K-Content Expansion Gains Momentum... 974.3 Billion KRW Budget Allocated for Next Year

227.2 Billion KRW Invested in Content-Based Development... Fostering IP-Holding Companies
Comprehensive Support for Entire Broadcast Video Content Production Cycle
Five More Overseas Bases Added... COVID-19 Projects Concluded

The Ministry of Culture, Sports and Tourism has allocated a budget of 974.3 billion KRW for the content sector next year. This accounts for 14.5% of the total budget of 6.7076 trillion KRW.

On the 15th, the Ministry announced that it will pursue four strategies focusing on the global expansion of K-content: ▲ Establishing a content foundation ▲ Focusing on the development of representative content sectors ▲ Enhancing content appeal ▲ Pioneering new content markets. By implementing fourteen detailed tasks, the ministry plans to achieve approximately 153 trillion KRW in content sales, 16.6 billion USD (about 23.1 trillion KRW) in exports, and 680,000 jobs.

The strategy with the largest budget allocation is establishing the foundation for Hallyu content (227.2 billion KRW). Through policy financial support, companies holding intellectual property (IP) will be nurtured. The investment in the 'Proud Content Korea Fund' will be increased to 220 billion KRW, and the interest subsidy project, which supports part of loan interest, will be expanded to reduce the interest burden on content companies. A ministry official stated, "We will establish six investment funds including the Content IP Fund, Unicorn Fund, M&A Fund, and Value Fund, totaling 466.6 billion KRW, to help our companies secure IP."

188.2 billion KRW will be invested in focusing on the development of representative Hallyu content sectors. This includes concentrated support for key sectors such as K-pop, games, movies, webtoons, and dramas. The most notable sector is broadcasting and video content, which has grown at an average annual export rate of 24.1% over the past three years (2017?2020). The budget for this sector is set at 122.8 billion KRW, 76.7 billion KRW more than this year. A ministry official explained, "We will provide comprehensive support throughout the entire production cycle of broadcasting and video content, from planning and development to production and overseas expansion, to build a culturally attractive nation."

713 billion KRW has been allocated to enhancing content appeal. The number of overseas bases such as the Korea Creative Content Agency Business Centers will increase from ten to fifteen, and the 'Hallyu-linked K-Brand Collaboration Project,' which leverages the high economic ripple effect of Hallyu, will be actively promoted.

125.5 billion KRW will be invested in pioneering new markets. This includes supporting production by small and medium-sized companies in immersive content and hosting related international events. Additionally, investment in cultural technology research and development (R&D) will be expanded to secure IP for the metaverse and to create real and virtual performance environments.

Meanwhile, the Ministry of Culture, Sports and Tourism announced that in line with the government's sound fiscal policy, COVID-19 related projects supporting the film and popular music sectors will be terminated, and similar projects have been integrated to efficiently train technical personnel.

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