Seoul Business Agency to Discover 'K-Story' and Foster Content IP Ecosystem

Focused Discovery of Original IPs Related to Stories Such as Webtoons, Web Novels, and Animation
Scheduled to Host 'K Story Contest' This Second Half of the Year with Planned Investment in Planning and Development

[Asia Economy Reporter Lim Cheol-young] The Seoul Business Agency (SBA) announced on the 29th its 'Content Company Support Plan,' which collaborates with private specialized companies to create a virtuous cycle in the content IP business by gathering original story-related IPs such as webtoons, web novels, and animations to be developed into secondary content.

Based on the support paradigm of ‘discovery-production-dissemination’ of content IP, the Seoul Business Agency plans to expand its support areas beyond the previously focused animation, games, and one-person media to include “webtoons, web novels, dramas, movies, and music.”

First, to discover original story-related IPs, SBA plans to hold this coming second half of the year in cooperation with SmartStudy Ventures, with planning and development investment as a prerequisite. Additionally, SBA will collaborate with ThingsFlow, which operates the interactive story platform ‘StoryPlay,’ and the comprehensive content studio Bamboo Network Co., Ltd. to hold a 'Cooperative Contest for Discovering and Nurturing Interactive Content IP.'

To invest in the production of secondary content from the discovered IPs, SBA plans to act as a bridge connecting content companies with partners related to content investment such as content venture capital (VC), accelerators (AC), financial institutions, OTT platforms, and media companies.

So far, the Seoul Metropolitan Government and the Seoul Business Agency have selected and supported 20 Seoul-based content companies from various fields including webtoons, web novels, animations, and games through the ‘Seoul-type Excellent Content Company Development Project’ on June 23.

Furthermore, the Seoul Business Agency plans to strengthen SNS promotion of discovered and produced content by linking with ‘Creative Force,’ an SBA one-person media community consisting of over 800 creator teams. They aim to create a collaborative model where influential one-person media channels and competitive content can mutually develop, and diversify support forms for global expansion of content companies.

In addition to global expansion through participation support in domestic and international 'content B2B markets and B2C events,' SBA plans to support IP accumulation via specialized online business matching platforms in the content field and help create various business opportunities based on the accumulated IP.

Jeon Dae-hyun, Head of the Content Division at the Seoul Business Agency, stated, “We will create a win-win model through cooperation with private partners so that competitive original story IPs can be produced into secondary content,” and added, “We will spare no effort in multifaceted support to ensure that the Seoul-based content industry becomes the competitiveness of K-content.”