Cash Prizes

What’s Cumulative Prize (CP)?

The annual cumulative prize of the KMF Awards comprises of annual cash prize put up by the KMF Organization Committee and cumulative cash prizes deposit by organizers of individual KMF affiliated contests, an amount equivalent to 10% of the individual contest that accumulates over a year.

How does it work

Accumulation of Cash Prizes by Participating Contests

The KMF Awards comprises of the initial prize put up by the KMF Organization Committee and cash prize deposit by organizers of individual contests affiliated with the KMF. For 2020, Organization Committee deposit KRW20,000,000 as starting cumulative prize, and a sum equal to 10% of two contests’ cash prizes, each with total cash prize of KRW10,000,000, accumulated on top of the KRW2M.

Therefore, KMF2020 will begin with starting cumulative cash prize of KRW22,000,000, and a total cash prize of KRW42,000,000.
As 2020 is the first year of the KMF Awards, the cumulative prize contestants will be selected among winners of KMF affiliated contests that will announce winner by September (exact date to be announced later), and the winners will be announced and be awarded at the KMF Awards ceremony to be held between Oct. 9 and 11, 2020. The cumulative cash prize deposit by contests that announce winner after September, the sum will automatically be accumulated to the KMF2021 Awards Program.

The percentage of the cash prize deposit, which is fixed at 10% of the total cash prize of individual cash prize, made by individual contest organizers may change or vary.

Winners of individual contests affiliated with the KMF Awards Program will automatically become contestants of the annual KMF Awards (KMF2020) and are eligible to win the cumulative cash prizes.

Accumulation of Cash Prizes by Contest Applicants

KMF Awards Program is an event that not only the organizers but also applicants make and develop together. There’s no application fee for applying to all KMF affiliated contests. However, free applicants will only win 70% of the cumulative cash prize even if they win the final Grand Prix KMF2020 Awards after winning individual contest(s).

Applicants who pay USD10 (for non-Korean residents) participation fee, upon their participation to individual contest affiliated with the KMF, are qualified to win full 100% of the KMF Awards cumulative cash prizes. 70% of the applicants’ participation fee will be accumulated and deposited to the total annual KMF Awards cumulative prizes.

Cash prizes that are not paid out to participants due to winning of annual KMF Awards Program by applicants who did not pay the USD10 participation or application fee, can be used for developing and unfolding new contests, supporting creative talents or supporting promising startups upon deliberation by the KMF Organization Committee.

Prize Categories

At the beginning, the KMF Awards Cumulative Prize will comprise of below two Awards categories, and the cumulative prizes will accumulate evenly, by 60:40 ratio, between the two categories.

  • Amateurs/Non-celebrity Category (40%): KRW8,000,000
    1st Prize: 60% of total category cumulative prize
    2nd Prize: 30%
    3rd Prize: 10%
  • Professional/Celebrity Category (60%): KRW12,000,000
    1st Prize: 60% of total category cumulative prize
    2nd Prize: 30%
    3rd Prize: 10%
  • New Awards Categories
    When the KMF Organization Committee secures additional funds through addition of new co-organizer, sponsors and supporters, the funds can be accumulated to above-mentioned two categories or a new prize category can be established. When new prize categories are formed, cumulative cash prizes will evenly be accumulated across all awards categories.

Who’re eligible to apply & win?

KMF Awards Program has a principle of equality when it comes to applying to KMF affiliated contests. Men and women of all ages, regardless of their place of residence, nationality and race can apply.

However, there can be some restrictions set up by organizers of individual contests affiliated with the KMF Awards.

As long as the applicant submit video piece that comply to rules set forth by the organizer of individual contest affiliated with the KMF and to below rules of the KMF, anyone can participate.

