Incheon 'Cheongna Streaming City' MOU Approved... Accelerating Video and Culture Cluster

Investment Attraction Planning Committee Approves MOU Signing Among Incheon Free Economic Zone Authority, LH, and Private Operators
Establishment of 119,000㎡ Filming Studios and Media Centers by 2025

Cheongna Streaming City Conceptual Diagram [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The first step has been taken to establish a video and cultural content production complex and related industry cluster in Cheongna International City, Incheon Free Economic Zone, by 2025.

The Incheon Free Economic Zone Authority announced on the 29th that the memorandum of understanding (MOU) for the establishment of the tentatively named 'Cheongna Streaming City' between the Incheon Free Economic Zone Authority, Korea Land and Housing Corporation (LH), and private businesses was reviewed and approved by the Incheon City Investment Attraction Planning Committee.

Streaming City means a "city where video and cultural content pour out in real time." This project involves a total investment of 840 billion KRW to create a video and cultural content production cluster with functions to attract tourists by building film and drama shooting studios, media centers, a world culture street, and office facilities on an 119,000㎡ investment site in Cheongna.

Private businesses participating include Yetdam Global, which has experience participating in the Bucheon Video Complex Industrial Complex contest, MBC Art, a subsidiary of MBC responsible for drama production and studio construction and operation, and EBS Media. The implementation partners consist of Korea Asset Trust and foreign investors, while domestic financial companies such as Mirae Asset participate as financial partners.

Cheongna Streaming City was first proposed in June last year, and over about 10 months, the Incheon Free Economic Zone Authority reviewed and revised the business plan to enhance feasibility and substance. At the third Investment Attraction Planning Committee held last month, after intense questioning and verification, the proposal was initially deferred but was finally approved with amendments and the MOU signing plan was confirmed.

Accordingly, the Incheon Free Economic Zone Authority plans to sign the MOU with the parties involved early next month and begin detailed negotiations for the business agreement. The authority did not disclose the exact location, stating that the site and detailed business contents may change during negotiations.

The Incheon Free Economic Zone Authority views the video and cultural content industry as a representative future growth industry related to the Fourth Industrial Revolution. Although the domestic content production market is growing, there is a shortage of large indoor studios over 3,300㎡ in the metropolitan area, so the business conditions are considered sufficient.

Additionally, Cheongna International City, the planned site for the Streaming City project, is close to existing infrastructure such as Seoul Sangam and Gyeonggi-do Ilsan, and is adjacent to rich filming infrastructure like Incheon Open Port and Songdo International City, which is expected to provide many advantages for project promotion.

According to the Incheon Free Economic Zone Authority, the Cheongna Streaming City project is expected to positively impact domestic video production competitiveness. Besides MBC Art and EBS, which have confirmed direct investment, domestic terrestrial broadcasters have also expressed willingness to use the facilities, creating a welcoming atmosphere in the drama production industry.

In Cheongna International City, an MOU was signed in 2018 for the creation of the advanced smart business complex 'G City,' but the project was canceled amid controversy over excessive residential facility construction justified by securing business feasibility.

Kim Sejun, Head of Investment Attraction at the Incheon Free Economic Zone Authority, said, "Although the MOU among the three parties has been approved, there are many hurdles ahead such as signing the business agreement and land sale contract," adding, "We will actively support the project to ensure its successful promotion."