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  • South Korea supports content industry with policy financing up to 1 trillion won


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    By Hyunjin Choi

     

    South Korean President Moon Jae-in participated in the government forum on plans, “The three major strategies to promote content industry” on 17th September at the Seoul campus of the Korea Creative Content Agency. Among the other dignitaries were Finance Minister Hong Nam-ki, Culture Minister Park Yang-woo, Science Minister Choi Ki-young and Park Young-sun, Minister of SMEs and startups, as well as Na Young-seok, a renowned TV producer, NCsoft founder Kim Taek-jin and NetMarble CEO Bang Jun-hyuk.

     

    “Content industry goes beyond a culture field. It has become a vital industry that propels Korean economy. It will enrich our life, and in the end, will become the source of requisite. Korean’s pride has gotten stronger than ever with the power of contents and culture,” said president Moon in his speech. 

     


     

    “World-best high-speed internet network enables game developers to create quality online games, making Korea to rank the no.1 e-sports country. BTS has developed an innovative business model to interact with fans directly. Furthermore, lots of Korean TV contents have been exported overseas such as “Grandpas over flowers”, a South Korean travel reality show. Responding sensitively to the fourth industrial revolution, Korean wave contents and creative contents by one-man media can be enjoyed throughout the world, attributed to global platform and world-first 5G commercialization technology. Highlighting the excellency in Korean contents, the government will support for any creators with creative ideas and innovative technology to fulfill their dreams,” added President Moon.

     


     

    It is the first time for President Moon to attend the forum related to content industry. The Blue House stated that this shows the government’s will to support content industry.

     

    Aggressive investments is a part of the government’s three major strategies for content industry.

    According to the government official, policy financing will be set up for the next potential startups to scale up. The government plans to form ‘Content venture fund’ and “Content corporate guarantees’ to expand the investment up to more than 1 trillion won (USD 833 million) for the industry. The financing aims at offering financial support in the planning and development phase especially for the minor genres that have hard time securing investment. The funds are expected to enable high-risk, small-pocketed content market to finance on a stable basis.

     

    The government will strive to secure future growth momentum by nurturing tangible contents harnessing Virtual Reality, Augmented Reality and Mixed Reality. Public sectors together with the government will take initiative to apply the tangible contents to education field so as to activate the tangible content market.


    “Our goal is to build the largest tangible contents infrastructure ever in Asia and cultivate the experts.

    In an effort to maintain sustainable Korean wave, we will concentrate on increasing content exports abroad by expanding Korean language and Korean culture education. We will take action on creating solid production environment for creators not to suffer illegal copying or counterfeit goods.

    Don’t limit your imagination. Challenge everything you imagine. The contents you are envisioning are going to lead the world. The government will support for you,” said President Moon. 

     

     


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