South Korea’s KOCCA Secures 6 Trillion Won Budget for Content Industry Growth

South Korea’s Korea Creative Content Agency Secures 6 Trillion Won Budget for Content Industry Support

The Korea Creative Content Agency (KOCCA) has successfully secured a budget of 6 trillion won for next year’s content industry support. Despite a 22% decrease compared to the previous year, the allocated budget of 6.124 trillion won remains substantial and will contribute to the growth and development of the industry.

Focus on Content Industry Support and Overseas Expansion

KOCCA aims to concentrate its budget on supporting the content industry and facilitating more effective overseas expansion. The agency plans to allocate the budget based on various functions and genres within the content industry, ensuring a strategic distribution of resources to enhance the international competitiveness of Korean content and provide comprehensive support for overseas ventures.

Allocation of Budget by Function and Genre

KOCCA has revealed the budget allocation for different functions and genres within the content industry. The budget for overseas expansion has seen a significant increase of 72.3% compared to the previous year, focusing on establishing new overseas bases, operating promotional venues related to the Korean Wave, and organizing exhibitions. Additionally, the budget for pitching support and the establishment of a global pitching platform has been increased by 60.7% to attract foreign investors. Furthermore, the budget for talent development and global support for companies has also been increased by 430 billion won, contributing to the nurturing and growth of the industry.

Enhancing Global Competitiveness of Korean Content

KOCCA aims to strengthen the global competitiveness of Korean content by allocating budgets to different genres. The budget for broadcasting-video content amounts to 1.028 trillion won, while games receive a budget of 644 billion won. Animation/characters are allocated 352 billion won, and the music industry receives 327 billion won. Additionally, 230 billion won is allocated for innovation technology convergence content, and 159 billion won for comics. This budget allocation aims to support the creation of intellectual property, promote the growth of technology convergence content, and enhance the international competitiveness of Korean content.

Customer Management and Communication

During a briefing, KOCCA’s Vice Chairman, Yoo Hyun-seok, shared the agency’s long-term management goal for 2024, emphasizing the importance of understanding the industry’s needs and enhancing customer communication channels. KOCCA plans to strengthen its customer communication system to better reflect industry feedback in its operations and policy decision-making processes.

Commitment to Growth and Globalization of Korean Content

Jo Hyun-rae, the Chairman of KOCCA, expressed the agency’s commitment to supporting the growth of competitive content and realizing the globalization of Korean content. KOCCA will continue its efforts to unearth world-class intellectual property and foster innovative content creation through technology convergence.

Conclusion

With a budget of 6 trillion won, the Korea Creative Content Agency is well-equipped to support the growth and development of the content industry. By focusing on content industry support and overseas expansion, KOCCA aims to enhance the international competitiveness of Korean content and solidify the country’s position as a leader in the global content culture. More detailed information about the support program can be found on the official website or YouTube channel of KOCCA.