The South Korean film industry celebrated its 100th anniversary this year.
Despite its century-long history, no South Korean film has ever been nominated for an Academy Award.
However, this might all change with South Korean director Bong Joon-ho's 'Parasite', which won the Palme d'Or at the Cannes Film Festival earlier this year.
Having won the Filmmaker Award at the Hollywood Awards, and setting box office records for a foreign film in the U.S., watchers say 'Parasite' has a chance to win not just one, but multiple awards at next year's Oscars.
'Parasite' has the best shot at winning the Academy Award for Best International Feature Film, formally known as Best Foreign Language Film prior to the upcoming award ceremony in 2020.
The film is expected to go up against the Spanish drama, 'Pain and Glory', directed by Pedro Almodovar.
However, critics say 'Parasite' could capture even more awards, such as Best Story, Best Director and Best Cinematography.
Experts say, if 'Parasite' wins one Oscar or more, the success will pave the way for South Korean movies to penetrate film markets around the globe.
"The economic value of South Korean films would be higher in overseas markets. South Korean film companies and filmmakers would also enjoy greater advantages in markets around the world."
The nominations for the Academy Awards will be announced on January 13th.
The ceremony itself will take place in Los Angeles on February 9th.
Lee Seung-jae, Arirang News.