Ministry of Science and ICT: "Supporting Native OTT Companies with Minimum Regulation Principle"

Meeting of Domestic OTT Companies on the 29th

[Asia Economy Reporter Cha Min-young] The Ministry of Science and ICT announced on the 29th that it held a meeting with major domestic internet video service (OTT) companies to discuss each company's business strategies for this year, industry difficulties, and to explore policy measures.

This meeting was organized to confirm market changes such as the launch of new OTT services by domestic companies, expanded content investment by OTT companies, and overseas expansion following the government's announcement of the 'Digital Media Ecosystem Development Plan' last June, and to expand support for companies.

Domestic OTT companies such as Watcha, Kakao M, Content Wave, Coupang, and TVING announced their content investment plans and overseas expansion plans for this year. Additionally, they conveyed the opinion that the government should uphold the principle of minimal regulation through the 'Digital Media Ecosystem Development Plan' to ensure that companies' efforts are not delayed or blocked by unnecessary government regulations.

The Ministry of Science and ICT will implement the Digital Media Ecosystem Development Plan in cooperation with related ministries to promote the development of our OTT companies. It will expand support for the production of OTT-specialized content such as web dramas and promote comprehensive support policies based on industry demands, including the development of media intelligence technology and AI-based automatic translation system technology.

Specifically, ▲ to activate original content production, tax credits and a self-rating system will be implemented. Support for original content production will be provided, and a digital media content fund will also be established. ▲ In terms of OTT-specialized technology development, media intelligence technology development and AI-based automatic translation systems will be created, and new OTT-specialized projects will be discovered. ▲ For production facility and equipment support, a one-person media complex will be established, and the Bitmaru Broadcasting Support Center will be constructed. ▲ For overseas expansion support, collaboration between devices and platforms will be assisted, market research and legal consultation services will be provided, and business matching will also be supported. Additionally, ▲ to establish a sustainable foundation, mid- to long-term institutional improvements and workforce training will be supported.

Minister Choi Ki-young of the Ministry of Science and ICT said, "Through today's meeting, we were able to directly confirm the competitiveness and potential of our companies in OTT, a representative convergence service of ICT and Hallyu content," adding, "The Ministry of Science and ICT will focus its capabilities on fostering an ecosystem encompassing content production, platform competitiveness enhancement, and overseas expansion for the OTT industry, which is emerging as a core future media industry."

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