Kibo Signs Agreement with Korea Popular Music Performance Industry Association to Overcome Crisis

Driving Innovative Growth Through Discovery and Support of Popular Music Performance Producers

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 16th that it has signed a comprehensive business agreement for a win-win partnership with the Korea Popular Music Performance Industry Association (Chairman Lee Jong-hyun, hereinafter referred to as the Association) to support the innovative growth of small and medium-sized enterprises in the popular music performance industry. This agreement was prepared to help popular music performance production companies affected by COVID-19 overcome the crisis and to support the innovative growth of the popular music performance industry.

According to the agreement, the Association will discover companies with excellent performance planning and production capabilities and growth potential and recommend them to Kibo. Kibo plans to provide customized services such as reduced guarantee fees (0.2 percentage points) through cultural industry completion guarantees, direct investment, content intellectual property protection, and technology trust for companies recommended by the Association.

To focus on fostering the cultural industry, including the popular music performance industry, Kibo introduced the 'Cultural Industry Completion Guarantee System' in September 2009, which evaluates intangible technologies and projects and supports content production guarantees. In addition, cultural content finance centers, dedicated sales branches for the cultural industry, have been established in Seoul, Gyeonggi, Busan, and Daejeon, supporting 1713 cultural content projects with 894.7 billion KRW until last year. Successful performances supported by Kibo's cultural industry completion guarantees include BLACKPINK's Thailand concert, Mr. Trot's nationwide concert, and Song Ga-in's nationwide tour concert.

This year, Kibo plans to expand the scale of support for cultural industry completion guarantees to 140 billion KRW to support the sustainable growth of the cultural content industry, which is struggling due to COVID-19. Director Kim Young-chun of Kibo said, "Through this agreement, Kibo will establish a more advanced win-win cooperation model by strengthening preferential guarantees to help excellent SMEs in the popular music performance industry overcome the COVID-19 crisis and achieve innovative growth."

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