Ministry of Culture and Korea Creative Content Agency Provide 57.7 Billion Won Support for Broadcasting and OTT Content

Aiming to Strengthen Competitiveness Across Creation, Production, and Distribution
Supporting Production Companies in Securing IP and Providing Practical Debut Opportunities for Creators

The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency announced on the 10th that they will invest 57.7 billion KRW this year in the 'Broadcasting Video Content and Online Video Service (OTT) Specialized Content Support Project.' This aims to strengthen the overall competitiveness of creation, production, and distribution so that content producers can secure intellectual property (IP) and distribution channels, and creators can successfully enter the industry.

Yoo In-chon, Minister of Culture, Sports and Tourism, is giving a greeting at the business agreement ceremony to strengthen the global competitiveness of the online video service (OTT) and broadcasting video content industry held on February 28 last year at the National Museum of Modern and Contemporary Art Seoul in Jongno-gu, Seoul.
[Photo by Ministry of Culture, Sports and Tourism]

The broadcasting video content support sector consists of five areas: planning and development, production support, post-production, international co-production, and expansion support. The newly established planning and development sector, created to help small and medium-sized production companies secure and expand IP, will select about six dramas and provide 1.2 billion KRW in support. The production support sector is divided into drama (6.14 billion KRW), entertainment and culture (2.59 billion KRW), documentary (1.35 billion KRW), and public sectors (900 million KRW), providing a total of 10.98 billion KRW in support.

The post-production sector is allocated 16 billion KRW, the international co-production sector 1.225 billion KRW, and the expansion support sector 2.8 billion KRW. The expansion support focuses on developing broadcasting video IP owned by small and medium-sized production companies into various genres such as follow-up series, webtoons, and musicals.

The OTT specialized content production support sector is divided into two parts: OTT platform-linked and IP acquisition types. The former encourages joint IP ownership between small and medium-sized production companies and OTT platforms, guaranteeing production investment, scheduling, and broadcasting on five domestic OTT platforms. The support scale is 12 billion KRW for dramas and 4 billion KRW for non-dramas. A representative from the Korea Creative Content Agency stated, "As part of the strategic cooperation under the 'MOU for Strengthening the Global Competitiveness of the OTT-Broadcasting Video Content Industry' signed last February, we plan to continue strategic collaboration."

Minister Yoo In-chon of the Ministry of Culture, Sports and Tourism is taking a commemorative photo after signing an agreement with the representatives of five major domestic online video service companies to strengthen the global competitiveness of the online video service (OTT) and broadcasting video content industry, together with the Korea Creative Content Agency, at the National Museum of Modern and Contemporary Art Seoul on February 28 last year. From the left, Park Tae-hoon, CEO of Watcha; Jung Hyun-joo, LG Uplus Center Director (Executive Vice President); Choi Joo-hee, CEO of TVING; Minister Yoo In-chon of the Ministry of Culture, Sports and Tourism; Lee Tae-hyun, CEO of Content Wave; Kim Sung-han, CEO of Coupang Play; Cho Hyun-rae, former President of the Korea Creative Content Agency.
[Photo by Ministry of Culture, Sports and Tourism]

The latter specifies the condition of 'mandatory broadcasting on domestic and international OTT platforms' to ensure that producers secure profitable business rights. It supports four dramas with 6 billion KRW and three non-dramas with 1.5 billion KRW respectively.

The newly launched debut support project for emerging creators will invest 2 billion KRW. It will select fifteen supported works involving rookie writers and directors, providing practical debut opportunities and a stable creative foundation. A Korea Creative Content Agency official explained, "With support funds doubled from last year, selecting fifteen works is expected to further improve the creative environment," adding, "Completed works must be broadcast on domestic and international OTT platforms as a mandatory condition."

Detailed information can be found in the announcements posted on the Korea Creative Content Agency and e-Naradoom websites.