“Parasite” sweeping the Oscars became an opportunity for the world to recognize the Korean film industry, which has long been dominated by the United States.

Korea’s joint film-making projects with foreign countries are expected to get a boost.

Director Bong’s film “Snowpiercer” (2013) will be remade into a drama and broadcast in the United States in May.

A contract has been signed to remake the film “Parasite” into a drama. CJ ENM is seeking to implement joint film-making projects with U.S. filmmakers.

Lotte Cultureworks and Showbox are considering joint venture in Southeast Asian countries, including Vietnam. Joint ventures with foreign filmmakers are predicted to be on the rise.

In his acceptance speech at the awards ceremony, Bong said, “I studied filmmaking guru Martin Scorsese’s film, and just to be nominated (with him) was a huge honor. I never thought I would win.” He thanked Scorsese, who was nominated in the same category for “The Irishman,” and cited his quote “the most personal is the most creative.”

After “Parasite” was selected as best picture, the case of the film, including actor Song Kang-ho, shared the victory with Bong.

Lee Mi-kyung, co-producer and vice chairwoman of the distributor of CJ Group, and Kwan Sian-ae, co-producer and head of production company Barunson E&A also joined them.

Lee extended thanks to CJ Group Chairman Lee Jay-hyun, saying, “I appreciate my brother for having made us dream always even if they are impossible dreams.”

CJ’s 25-year Scheme to Explore Culture Industry Works

In March 1995, Lee Jay-hyun, then vice president of CJ Cheiljedang, and Lee Mi-kyung, then director, went over to the United States and signed a deal to make a joint-venture with animation production company DreamWorks. CJ’s efforts to explore the culture business for 25 years since then have culminated in the Korean film’s sweeping Oscars, business analysts said.

CJ ENM, an entertainment subsidiary of CJ Group, was an investor-cum distributer of filmmaker Bong’s four hit films – “Memories of Murder (2003),” “Mother,” “Snowpiercer,” and “Parasite.” CJ made an aggressive investment into a project to globalize filmmaker Bong’s “Snowpiercer,” which was produced at a cost of 40 billion won.

CJ spared no efforts to support Bong. After “Parasite” was nominated for Academy awards, Bong expressed gratitude to CJ ENM, saying his team would contribute to the development of the Korean film industry.

CJ ventured into the culture business in 1995 after the group was spun off from Samsung Business Group. CJ took its maiden step with a $300 million invest into the establishment of DreamWorks. CJ launched CGV, the nation’s first multi-complex theater, in 1998 to lead growth momentum of the Korean film market.

The group ventured into the film distribution business by establishing film distributor-cum investor CJ Entertainment in 2000.

The group expanded its business to media and music to enjoy leadership in K-culture. CJ Entertainment has become the sole Korean company to have distributed more than 185 Korean films abroad since 2009.