Content Saturation Market, Breakthrough with 'Purple Ocean' Strategy

Kocca's Next Year's Tasks Focus on Innovation and Overseas Expansion
Total Budget of 612.4 Billion Won... Emphasizing Broadcasting and Video Content

"Next year's key theme is 'Purple Ocean.' We will support the industry to create new value through a shift in mindset." This is a proactive response presented by Cho Hyun-rae, President of the Korea Creative Content Agency (KOCCA), in preparation for content saturation. At the '2024 Support Project Briefing' held on the 20th at Seoul Dragon City in Yongsan-gu, Seoul, he pointed to the cultivation of innovative K-content and overseas expansion as top priorities. The plan is to minimize the risks and costs companies face when seeking a Blue Ocean, encouraging them to pursue differentiation or new changes.

KOCCA's total budget for next year is 612.4 billion KRW. Although this is about a 2.2% decrease from this year, it is sufficient as a catalyst. President Cho said, "We will promote customized projects reflecting field demands and encourage the discovery of competitive and excellent content." The area receiving the most attention is broadcasting and video, with an investment of 102.8 billion KRW. Ku Kyung-bon, Head of KOCCA's Broadcasting and Video Division, explained, "In terms of budget, projects, and support tasks, this sector is relatively larger than others," adding, "We will support not only resources and infrastructure but also various business services to develop core content that will lead the future of K-culture."

Budgets for other sectors are allocated as follows: games 64.4 billion KRW, animation and character 35.2 billion KRW, music 32.7 billion KRW, new technology convergence content 23.0 billion KRW, and comics 15.9 billion KRW. All focus on creating excellent intellectual property (IP) and fostering content that integrates new technologies. However, approaches to strengthening overseas competitiveness vary slightly. For games and comics, participation in overseas markets and support for content localization will be expanded, while animation and character sectors will increase production support utilizing IP. The music sector will focus on developing new technology convergence content.

By function, the budget is set at 99.2 billion KRW for technology development (R&D), 67.9 billion KRW for overseas expansion, 52.9 billion KRW for enterprise and talent cultivation, 38.1 billion KRW for regional development, and 4.5 billion KRW for investment and financing. The most eye-catching function is overseas expansion. It has increased by 72.3% compared to this year through new overseas base establishment, operation of Hallyu overseas promotion centers, and hosting Hallyu expos. Investment and financing also grew by 60.7%, following plans to establish an overseas investment and financing foundation, including a new global pitching platform project. President Cho promised, "We will strive to globalize K-content and realize a content cultural powerhouse by discovering world-class IP and creating innovative content that integrates technology."