Minister of Culture, Sports and Tourism Yoo In-chon promised to provide financial support worth over 1 trillion won to the broadcasting and video content industry and to promptly execute production support funds amounting to approximately 70 billion won.
Minister Yoo made these remarks on the 21st at a meeting with the broadcasting and video content industry held at the National Museum of Modern and Contemporary Art, Seoul. Alongside Yoo Hyun-seok, Acting Director of the Korea Creative Content Agency, Minister Yoo met with key stakeholders in the domestic broadcasting and video content industry, including production companies, actors, related associations, corporate representatives, and domestic online video service (OTT) providers to discuss industry issues and listen to on-site opinions.
Participants in the meeting expressed that the entire broadcasting and OTT video content industry is facing difficulties due to rising production costs and requested government support.
In response, Minister Yoo said, "I strongly agree on the necessity of supporting content production companies and native platforms," adding, "To alleviate companies' financing difficulties, we will provide financial support worth over 1 trillion won through content media sector funds, cultural industry guarantees and interest subsidies, and low-interest loans, and promptly execute production support funds of about 70 billion won."
Minister Yoo also revealed that he is considering policy formulation aligned with industry trends such as short-form videos, which have become mainstream.
He stated, "In the first half of this year, we will continue to promote policies tailored to the changing content and media environment, including the enactment of promotion laws covering new media video content such as YouTube and short-form videos," adding, "Through production support projects for one-act dramas, we will create growth opportunities for new writers, directors, and actors, and support for new content production such as short-form videos will be immediately reflected and implemented starting this year."
Industry representatives also expressed the need for regulatory improvements in media content areas such as rating classification and advertising regulations in the broadcasting sector. In response, Minister Yoo said, "We will carefully review regulatory improvement matters, including rating classification, and respond actively."
During the meeting, in-depth discussions were also held regarding support for securing and utilizing intellectual property rights (IP).
Song Byung-joon, Chairman of the Drama Producers Association, Director Lee Myung-woo of The Studio M, and Lee Sun-young, CEO of Big House Entertainment, emphasized that not only securing IP for production companies but also how to utilize content IP is important.
Minister Yoo emphasized, "We will steadily continue the 'OTT Specialized Content Production Support Project,' where production companies and platforms jointly hold IP and link platform distribution."
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