SBA, Recruiting Media Content Technology Development Companies

Focused Support for Development Projects in Media Content Technologies such as AR, VR, and Metaverse

[Asia Economy Reporter Kim Cheol-hyun] The Seoul Business Agency (SBA, CEO Kim Hyun-woo) announced on the 31st that it will promote the 'Media Content Convergence Technology Commercialization Support Project' worth 800 million KRW this year to support small and medium-sized venture companies possessing excellent media content technologies. This project aims to enhance the global competitiveness of 'K-content' by combining traditional content such as video and music with 4th Industrial Revolution technologies.

Applications are open to corporate SMEs based in Seoul or consortia led by such organizations, with approximately four projects to be selected. The project will focus on supporting core technology fields related to media content such as virtual reality (VR), augmented reality (AR), and metaverse.

Companies or consortia selected for the final projects will receive up to 200 million KRW in research and development (R&D) funds for technology commercialization. The R&D funds can be used for commercialization expenses such as personnel costs for technology development staff, prototype and sample production costs, and patent application fees. In particular, considering industry characteristics, up to 70% of the R&D funds can be allocated to personnel expenses to reduce the burden on companies.

Park Bo-kyung, Head of SBA's Innovation Growth Division, said, "This project was prepared to expand and advance domestic content consumption, aiming to broaden the commercialization potential of new media and entertainment companies based on digital technology and strengthen corporate capabilities." She added, "We hope many companies interested in this project, which seeks to discover companies that will lead the advanced industry ecosystem, will participate."

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