Yoo In-chon Promises 1 Trillion Won Financial Support to Broadcasting and OTT Industries (Comprehensive)

"I Agree on the Need to Support Production Companies and Native Platforms"
"Enacting a Promotion Law Covering New Media Video Content"

Yoo In-chon, Minister of Culture, Sports and Tourism, promised financial support worth 1 trillion won to the domestic broadcasting and online video service (OTT) industry, which is facing difficulties due to rising production costs and a tightening investment market. At a meeting with broadcasting and OTT industry officials held on the 21st at the National Museum of Modern and Contemporary Art, Seoul, he stated, "We will provide financial support such as content media sector funds, cultural industry guarantees and interest subsidies, and low-interest loans."

Yoo In-chon, Minister of Culture, Sports and Tourism, is greeting attendees at a meeting with broadcasting and OTT industry officials held on the 21st at the National Museum of Modern and Contemporary Art, Seoul.
[Photo by Ministry of Culture, Sports and Tourism]

At the meeting discussing industry issues, officials unanimously expressed that content production is shrinking and requested government policy support. Minister Yoo said, "I agree on the need to support content producers and native platforms standing on the fiercely competitive global stage," adding, "We will promptly execute the 69.8 billion won production support fund allocated for the broadcasting video content production support project this year."

Policy plans tailored to the changing content environment were also discussed at the meeting. Many industry officials requested, "New content production support aligned with market changes is necessary." Minister Yoo said, "In the first half of the year, we will continue to promote policies suited to the evolving content and media environment, including enacting a promotion law covering new media video content such as YouTube and short-form videos."

Yoo In-chon, Minister of Culture, Sports and Tourism, is speaking at a meeting with broadcasting and OTT industry officials held on the 21st at the National Museum of Modern and Contemporary Art, Seoul.[Photo by Ministry of Culture, Sports and Tourism]

Regarding claims that regulatory improvements are needed in media content areas such as rating classification and advertising regulations in broadcasting, he said, "We will carefully review regulatory improvement matters and respond actively."