Fostering Digital Content Leading 5G... 25 Projects Receive 58.4 Billion KRW Investment

Integrated Announcement for Digital Content Industry Development Support Project

[Asia Economy Reporter Seolgina Jo] The Ministry of Science and ICT announced on the 11th that it will invest 58.4 billion KRW in 25 projects to foster the digital content industry utilizing virtual and augmented reality (VR·AR), a core service area of 5G mobile communication.

This is part of the '2020 Digital Content Industry Promotion Plan' unveiled last January, targeting general companies and startups. The integrated announcement released on this day introduces support details by public offering projects, application methods, schedules, etc., and detailed information can be individually confirmed later through the websites of executing agencies such as the National IT Industry Promotion Agency (NIPA) according to each project's implementation schedule.

First, a total of 32.9 billion KRW will be supported for five projects including VR·AR content development and production center infrastructure establishment. Specifically, the ‘XR+α Project (14.7 billion KRW)’ aims to create new markets by integrating immersive content into public, industrial, and science and technology fields, and the ‘5G Content Flagship Project (15 billion KRW)’ will develop leading tasks in three major areas of immersive content based on 5G.

For 14 projects related to promising digital content development, marketing, and overseas expansion to create new markets, 20.6 billion KRW will be invested. The Ministry of Science and ICT plans to support companies’ participation in overseas roadshows, joint overseas expansion of large and small-medium enterprises, as well as co-production with overseas companies. In addition, a total of 4.9 billion KRW will be provided for six projects aimed at revitalizing the digital content ecosystem, including support for immersive content labs for training master’s and doctoral level talents and support for ICT-Culture Convergence Center startup space residency.

Song Kyung-hee, Software Policy Officer at the Ministry of Science and ICT, stated, "With this integrated announcement, we will actively promote the ‘2020 Digital Content Industry Promotion Plan’ announced last January," adding, "We will expand and strengthen related policies and projects to innovate and enhance the competitiveness of the entire industry through the spread of immersive content."

Earlier, the Ministry of Science and ICT announced that it will invest a total of 190 billion KRW in fostering the digital content industry this year, a 30% increase compared to the previous year.

This content was produced with the assistance of AI translation services.