Yoon Suk Yeol Government Aims to Elevate Korea Among Top Four Content Countries

Courtesy of NETFLIX

In a historic move, South Korea's Ministry of Culture, Sports, and Tourism has approved a budget exceeding 1.002 trillion won ($774 million) for the content industry in the upcoming year. This marks the first time the industry budget has surpassed the 1 trillion won threshold, representing an 18% increase from the current year's allocation. The ambitious budget aims to position K-content as a national priority and elevate South Korea among the world's top four content-producing nations. 

▲ Courtesy of NETFLIXCulture Minister Yu In-chon stated in a press release on Wednesday that the Yoon Suk Yeol government is committed to supporting the content industry as a crucial contributor to national growth and a key export sector.

The Culture Ministry plans to enhance various content sectors, including games, films, cartoons, webtoons, and animations, with an additional allocation of 15.4 billion won compared to the current budget. Specifically, the game industry will receive 67.9 billion won for game production, overseas distribution, and talent development. The film sector will be allocated 73.7 billion won, while the cartoon and webtoon industry will receive 25 billion won. The animation sector will see a significant boost with 44.5 billion won, representing a 19.7-billion-won year-on-year increase, aimed at expanding the audience for animated content.

In a bid to promote the global reach of K-content, the Culture Ministry plans to establish 10 additional overseas business centers, increasing the total count from 15 to 25. Among these, a new office in Tokyo will be dedicated to supporting domestic companies as they expand their content operations overseas.

To foster new talent in the industry, the ministry will allocate 25.1 billion won to support startups and programs facilitating the entry of new companies into international markets. Additionally, the initiative includes plans to nurture 250 content experts and allocate 9.2 billion won for the production of AI content.

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