Rules for Applying

  • Either full-length of the video or part of the submitted video (partial minimum duration designated by individual contest) must be shot with a mobile or smartphone device(s), (e.g. Samsung Galaxy, LG, iPhone, iPad, Xiaomi, HTC, Nokia, Motorola, GoPro, etc.)
    (DSLR and digital camcorders, digital cameras are not supported)
  • Comply to video duration (length) requirement set up by individual contests
  • Agreement and guarantee to the KMF Organization Committee’s Premiere requirement for the submitted content (Providing the committee with the right to distribute the content first above all others including the applicant)
  • Agreement and guarantee to the KMF Organization Committee for permanent ownership of the exclusive copyright for the submitted content, or non-exclusive copyright for the full-length submitted video and partial video clip edited from the submitted video to distribute them online and offline and to use them for promotional purposes
  • Comply to the video format and type put forth by individual contest organizers
  • Agreement guaranteeing that the applicant did not use copy written material (whether video, music, image and text) that infringe upon other(s)’ copyrights or intellectual property rights, unless you have a written permission to do so.
    (You’re agreeing to the rule that violating this copyright rule, you’ll forfeit the cash prize or will refund, repay in full, the cash prize you won even after receiving the cash prize)
  • Agreement guaranteeing that the applicant’s video does not infringe upon other(s)’ portrait rights, publicity rights or moral rights, and you have obtained a written permission from all those show on the video piece.
    (You’re agreeing to the rule that violating this copyright rule, you’ll forfeit the cash prize or will refund, repay in full, the cash prize you won even after receiving the cash prize. The KMF Organization Committee may ask for written proof to the applicant before paying out the cash prize for verification. Fail to submit the proof within 30 days upon request, the applicant will forfeit the right to win the cash prize automatically.)
  • Agreement and guarantee to the KMF Organization Committee that the applied content has not been registered or made public on online video platforms including, but not restricted to YouTube and Vimeo, and or that you have deleted the video from such online video platform before applying.
  • Agreement that the video contains no adult content or scene inappropriate for non-adults. No excessive nudity or excessive profanity will be allowed. The content must not contain illegal or harmful activity, violent, profane, vulgar, obscene, defamatory or otherwise objectionable material, adult material; or defamatory content.
  • One of more smartphone devices and Gopro devices can be used (Multiple mobile devices allowed for shooting film)
  • Any software or hardware can be used to edit video and audio
    (For edit, color correction or special effects, etc.)

Who’s responsible for the prizes?

  • Individual contest prizes: Responsible by the organizer
  • KMF Awards cumulative cash prize: Responsible by the KMF Organization Committee

*KMF Organization Committee is not responsible for payout of the individual contest unless stated explicitly.

When and How prizes will be delivered

Korean residents (Korean nationals & foreigners residing in Korea)

  • After announcing the winners of the KMF Awards, the KMF Organization Committee will ask for and collect personal identification materials from KMF Awards winners residing in Korea (either Korean national or foreigner residing in Korea), and upon completion of verifying the identity of the winners, the committee make all-out efforts to pay out the cash prize within 1-3 months period post to announcement.
  • Prize winners should collect the cash prize with in maximum 1 year period upon announcement. If the prize is not collected within the 1-year time, the winner will be deprived of the right to collect the cash prize.
  • For those who do not provide required documentations required for personal identification verification, or those whose banking account name and the applicant’s name is not identical, cash prize may not be awarded and wire transferred. 
  • As for non-adult winners, the winner should provide documentations proving the relationship with the adult who will receive the cash prize through one’s banking account to the prize winner. The person who’ll receive cash prize on behalf of the non-adult applicant should be either parent or legal guardian of the applicant.
  • If the winner paid the application fee or participation fee of USD10, the winner will collect full 100% of the cumulative cash prizes. Winners who won the KMF Awards without paying the application fee will only be eligible to collect 70% of the cumulative cash prizes. Participation fee must be paid before the deadline of individual contest the contestant is applying to.
  • For Korean nationals and foreigners residing in Korea, the winning cash prize will be subject to ‘Other Income’ defined by the Article 21 of the Income Tax Law of Korea and relevant income tax deduction ratio will be applied.
  • All relevant taxes, wire transfer cost and other relevant cost will be deducted from the winning cash prize and the remaining sum will be wire transferred to the KFM Awards winners.
  • Above rules and guidelines apply to only Korean national and foreigners residing in Korea, namely those who own an account with Korean retail bank. Above rules do not apply to Korean nationals living abroad (those who don’t have banking account in Korean retail banks) and non-Koreans residing out of Korea. Different income tax deduction ratios may apply and the winners are subject to report income to relevant laws of the country of residence.

