[Asia Economy Reporter Seulgina Jo] The government will invest 190 billion KRW this year to develop 5G immersive content using virtual and augmented reality (VR·AR) technologies.
The Ministry of Science and ICT announced on the 29th that it will actively promote the development of digital content industries, including immersive content, to revitalize an innovative 5G ecosystem utilizing immersive technologies. With an investment of 190 billion KRW this year, the ministry plans to support five key functions: ▲ fostering the VR·AR content industry ▲ strengthening the competitiveness of digital content companies ▲ revitalizing the digital content industry ecosystem ▲ developing core technologies (R&D) ▲ and providing policy financial support.
First, a total of 65.9 billion KRW will be invested in ‘VR·AR content industry fostering,’ including support for the production of VR·AR content, a representative service of 5G mobile communication (33.6 billion KRW), and the establishment of industrial infrastructure (32.3 billion KRW). The ministry plans to focus support on the ‘XR+α Project’ (15 billion KRW), which integrates immersive content (XR) into public, industrial, and scientific technology sectors (α) to create new markets, and the ‘5G Content Flagship’ project (15 billion KRW), which develops leading tasks in three major fields of 5G-based immersive content.
Additionally, by February, the ministry will build Asia’s largest immersive content studio (tentative name) at the ‘Korea VR·AR Complex (Sangam, KoVAC),’ a 5G-based immersive content infrastructure. Operations are expected to commence in March. At the Pangyo ICT-Culture Convergence Center, a new ‘5G Immersive Content Open Lab’ will be established to support the development of 5G-based immersive content.
Furthermore, the Ministry of Science and ICT will invest a total of 25.3 billion KRW to support the development and commercialization of digital content and its entry into overseas markets. Specifically, it will promote support for computer graphics (CG) content production, which forms the technical foundation of digital content development, and support the production of market-creating digital content that converges with new technologies (7 billion KRW). For strategic overseas expansion of digital content, 13.1 billion KRW has been allocated.
A total of 22.4 billion KRW will also be invested to revitalize the digital content industry ecosystem. Support will focus on strengthening the industrial base (16.2 billion KRW), workforce training (5.2 billion KRW), and creating a fair trade environment (1.1 billion KRW). In addition, by February, the ministry will prepare the ‘Immersive Content Talent Development Promotion Plan’ and plans to train 160 master’s and doctoral-level talents linking development and commercialization through the ‘Immersive Content Lab (XR Lab).’
Moreover, a total of 53.5 billion KRW will be invested in developing core digital content technologies such as holograms, VR·AR content, and device source technologies. In 2020, through an additional investment of 15 billion KRW, the ‘Digital Content Korea Fund’ will be continuously expanded, and to actively support the growth (Scale-Up) of small and venture companies in the immersive content field, the ministry plans to diversify fund management methods, including the introduction of an ‘M&A Fund.’
Song Kyung-hee, Director of Software Policy at the Ministry of Science and ICT, stated, “The year 2020 will be the first year of the ‘Immersive Economy’ paradigm, where immersive content based on 5G will converge with various industries to improve productivity. We will strive further to lead innovation and strengthen competitiveness in the digital content industry, including VR and AR.”
The Ministry of Science and ICT will hold the ‘2020 Digital Content Integrated Business Briefing’ at 2 p.m. on the 31st at L Tower in Yangjae-dong, Seoul, to provide guidance on the policy direction and major projects for digital content.
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