MCST Finalizes 461.4 Billion Won Supplementary Budget...Support for Basic Artists and Relief for Crisis-hit Industries

Proactive Response to Economic Crisis from Middle East Oil Shock and Inflation

Revitalizing Domestic Consumption through Movie and Performance Ticket Discounts

Expanding Support for Accommodation, Travel, and Sports to Boost Regional Economi

The Ministry of Culture, Sports and Tourism announced that the first supplementary budget for 2026, aimed at minimizing the impact of the economic crisis caused by the Middle East war—such as high oil prices and inflation—on the culture, sports, and tourism industries, has been finalized at 461.4 billion won.

The Ministry explained that this supplementary budget was prepared to proactively support the livelihoods of basic artists and others. In addition, the government emphasized that it will focus on revitalizing domestic consumption, which has shrunk, by providing discount vouchers for movie and performance tickets as well as accommodation and travel support. The goal is to create a virtuous cycle that leads to regional tourism and domestic economic recovery.

Support will be provided so that artists and the content industry, whose creative and production environments have deteriorated due to the economic downturn, can continue stable activities. An additional 2 billion won each has been allocated to support private visual and performing arts creative spaces and creators, as well as to fund regional traveling exhibitions so that everyone can experience high-quality museum exhibitions regardless of where they live. With “Culture Day” having been expanded to every Wednesday starting April 1, support for performances by young artists will also be increased (2.4 billion won). The scale of living stabilization loans for artists (32.78 billion won) and financial support for the arts industry (30 billion won) will also be expanded. A budget of 700 million won has been allocated to hire additional staff for the operation of the artist activity certificate system, ensuring a stable foundation for creative activities.

Yonhap News Agency

Furthermore, in order to prevent the content industry, which had been recovering after COVID-19, from being hit again by high oil prices, a total of 38.5 billion won will be invested to support the production ecosystem, including 26 billion won for mid-budget film production, 8 billion won for advanced production, and 4.5 billion won for independent and art film production.

A budget has also been allocated to boost on-site employment for young people. Support for trainees at culture and arts institutions will be expanded (3.4 billion won), and new programs will be launched, including youth internships at literary museums (750 million won), training for tourism professionals linked to the industrial field (850 million won), and internships for outstanding talent in the content industry (1.9 billion won). A youth sports program, which employs retired athletes and sports instructors as coaches, will also be rolled out nationwide (9.5 billion won).

Support will also be provided to tourism businesses, including travel agencies, whose management burden has increased as the recovery in tourism demand has stalled due to high oil prices and currency fluctuations. The scale of loans for tourism businesses will be increased by 200 billion won, expanding the total to 837.5 billion won, to help companies facing sharply rising management costs secure funds. For overseas marketing to promote regional consumption and revitalize local economies by attracting foreign tourists to enter and stay in local areas, a budget of 28.1 billion won will be invested. Budgets of 8.6 billion won and 3.1 billion won have been allocated to support tourism startups and ventures and to expand the Youth Tourism Dure program, respectively.

In order to ease the burden on small content companies and creators struggling due to reduced investment, support for creative and production activities of local content companies and creators through regional Content Korea Labs and enterprise support centers will be increased by 6.3 billion won. Investment in youth K-content companies, which are vulnerable to economic crises, will be boosted through the creation of a new Youth Content Fund of Funds (25 billion won), with the fund expected to exceed 42 billion won in total. Financial support for small companies facing difficulties in securing funds will also be expanded.

A budget has also been allocated to stimulate domestic demand by promoting culture, sports, and tourism consumption. A total of 4.5 million movie discount vouchers, offering a discount of 6,000 won each, and 400,000 performing arts discount vouchers, each providing a 10,000 won subsidy, will be distributed. The budget for these programs is 27.1 billion won and 4.1 billion won, respectively, and is intended to directly support audience recovery in the struggling movie theater and performing arts sectors.

In the sports sector, the sports activity incentive program (Ttuntun Money) will be expanded by 4 billion won, allowing 80,000 additional people to benefit, and the budget for vouchers for sports classes for people with disabilities will be increased by 6.2 billion won, providing 110,000 won per month in tuition support to 20,000 people.

In addition, 300,000 accommodation discount vouchers (11.2 billion won) will be distributed to residents in non-capital region areas experiencing population decline. A budget of 4.2 billion won has also been allocated to expand the worker vacation support program to include employees of medium-sized companies. The half-price travel support program for population decline areas will be expanded from 20 to 30 locations (4 billion won).

Minister Choi Hwiyeong stated, "The high oil prices and inflation caused by the Middle East war are aggravating difficulties at the sites of culture, sports, and tourism." He continued, "This supplementary budget is an investment to proactively respond to the crisis, and it is expected to simultaneously achieve two goals: stabilizing the livelihoods of artists and the tourism and culture industries, and revitalizing the domestic economy and regional economies through increased consumption." He added, "We will execute the finalized budget swiftly so that its impact can be felt on the ground as soon as possible."

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