Ministry of Culture, Sports and Tourism to Hold 'Video Media Content Industry Promotion Act' Forum on the 17th

[Asia Economy Reporter Donghyun Choi] The Ministry of Culture, Sports and Tourism announced that it will hold a forum on the 17th to discuss the 'Video Media Content Industry Promotion Act' and gather on-site opinions together with the office of Rep. Kwang-jae Lee of the Democratic Party of Korea.

The forum will be held online to prevent the spread of COVID-19 and will be broadcast live through the official YouTube channel of the Korea Creative Content Agency.

The Video Media Content Industry Promotion Act was introduced by Rep. Kwang-jae Lee as the main sponsor in September last year to strengthen the competitiveness of the domestic video content industry by reflecting the industrial environment where broadcasting, movies, and real-time videos are distributed without boundaries centered on Over-The-Top (OTT) services, and new forms of video content such as short-form videos have emerged.

This law newly defines videos transmitted and delivered through information and communication networks as 'video media content' and defines related businesses according to the value chain of 'planning-production-distribution-provision.'

It includes the basis for supporting planning and production, workforce development, research and development, multilingual re-production technology development and commercialization, and overseas expansion for video media content and businesses, as well as a system that allows OTT providers to autonomously classify ratings for video content.

Before full discussions in the National Assembly, this forum will share the main contents of the bill with related academic and industry stakeholders and collect opinions on industrial development measures from legal and institutional perspectives.

Professor Sangwon Lee of Kyung Hee University will present an in-depth diagnosis and outlook on changes in the video media content industry environment. Professor Seunghum Hwang of Kookmin University will present the purpose and key contents of the 'Video Media Content Industry Promotion Act.' Major associations and organizations such as the Korea Drama Production Association, Korea Internet Corporations Association, and Korea MCN Association, as well as academia and government officials, will also participate in a comprehensive discussion.

Rep. Kwang-jae Lee stated, "The core of OTT competitiveness is content," adding, "If businesses need support to develop good content, the Ministry of Culture, Sports and Tourism will wholeheartedly step forward according to the 'Video Media Content Industry Promotion Act.'"

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