Lee's Direct K-Initiative Committee to Promote K-Culture via Free Streaming TV

Reviewing the Use of FAST Services as a Platform to Promote Korean Culture
If the Policy Lands Smoothly, Concerts by Famous Artists Like BTS Could Be Broadcast

The direct committee under Lee Jaemyung, the presidential candidate of the Democratic Party of Korea, has prepared a policy emphasizing free ad-supported streaming TV (FAST) as a platform to promote K-culture.

According to coverage by Asia Economy on June 2, the K-Initiative Committee, which is directly under presidential candidate Lee Jaemyung, proposed a plan to leverage the FAST platform as a core policy for advancing Korea as a powerhouse in content within the cultural sector. FAST is a service that allows users to watch video content for free with advertisements via smart TVs and other devices. A key official from the K-Initiative Committee stated, "The main idea is to use FAST to deliver Korean cultural content to the world," adding, "The proposal has been submitted to the candidate."

The K-Initiative Committee, as a direct committee under the candidate, previously selected 21 agendas across divisions such as semiconductors and culture for Korea’s future growth and has proposed related policies to the candidate.

The core of this policy is to use FAST as a platform to promote Korean culture. Among domestic companies, Samsung Electronics and LG Electronics are distributing K-content through their respective 'Samsung TV Plus' and 'LG Channel' services. According to global market research firm TechInsights, in the fourth quarter of last year, Samsung and LG ranked first and fourth in global smart TV market share with 16.9% and 11.1%, respectively.

The committee believes that if K-content is supplied through the FAST channels of smart TVs produced by domestic companies, K-content can reach audiences in countries around the world. There is also an assessment that Korea has a higher potential to take the lead in the FAST market than in the OTT market, where global company Netflix currently dominates.

Given that the platform is operated through advertising, the committee also sees high potential for FAST in terms of sustainability. In particular, they devised a plan to establish a corporate advertising support system by linking export companies with 'advertising vouchers.' In addition, they aim to foster growth on both the platform and content sides by supporting platform operators in building and nurturing their platform ecosystems, while making it mandatory for supported operators to invest in content.

If detailed policies for K-content promotion are established and proceed smoothly, it may become possible to watch concerts by famous artists such as BTS (Bangtan Sonyeondan) via FAST. The policy proposal also includes plans to broadcast BTS’s comeback concert live. However, it has been determined that such initiatives will only proceed after close consultation with the agency HYBE and FAST channel operators.