[Reporter’s Notebook] An International OTT Festival with Only 500 Million KRW?

From the 4th for three days, I attended the ‘2nd International OTT Festival’ co-hosted by the Ministry of Science and ICT and Busan City. The most impressive event was the private IR pitching session where content producers and media tech companies sought investment. I cannot forget the documentary producer who, before pitching, repeatedly prayed while nervously drawing Seong Ho-gyeong with trembling hands. His passion was palpable, hoping that the content filled with his blood, sweat, and tears from filming around the world would see the light of day. Compared to his enthusiasm, the government’s will and execution, which should play a strong supporting role for K-content, seem significantly lacking.

Content is a comprehensive art form. Directors, writers, actors, production companies, investors, and platforms must unite as one. No matter how good a work is, if the script does not capture the actors’ hearts, if it fails to secure investment, or if it does not meet a suitable platform, it will be shelved without reaching a single audience member. The content market is full of joy and sorrow, where the years of hard work by dozens of people can vanish in an instant. The leadership of such content production and distribution channels is gradually shifting to the Over-The-Top (OTT) market.

The International OTT Festival carries the title of ‘the world’s first and only.’ However, the budget allocated is only 500 million KRW, the same level as last year. Meanwhile, the domestic OTT-related market size has grown by over 500 billion KRW. For reference, the Busan International Film Festival’s budget exceeds 10 billion KRW annually. At the OTT Summit held alongside the opening ceremony, leading global players like Netflix, Disney Plus, and Amazon Prime did not even attend. Although it was a government event under the OTT banner, it failed to gain traction. A Netflix representative said, “We planned a separate company event to announce the Korean film lineup and related strategies.” Disney Plus also held a private event called ‘Meet and D+’ at the same hotel as the summit, inviting partners and actors. Despite generating astronomical sales in the Korean market, they declared non-participation in the government-hosted event, showing their own way.

More than half of the population aged 10 to 50 already use paid OTT platforms, so OTT has deeply embedded itself in our lives. As individual tastes become clearer and the number of people wanting to enjoy content without time and space constraints increases, OTT holds the direction of the media industry. The strength of K-content in the global media market is so well-known that it is almost redundant to emphasize. The formula ‘K-content loved in Korea is also popular in the global market’ has become established. To further elevate this status, the International OTT Festival must not be a mere show. If it clings only to the title of being the first, it will be difficult to guarantee the practical competitiveness of the OTT industry.