Meeting of Representatives from Major Operators and Broadcasting Content Producers Including Wavve
[Asia Economy Reporter Kim Heung-soon] On the 3rd, Park Yang-woo, Minister of Culture, Sports and Tourism, held a meeting with representatives of major domestic online video services (OTT) and broadcasting content production companies, promising to strengthen support for overseas expansion of content production.
Minister Park said, "While overseas online video services are helping the global spread of our broadcasting content, if domestic online video services do not secure competitiveness as soon as possible, there is a concern that the domestic video content ecosystem may lose opportunities to overseas operators. The Ministry of Culture, Sports and Tourism will expand support policies so that domestic online video services can secure core competitiveness, including securing unique Korean content."
He added that a new domestic OTT content production support project will be established, support for re-production of content for overseas expansion will be expanded, and a specialized video content fund worth 46 billion won will be created.
Minister Park also stated, "Since online video services are related to various policy areas such as content, broadcasting, and communication networks, we plan to actively support the development of the online video service industry and content industry in cooperation with related ministries." He continued, "In an environment where various video contents such as movies and broadcasting are distributed through OTT without clear distinction, it is necessary to establish a promotion system that fits this reality," and requested the industry's interest and cooperation regarding the full revision bill of the 'Basic Act on Video Promotion' proposed in the National Assembly.
The Ministry of Culture, Sports and Tourism said, "Among the proposals made at this meeting, matters requiring follow-up measures will be discussed in depth through the 'OTT-Content Global Win-Win Council,' which was launched by the Ministry and the industry last April."
Meanwhile, the meeting was attended by major domestic OTT operators such as Lee Tae-hyun, CEO of Content Wave, Park Tae-hoon, CEO of Watcha, and Cho Dae-hyun, Head of Tving, as well as representatives of broadcasting content production companies including Kang Cheol-gu, CEO of Studio Dragon, Lee Sang-baek, CEO of Ace Story, and Song Byung-joon, Chairman of the Korea Drama Production Association.
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