South Korean Culture Minister Engages with OTT Industry for Global Expansion

South Korean Culture Minister Holds Meeting with OTT Industry Representatives

The South Korean Culture Minister, Yu In-chon, recently held a meeting with representatives from domestic OTT (Online Video Streaming) companies to discuss support measures and promote the industry. The meeting took place at the Seoul branch of the National Museum of Modern and Contemporary Art. During the meeting, Minister Yu engaged in discussions with industry leaders such as Choi Ju-hee, CEO of Tving, Lee Tae-hyun, CEO of Wave, and Park Tae-hoon, CEO of Watcha.

Supporting the Global Expansion of OTT and Broadcasting Content Industry

Minister Yu’s meeting focused on exploring support strategies for the overseas expansion of OTT and broadcasting content industries, as well as gathering valuable insights for sustainable development. This initiative aligns with the recently announced “Video Industry Leap Strategy,” which emphasizes the importance of enhancing the domestic OTT sector. The Ministry of Culture, Sports, and Tourism is currently considering including OTT subscription fees as eligible for cultural expense income deductions and expanding tax deductions for content planning expenses.

Promoting K-Content Globally through OTT

Minister Yu emphasized the necessity of supporting the worldwide dissemination of K-content through OTT platforms. He stated that the Ministry of Culture, Sports, and Tourism, as the leading agency responsible for content promotion, will formulate policies and seek support measures to adapt to the changing landscape of the broadcasting and content industry.

Meeting to Foster Collaboration and Discuss Support Measures

The meeting organized by Minister Yu aimed to foster collaboration between the government and domestic OTT industry representatives. The discussions revolved around supporting the growth and development of the industry, particularly in terms of international expansion and sustainable progress. The meeting was also an opportunity for Minister Yu to gather firsthand opinions from industry experts and stakeholders.

Continued Efforts to Boost the OTT and Broadcasting Content Industry

The Ministry of Culture, Sports, and Tourism remains committed to supporting the OTT and broadcasting content industry. By recognizing the global reach of K-content through OTT platforms, the ministry strives to create a policy framework and implement support measures that align with the evolving landscape of the industry.

As the South Korean government continues to prioritize the growth of the OTT industry, meetings like these facilitate collaboration and pave the way for the industry’s sustainable development and international expansion.