Gibo, Supporting Crisis Musicals Due to COVID-19

Signed a Business Agreement with the Korean Musical Association... Actively Supporting the Completion Guarantee of the Cultural Industry

On the 1st, Lee Yuri, President of the Korea Musical Association (left), and Yoo Sun-yeol, Head of the Seoul Regional Headquarters of the Korea Technology Finance Corporation, are taking a commemorative photo after the signing ceremony.

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jung Yoon-mo, hereinafter referred to as Kibo) announced on the 2nd that it has signed a "Business Agreement for Overcoming the COVID-19 Crisis and Revitalizing the Musical Industry" with the Korea Musical Association (Chairman Lee Yu-ri, hereinafter referred to as the Association).

This agreement establishes a collaborative model between Kibo, which operates various support systems including the Cultural Industry Completion Guarantee across the entire cultural content industry, and the Association, which oversees musical production and planning companies, to revitalize the musical industry and support cultural and artistic activities for socially vulnerable students.

According to the agreement, when the Association recommends planning or production companies that are developing excellent musicals or preparing performances, Kibo will actively support the Cultural Industry Completion Guarantee by partially reducing the guarantee fees. Additionally, the Association will provide various benefits aimed at nurturing musical talents and attracting youth customers using the reduced guarantee fees for vulnerable students.

To foster the cultural content business, Kibo introduced a customized exclusive product called the Cultural Industry Completion Guarantee in September 2009 and has supported 1333 projects with 742.7 billion KRW until last October. In January 2021, Kibo additionally established the Daejeon Cultural Content Finance Center, building four dedicated cultural content sales offices nationwide, and plans to expand the support scale of the Cultural Industry Completion Guarantee to 135 billion KRW.

Yoo Sun-yeol, head of Kibo’s Seoul Regional Headquarters, said, "This business agreement is expected to contribute to expanding cultural life through the reconstruction of the cultural industry, which has been hit hard by COVID-19," adding, "Once COVID-19 eases, we will closely cooperate with the education sector to prepare education programs linked to performance sites for nurturing future artists."

Lee Yu-ri, chairman of the Association, stated, "At a time when the musical market has been severely contracted due to the impact of COVID-19, we will actively continue follow-up planning to lay the foundation for the musical industry’s revival through this agreement," emphasizing, "In particular, an independent value evaluation model for revitalizing the musical industry market is urgently needed, and since nurturing professional talents for creative content development and overseas expansion is crucial, this business agreement with Kibo is even more meaningful."

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