Kocca to Invest 547.7 Billion KRW in Content Growth Next Year... 5.1% Increase

Last Month Launched Culture, Sports and Tourism Technology Promotion Center Budget 127.5 Billion KRW
Introduction of ESG Evaluation, Abolition of Technology Fee System for Content Production Support

The Korea Creative Content Agency (KOCCA) will invest 547.7 billion KRW in the growth of domestic content, an increase of 5.1% compared to this year. On the 27th, during an online briefing session on support projects, Director Cho Hyun-rae stated, "We must turn the crisis facing the content industry into an opportunity and prepare for the future," adding, "We will achieve a new leap forward through close cooperation with the industry and related organizations." He continued, "We plan to complete the selection of supported companies by the first quarter of next year to quickly support the industry while also inducing the effect of extending the project period."

The budget allocates 235.1 billion KRW for production support, 72.6 billion KRW for infrastructure support, 56.8 billion KRW for overseas expansion, and 48.6 billion KRW for workforce development. By sector, 58 billion KRW is designated for broadcasting, 77.7 billion KRW for games, 36.2 billion KRW for immersive content, and 43.5 billion KRW for music. An official explained, "We will newly establish a mother fund linked to content value evaluation and expand support such as content completion guarantees and secondary compensation," adding, "In response to the digital transformation era, 64.45 billion KRW will be invested in projects related to the metaverse and Over-The-Top (OTT) online video services." They further added, "We will promote K-content exports and create positive ripple effects of the new Korean Wave."

The budget for the newly launched affiliated organization, the Culture, Sports and Tourism Technology Promotion Center, is 127.5 billion KRW, a remarkable 55.4% increase from this year. An official stated, "Through full investment in research and development, we will respond to new technological changes and establish a foundation to lead next-generation content."

KOCCA has also revised its system to alleviate the burden felt by actual users of support projects. ESG evaluations have been introduced in the selection of participating companies to encourage socially responsible investment, and the documents required at the application stage have been simplified. The content production support technology fee system will also be abolished. The technology fee refers to the revenue recovery fee related to content production support. KOCCA has been collecting 5% of sales for two years after the agreement ends.

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