It was only a few years ago that the Korean movie industry was seen as one of the fastest growing in the world with the country's filmmakers receiving international recognition and awards.
Although it currently ranks tenth overall, it makes up less than two percent of the international market.
And to review what went wrong and to seek possible solutions, key figures in the industry held a meeting with the Korean Film Council on Tuesday.
[Interview : Chung Byung-gug, Minister
Ministry of Culture, Tourism & Sports] "Among the many reasons behind the slowdown of Korea's movie industry is the Korean Film Council's failure to serve its role. And the lack of interaction and cooperation between filmmakers is also another reason."
One of the reasons behind Korea's weak performance over the last five years is that it failed to keep pace with countries like India and China, which have both been showing steady growth.
And with the Chinese movie industry growing rapidly, experts say it will take only around three years before it pushes Korea out of the top ten.
Last year, China posted 64 percent growth in ticket sales and a 14 percent jump in the number of movies made, making the country an attractive business partner for Korea.
[Interview : Kim Eui-suk, Chairman
Korean Film Council] "While China's movie industry is rich in resources, it lacks software. So we are at a point where the two countries can exchange contents, like actors and movie scripts."
Some other plans for boosting the Korean film market include setting up global business centers in cities like Beijing and Los Angeles, home to Hollywood, as well as improving working conditions for domestic filmmakers.
[Reporter : Hwang Sung-hee
firstname.lastname@example.org] "The experts will continue to seek a solution for reviving the Korean movie industry by holding a meeting at the end of next month with around 200 participants.
Hwang Sung-hee, Arirang News."