Gibo and Musical Producers Association Join Hands to Overcome COVID-19 Crisis

Driving Innovative Growth in the Musical Industry through Discovering and Supporting Outstanding Musical Production Companies

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 26th that it has signed a comprehensive business agreement for a win-win partnership with the Korea Musical Producers Association (President Shin Chun-soo, hereinafter referred to as the Association) to support the innovative growth of the musical industry and overcome the COVID-19 crisis.

This agreement was prepared to actively support the crisis recovery of musical production companies severely affected by COVID-19 and the innovative growth of the musical industry. According to the agreement, the Association will discover and recommend production companies with excellent musical production capabilities and growth potential to Kibo, and Kibo plans to provide customized services such as reduced guarantee fees through cultural industry completion guarantees, direct investment, content intellectual property (IP) protection, and technology trust for companies recommended by the Association.

Since September 2009, Kibo has played a pioneering role in supporting the growth of content companies through creativity and technology-centered technology evaluation by introducing the "Cultural Industry Completion Guarantee System," the first in Korea to evaluate intangible technologies and projects and support content production guarantees. Kibo has established Cultural Content Finance Centers, dedicated branches for the cultural industry, in Seoul, Gyeonggi, Busan, and Daejeon, and by October this year, it has supported 1661 cultural content projects with 867 billion KRW. In particular, it has supported 224 musicals with 142.9 billion KRW, establishing itself as a financial partner for musical producers. In 2022, Kibo plans to expand the scale of support for the Cultural Industry Completion Guarantee to 140 billion KRW to actively support the sustainable growth of the cultural content industry struggling due to COVID-19.

Kim Young-chun, Director of Kibo, said, "Through this agreement, Kibo will prepare a more advanced win-win cooperation model by strengthening preferential guarantees to help promising small and medium-sized musical companies overcome the COVID-19 crisis and promote the innovative growth of the musical industry."

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