The slumping global economic crisis is taking a toll on the Korean film and K-drama industry.

Every day, stories about economic woes are on the news and Korea, a big trading partner with the United States, has not been immune.

The Korean currency was around 950 won to U.S. $1 early this year. Last month, the Korean currency was near 1,500 won to U.S. $1, a drop in valuation of more than 45 percent. If you are a drama fan scheduled to visit Korea soon, your dollar will go a long way. But for Koreans coming to the United States, it's the opposite; it will cost them more to visit.

The slowing economy and currency fluctuations affect the film and TV drama production industry as well. Advertisers are pulling back from TV in Korea, which is resulting in budgeting problems for Korean networks. Budgets for TV drama series are getting smaller and high celebrity fees are creating a tug-of-war between stars and production companies. Celebrities are scaling back their appearance fees in light of the economy. For the first time in history, one major network in Korea has decided to rerun past programs in prime time to cut down expenses.

Many Korean stars are working in Japan and scheduling appearances in Japan with their fans for 2009. They have several reasons, including maintaining their fan bases, expanding their exposure overseas and weening their reliance on the domestic film and TV industry. But more importantly, the Japanese yen is very strong against the Korean currency and getting paid in yen is a huge advantage over domestic work projects.

With the dollar and Yen being so strong against the Korean won, you could surmise that there must be many foreign investors for Korean film and TV projects; but actually, with the slowing economy and difficulty of credit markets, it is hard to get financing for the investments.

However, there are positive signs that top celebrities are making a comeback in TV shows and films planned for 2009 with lower contract fees helping the projects get off the ground. We will see a second hallyu (Korean wave) effort in 2009 with big-name stars once again making a push for Korean culture via TV and film. You will also see more Korean stars taking small roles in Hollywood films as many have invested months learning the English language, eager to take their chances in Tinseltown.

THIS WEEK'S K-DRAMA SYNOPSES

'THE FAMILY OF HONOR'

Episodes 7 and 8

Tonight at 7:45 p.m.: Dan-ah is shocked to learn about Young-in's character. Dan-ah, after playing soccer, gets a muscle cramp and rejects Gang-suk's offer to help. Daesung Construction's financial situation hits rock bottom, and the only way out is Lee Chun-gab.

Tomorrow at 7:45 p.m.: Gang-suk haggles an acquaintance of Professor Noh for genealogy. Dan-ah helps him pay hospital bills with her own money. Byung-do meets Chairman Ha, and gets on his good side. Joo-jeong is forced by Chairman Ha to pretend to be Byung-do's future bride.

'GLASS CASTLE'

Episodes 5 and 6

Sunday at 6:45 p.m.: Suk-jin was involved with Joon-song's sister, Joon-hee. Kyu-song brings Yu-ran home and they decide to adopt the baby. Joon-song confesses his feelings for Min-joo. Min-joo and Suk-jin start liking each other.

Sunday at 7:45 p.m.: Min-joo gets drunk with Suk-jin and reveals some things. Joon-song's still trying to win Min-joo over, but might like someone else. Hye-yong starts working without her mom knowing.

'TAZZA'

Episodes 15 and 16

Monday at 7:45 p.m.: Go-ni is arrested in front of Nan-sook and Gwang-ryul. Go-ni asks Nan-sook what happened but she can't tell him anything. Go-ni is sentenced to prison for Bear's murder and is jailed. Ah-gui, Young-min and Madam Jung are surprised to find Nan-soon on the arm of the American officer in charge of the casino operation at a party.

Tuesday at 7:45 p.m.: Go-ni meets the Ant King who also has a score to settle with Ah-gui. Go-ni repeatedly loses to the Ant King, but learns a lesson every time. Nan-sook disguises herself as a reporter to find the truth behind Bear's murder.

'PAINTER OF WIND'

Episodes 12 and 13

Wednesday at 7:45 p.m.: Yun-bok finds out about his brother's death, but is told he must bear it and complete the royal portrait (assessment) successfully. During the assessment, the officials attack the two painters about the color they used, and Yun-bok rips the royal portrait while everyone is watching.

Thursday at 7:45 p.m.: The king saves Yun-bok from being executed. Yun-bok is expelled from Dohwaseo and joins the Head Chief's private painting business. The king tasks Danwon and Yun-bok with finding the missing portrait of his late father.

Jeff Chung is the general manager of KBFD TV, which televises Korean dramas with English subtitles in Hawai'i. You can reach him for comment at 521-8066 or jeffchung@kbfd.com.