South Korea Allocates Record-Breaking Budget for Content Industry Growth

South Korea Allocates Record-Breaking Budget of 1.74 Trillion Won for Content Industry

The Ministry of Culture, Sports, and Tourism has announced the allocation of a historic budget of 1.74 trillion won for content policy finance. This budget, the largest in the history of the content industry, aims to strengthen the industry and enhance its competitiveness.

Supporting Export-Oriented Companies and Promoting Global Content Production

The Ministry of Culture, Sports, and Tourism plans to actively support export-oriented companies in the content industry to boost growth and competitiveness. To achieve this, a joint fund of 600 billion won will be established, with the goal of promoting the production of large-scale content targeting the global market.

Specifically, the investment size for the Video Investment Association will increase from 8 billion won to 25 billion won, while the K-Content Fund will expand from 19 billion won to 34 billion won. These measures will supply a policy finance of 1.74 trillion won to the content market next year, alleviating the financial difficulties faced by the industry, which amounts to approximately 3 trillion won annually.

Supporting Overseas Market Expansion and Establishing Content Business Centers

In order to support the overseas market expansion of domestic content companies, the Ministry of Culture, Sports, and Tourism plans to establish 10 “Content Business Centers.” These centers will provide tailored support, including legal and regulatory information, market insights, and business matching. The budget for this initiative has increased from 10.2 billion won to 17.2 billion won.

Furthermore, a business support center will be established in Tokyo, Japan, to assist domestic content companies in establishing local subsidiaries, attracting investments, and easing rental burdens. A budget of 4.7 billion won has been allocated for the establishment of this center.

Nurturing the Game Industry and Strengthening Copyright Policies

Recognizing the growing importance of the game industry, the Ministry of Culture, Sports, and Tourism has increased the budget for supporting the industry. The budget for supporting the game industry, including overseas expansion, has been expanded to 67.9 billion won. Additionally, a budget of 13.3 billion won has been allocated to support game companies that have gained attention through events such as “G-STAR” and “League of Legends World Championship.”

The ministry is also focusing on strengthening copyright policies to protect the rights of content creators and combat infringements. The budget for rapid response research on global copyright issues has increased from 2 billion won to 8.5 billion won. Furthermore, a campaign called “Pay for My Creation” will be supported with a budget of 1.7 billion won to raise awareness and respect for copyrights. An additional budget of 4.3 billion won will be used to support the development of core technologies for advanced copyright protection.

Supporting Innovative Growth and Content-Related New Businesses

As part of efforts to foster innovative growth in the content industry, the Ministry of Culture, Sports, and Tourism will support content-related new businesses. This includes a budget of 9.2 billion won to support content production utilizing artificial intelligence technology. Furthermore, a program to cultivate professionals in online video services (OTT) and broadcasting content will be introduced with a budget of 1 billion won to strengthen the industry’s foundation.

Through these comprehensive measures and increased budget allocations, the Ministry of Culture, Sports, and Tourism aims to propel the content industry to new heights, ensuring its sustained growth and success.