[The Birth of Corporate Sponsorship in K-Culture: Samyang Corporation's "Yang Younghoe" Foundation Marks the Beginning]

Corporate Social Contributions Focused on Scholarships Until the 1980s
Establishment of Performance Venues Accelerates After the 2000s

The beginning of corporate sponsorship in South Korea is considered to be the establishment of the "Yang Younghoe" foundation by Samyang Corporation in 1939. It was the country's first private scholarship foundation, created with the aim of nurturing talent. In the 1960s, major conglomerates that are now familiar to the public began to establish cultural foundations in succession. The Samsung Foundation of Culture was launched in 1965, and the LG Yonam Cultural Foundation was established in 1969. Subsequently, the Kumho Cultural Foundation (1977) and the Doosan Yonkang Foundation (1978) were also founded.

Until the 1980s, corporate social contribution activities were mainly focused on scholarship programs. Gradually, these activities began to expand into the field of culture and the arts, with an initial emphasis on the visual arts. The Samsung Foundation of Culture opened the Ho-Am Art Museum in 1978, and the Kumho Cultural Foundation opened the Kumho Gallery in 1989. Later, in 2004, Samsung established the Leeum Museum of Art in Hannam-dong, Seoul.

Group photo of Yang Younghoe scholarship students in 1969
[Photo by Samyang Holdings]

From the 2000s onward, the establishment of performance venues became more active. The LG Arts Center and Kumho Art Hall both opened in 2000, Doosan Art Center opened in 2007, and CJ Azit opened in 2009. Lotte Group established the Lotte Foundation for Arts in 2015, followed by the opening of Lotte Concert Hall in 2016 and Lotte Museum in 2018. Lotte Concert Hall, built as the first large-scale classical music venue in South Korea funded entirely by private investment, is equipped with a pipe organ and has become a leading classical music venue in the country.

In April of last year, the Samsung Foundation of Culture opened "Sounds S," a music-focused multi-purpose cultural space in Hannam-dong. This April, GS Group, marking its 20th anniversary, opened the "GS Art Center," officially beginning its social contribution activities.

Hyundai Motor Group established the Chung Mongkoo Foundation in 2007 and has since been engaged in cultural and arts education projects. The group also sponsors the Gaechon Classical Music Festival and the Dongpyeonje Gugak Festival. There are high expectations in the industry that, according to the original plans, a large-scale classical music venue will be included in the Gangnam Global Business Center (GBC), although the completion date remains uncertain.

Corporate sponsorship of culture and the arts continues to grow steadily. According to the Korea Mecenat Association, the total amount of corporate support for culture and the arts in South Korea last year was approximately 212.5 billion won, representing a 1.8% increase compared to 2023 (209.52 billion won). It is encouraging that the scale of support has expanded despite economic contraction caused by the so-called "three highs"?high interest rates, high inflation, and a strong won?as well as uncertainty in domestic politics in the second half of the year. However, some point out that, since the total first surpassed the 200 billion won mark in 2016, it has remained stagnant over the long term.