Deputy Minister Kang Dohyun at OTT Festival: "AI Integration Will Revolutionize Media Market"

'International OTT Festival' Opens on the 4th in Busan
Theme 'Streaming the Future'... Second Edition This Year
"Will Expand Investment in Content Production and Global Expansion"

The 'International OTT Festival,' the world's only international event specialized in online video services (OTT), opened on the 4th in Busan. The event, held until the 6th, is co-hosted by the Ministry of Science and ICT and Busan City, and organized by the National IT Industry Promotion Agency and the Busan International Film Festival.

Kang Dohyun, 2nd Vice Minister of the Ministry of Science and ICT [Image source=Yonhap News]

It was planned to promote domestic OTT platforms, content, and media technology to the world, foster global business cooperation, and provide opportunities for investment attraction.

Now in its second year, the International OTT Festival has expanded its scope from last year's focus on platform and content-centered investment attraction and networking support to include FAST (Free Ad-supported Streaming TV) and media technology sectors.

A new 'Investment Attraction Showcase' for media technology companies has been established, participation from domestic and international investors, broadcasters, and production companies has increased by 30% compared to the previous year, and business consultation meetings have been introduced.

Additionally, the 'International OTT Summit' will feature new sessions on FAST and media technology innovation. An OTT House showcasing the latest content from domestic OTT company TVING will be newly introduced, and the 'International OTT Awards' held on the 6th will include a new global viewer participation category called the 'People's Choice Award,' with viewer voting conducted for outstanding male and female actors of the year.

Under the theme 'Streaming the Future,' this event brings together not only domestic OTT platforms such as TVING, Wavve, Watcha, and Coupang Play but also global FAST companies like Samsung Electronics, LG Electronics, CJ ENM, New ID, and prominent overseas companies including Netflix, Disney Plus, Paramount, ToBe, Rakuten Viki, Wavve Americas, Viu (Hong Kong), Alibaba Media Group (China), Amazon and Hulu Japan (Japan), and TrueID TV (Thailand) for exchange.

On the first day of the festival, Kang Do-hyun, the 2nd Vice Minister of the Ministry of Science and ICT, attended the opening ceremony, which began with the International OTT Summit, and delivered a welcoming speech.

He stated, "With the recent advancement of artificial intelligence (AI) technology, innovation in the media industry, including OTT, is accelerating," and emphasized, "For the domestic OTT industry to secure global competitiveness, it is more important than ever to have the capability to produce globally appealing content and utilize digital technologies such as AI."

Vice Minister Kang added, "With the recent launch of the National AI Committee and the K-Content & Media Strategic Fund, we plan to significantly strengthen investments for the convergence of AI and media, expansion of content production by domestic OTT and media, and global advancement," and assured, "We will spare no support for the growth of the domestic OTT industry."

He predicted, "If generative AI is well utilized, it will have an effect exceeding 300 trillion won annually and bring changes to the media market," and forecasted, "There will be changes where the market integrates AI, producing high-quality content at lower costs and attracting consumers."