Non-Korean applicants

  • As for the Korean nationals living abroad (those who don’t have banking account in Korean retail banks) and non-Koreans residing out of Korea), the winning KMF Awards cash prizes will be wire transferred in accordance with the Foreign Exchange Transactions Act or related laws of Korea and the country of the winner’s residence.
  • After announcing the winners of the KMF Awards, the KMF Organization Committee will ask for and collect personal identification materials from KMF Awards winners residing out of Korea (either Korean nationals or foreigners residing outside of Korea), and upon completion of verifying the identity of the winners, the committee will pay out the cash prize within 1 year period. Prize winners should collect the cash prize with in maximum 1 year period upon announcement. If the prize is not collected within the 1-year time, the winner will be deprived of the right to collect the cash prize.
  • For those who do not provide required documentations required for personal identification verification, or those whose banking account name and the applicant’s name is not identical, cash prize may not be awarded and wire transferred.
  • As for non-adult winners, the winner should provide documentations proving the relationship with the adult who will receive the cash prize through one’s banking account to the prize winner. 
  • If the winner paid the application fee or participation fee of USD10, the winner will collect full 100% of the cumulative cash prizes. Winners who won the KMF Awards without paying the application fee will only be eligible to collect 70% of the cumulative cash prizes. Participation fee must be paid before the deadline of individual contest the contestant is applying to.
  • For Korean nationals and foreigners residing in Korea, the winning cash prize will be subject to ‘Other Income’ defined by the Article 21 of the Income Tax Law of Korea and the country of residence of the winner, and relevant income tax deduction ratio will be applied. The Korean Won-US Dollar or Korean Won-Foreign Currency exchange ratio of the retail or commercial bank the KMF Organization Committee uses will be applied to the cash prize upon wiring the cash prize. 
  • All relevant taxes, wire transfer cost and other cost will be deducted from the winning cash prize and the remaining sum will be wire transferred to the KFM Awards winners.
  • According to Korea’s Foreign Exchange Transactions Act, any money transfer less than USD5,000 per transaction can be wired without any restriction. However, a single transaction exceeding an amount of USD5,000 requires submission of relevant documents of proof to the foreign exchange authority or authorities. A transaction of a total amount exceeding USD50,000 requires preparation of relevant documents and proofs, processing for approval of the transaction, etc. thus the wire transfer of the winning cash prize can be delayed.
  • KMF Organization Committee will pay out the cumulative cash prize within maximum 1-year period through legitimate method in accordance with the Foreign Exchange Transactions Act of Korea and equivalent laws of the country the winner resides with collaboration of the winner. If the Foreign Exchange Transactions related law of the country the winner resides in has a ceiling of the winning cash prize that can be wire transferred internationally, the cumulative cash prize can be paid out according to the ceiling defined by relevant laws of both Korea and the country the winner resides.
  • With regard to all laws relevant to paying out the cash prizes in Korea and the country the winner resides in, the winner may have to pay a visit to Korea in person to collect the prize, or the winner may not be able to collect the cash prize at all. (e.g. Residents of North Korea cannot win the cumulative prize)
  • The KMF Organization Committee will make all-out efforts to pay out the cash prize within 6 months period post to announcement, 1 years maximum, and the winners of the KMF Awards must collect the prize within 1-year upon accouncement.
  • Winners of the KMF Awards may have to open a banking account in one of the retail or commercial banks in the country of his or her residence, where the KMF Organization Committee is able to wire transfer the funds in order to receive the cash prize via wire transfer.
  • Winners of the KMF Awards have obligations to report the income to relevant tax authorities and pay relevant income tax in accordance with the laws of the country of his or her residence.

*If you have any related inquiries, please send us your questions via ‘Contact Us’ page.

Up ↑