Broadcast Content and OTT Industry Meeting
"Supporting Domestic OTT Industry Co-Growth through Policy"
Minister of Culture, Sports and Tourism Park Bo-gyun is holding a meeting with broadcasting video content and OTT industry officials on the 3rd at the Copyright Protection Division Seoul Office meeting room of the Ministry of Culture, Sports and Tourism in Yongsan-gu, Seoul. [Photo by Yonhap News]
[Asia Economy Reporter Kim Heeyoon] "Ultimately, content is the key battleground."
On the 3rd, Park Bo-gyun, Minister of Culture, Sports and Tourism, emphasized this while referring to the ENA drama "Extraordinary Attorney Woo," which is overcoming low channel recognition and recording high viewership ratings.
On the same day, Minister Park held a meeting with the broadcasting video content and online video service (OTT) industry at the Ministry of Culture, Sports and Tourism Copyright Protection Division Seoul Office in Yongsan-gu, Seoul, stating, "We will support the domestic OTT industry’s co-growth with well-structured policies based on the competitiveness of K-content."
Attendees at the meeting included Lee Taehyun, CEO of Wavve; Yang Ji-eul, CEO of TVING; Park Taehoon, CEO of Watcha; Park Jongjin, General Manager of iHQ; Song Byungjun, Chairman of the Korea Drama Producers Association; Kim Taeyong, Chairman of the Korea Broadcasting Video Producers Association; Han Semin, CEO of AStory; Go Joongsuk, CEO of Eggs is Coming; Lee Minseok, CEO of Why Not Media; and Park Wonwoo, CEO of D-Turn, among 10 industry representatives.
The attendees presented various opinions for the co-growth of K-content and OTT.
Industry representatives requested ▲ expansion of planning, development, and production support for OTT-specialized content ▲ support for domestic OTTs’ overseas expansion ▲ expansion of policy financing to secure content intellectual property (IP) ▲ increased support for content remaking for overseas expansion ▲ introduction of an OTT content self-rating system.
Minister Park promised at the meeting, "We will actively support policies to create an environment where domestic OTTs can join forces with the content industry amid global competition to discover new creators and invest more in producing quality works."
He also announced plans to significantly expand policy financing to secure content IP, in addition to this year’s 11.6 billion KRW scale support for OTT-specialized content production and the establishment of a 40 billion KRW drama fund.
Furthermore, he emphasized that from next year, applying tax credits for OTT content production costs will increase benefits for production companies, and since there are no disagreements regarding the current bill on the self-rating system, efforts will be made to introduce it promptly.
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