[Core Task of the Ministry of Culture②] Leading the Korean Economy through Focused Support for K-Content

Focused Support for Film, OTT, K-pop and Related Industries
Establishment of Basic Plan for Supporting Disabled Artists and Introduction of National Travel Savings Account

Squid Game still cut. Photo by Netflix [Image source=Yonhap News]

[Asia Economy Reporter Kim Heeyoon] The Ministry of Culture, Sports and Tourism announced on the 21st that it will focus on supporting K-content, which has achieved unprecedented success with BTS and 'Squid Game.'

In particular, to develop K-content as a pillar of economic growth, the ministry will intensively support related industries such as film, online video services (OTT), and K-pop.

First, it will create a foundation for investment activation through measures such as expanding income tax deductions for movie ticket purchases and tax credits for video content production costs, as well as increasing the Film Development Fund by 300 billion KRW from 2023 to 2025.

Minister Park Bo-gyun explained that he is closely consulting with the Ministry of Economy and Finance regarding the increase in the Film Development Fund promised by President Yoon Seok-yeol at the filmmakers' dinner last month.

Additionally, to foster OTT content, the ministry plans to establish a drama fund worth 40 billion KRW, build filming studios, and introduce a self-rating system. It will also support the development of immersive popular music performances and local showcases for emerging K-pop singers.

Through the expansion of policy finance, the ministry will also nurture global intellectual property (IP) holding companies. It will introduce policy guarantees linked to content value evaluation, moving away from physical collateral assessments, and create six customized funds including IP funds to supply 4.8 trillion KRW over five years. The funding will be secured through 1.4 trillion KRW in government budgets and attracting private investments.

The Ministry of Culture, Sports and Tourism plans to expand Hallyu into the virtual world by fostering content convergence and nurturing 10,000 talents across various fields over three years.

[Image source=Yonhap News]

Policies will also be implemented to create a free creative environment, ensure fair access to culture, and promote regional cultural balance.

To this end, the ministry will implement policies to nurture foundational arts such as visual arts, classical music, and literature, including first-time lifetime support for young artists aged 20-30, enactment of the Art Promotion Act, strengthening talent development at the Korea National University of Arts gifted program, and support for literary translation and publishing.

The basic plan to support artists with disabilities will be established for the first time in the second half of this year, and the ministry will work on creating standard performance halls and exhibition spaces for people with disabilities. It will also enhance accessibility to tourist sites by strengthening connections and train travel care personnel.

To promote regional cultural balance, 30 premium cultural cities and cultural, tourism, and sports hubs will be established by next year. To encourage domestic travel instead of overseas trips, the introduction of a 'National Travel Savings Account' (tentative name) is also being pursued.

Meanwhile, this business report focused intensively on the cultural sector, and specific sports and tourism policies were not reflected.

Regarding the vision for the sports sector, Minister Park said, "We are putting considerable effort into hosting the 2025 Asian Football Confederation (AFC) Asian Cup." He added, "Four countries, including the Korea Football Association, have submitted letters of intent to host. After swiftly completing domestic procedures, the hosting operation team will be fully activated."

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