South Korea has unveiled an ambitious plan to expand its video content industry to 40 trillion won by 2027. The government aims to create a fund worth 1 trillion won by 2028 to support the production of globally competitive content, similar to the success of the hit Netflix series “Squid Game”. The plan also includes increasing the industry’s exports to $1.8 billion and creating at least five global hits that are recognized by major international industry awards within the next five years. The government will establish a new fund to invest in the creation of “killer content” and intellectual property with high potential for global success, as well as introduce measures to encourage domestic content producers to retain and utilize their IP rights.
South Korea’s Ambitious Plan to Expand the Video Content Industry to 40 Trillion Won by 2027
Overview of the Plan
South Korea has unveiled an ambitious plan to expand the size of the country’s video content industry to 40 trillion won ($30.24 billion) by 2027. The plan aims to enhance the global competitiveness of the domestic video content industry and transform it into a global powerhouse within the next few years.
Under the blueprint, the government plans to increase the size of the industry to 40 trillion won and the industry’s exports to $1.8 billion by 2027. This will require an annual average increase of 6.1 percent and 11.9 percent, respectively, from the 2021 figures. The government also aims to create at least five global hits that are recognized by major international industry awards, such as the Emmys and Oscars, within the next five years.
Goals and Targets
The main goal of South Korea’s plan is to expand the size of the video content industry to 40 trillion won by 2027. The government aims to achieve this goal through various strategies and initiatives. In addition to increasing the size of the industry, the government also plans to increase the industry’s exports to $1.8 billion by 2027.
The plan also aims to create at least five global hits that are recognized by major international industry awards. This will help South Korea gain recognition as a global powerhouse in the video content industry. The government believes that achieving these goals will contribute to the country’s economic growth and job creation.
Creating Globally Competitive Content
To achieve its goals, South Korea plans to create globally competitive content that can attract international audiences. The success of the Netflix series “Squid Game” has shown the potential of Korean content to capture the attention of global viewers. The government plans to invest in the creation of “killer content” and intellectual property (IP) with high potential for global success.
To support content creators, the government will establish a new civilian-government fund worth 1 trillion won between 2024 and 2028. This fund will provide funding for big-budget films and TV series, which are often limited by the existing venture capital fund for small- and medium-sized content creators.
Establishing a Fund for Content Production
To support the production of globally competitive content, South Korea plans to establish a fund worth 1 trillion won by 2028. This fund will help finance the creation of “killer content” and intellectual property (IP) with high potential for global success.
The fund will complement the government’s existing venture capital fund for small- and medium-sized content creators. It will focus on supporting big-budget films and TV series that have the potential to make a significant impact in the global market.
Supporting Subscription Services
As the popularity of streaming services continues to grow, South Korea plans to support subscription services by considering income tax deductions for subscription fees. This recognition of the widespread use of streaming services in the country will help alleviate financial strain on domestic streaming platforms and TV broadcasters.
The government aims to strike a balance between ensuring a competitive market for streaming services and supporting the growth of the video content industry. By providing incentives for subscribing to streaming services, the government aims to encourage consumers to support the local industry and contribute to its growth.
Addressing Challenges of Global Streaming Services
While the rapid growth of global streaming services has brought Korean content into the international spotlight, it has also presented challenges for the domestic industry. One of the main challenges is the global streamers’ monopoly of content rights to the shows they invest in.
To address this issue, the government plans to introduce measures to encourage domestic content producers to retain and utilize their intellectual property (IP) rights. By retaining their IP rights, content producers can have more control over the distribution and monetization of their content.
Additionally, the government will crack down on illicit online distributors of Korean content to bolster copyright protection. It will collaborate with foreign investigative agencies and impose stricter penalties on violators. These efforts aim to protect the rights of content creators and ensure a fair and competitive market for the industry.
Encouraging Content Producers to Retain IP Rights
To address the issue of streaming services’ dominance in shows’ intellectual property (IP), the government plans to introduce measures to encourage domestic content producers to retain their IP rights. Currently, many content producers transfer their rights in exchange for full production cost coverage.
By incentivizing content producers to retain their IP rights, the government aims to support their creative freedom and financial security. This will help foster a thriving environment for content creators in South Korea and promote the growth of the video content industry.
Cracking Down on Illicit Online Distributors
To bolster copyright protection and combat piracy, the government plans to collaborate with foreign investigative agencies to crack down on illicit online distributors of Korean content. These distributors take advantage of the popularity of Korean content and illegally distribute it online, depriving content creators of revenue.
By imposing stricter penalties on violators and increasing cooperation with international agencies, South Korea aims to create a safer digital environment for content creators and consumers. This will help protect the rights of content creators and ensure that they can benefit from their creations.
Culture Minister’s Announcement
Culture Minister Yu In-chon announced the plan during a press briefing in Seoul. He emphasized the importance of the video content industry and the need to support its growth and development. He highlighted the government’s commitment to overcoming the crisis and responding to change in the industry.
Minister Yu expressed the government’s intention to actively communicate with various players in the industry and address the current challenges. He emphasized the government’s determination to achieve concrete results and promote the success of the video content industry.
Conclusion
South Korea’s plan to expand the video content industry to 40 trillion won by 2027 reflects the government’s commitment to enhancing the global competitiveness of the industry. Through various strategies and initiatives, the government aims to create globally competitive content, establish a fund for content production, support subscription services, and address the challenges of global streaming services.
By encouraging content producers to retain their intellectual property rights, cracking down on illicit online distributors, and collaborating with international agencies, South Korea aims to protect the rights of content creators and ensure a fair and competitive market for the industry. The success of this plan will contribute to the country’s economic growth, job creation, and global recognition as a powerhouse in the video content industry.