Deputy Prime Minister Koo: "Supporting the Era of $2.5 Billion in K-Content Exports"

"AI and K-Content Convergence: A New Growth Engine"

Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul visited Cleon, a K-Content startup located in Gangnam-gu, Seoul, on the 18th and held the "Super-Innovative Economy Relay On-Site Meeting."

The Super-Innovative Economy Relay On-Site Meeting was organized by the government to enhance communication with the field during the implementation of the 15 leading Super-Innovative Economy projects announced last month. This was the first event of its kind, and it was attended by companies working at the intersection of artificial intelligence (AI) and K-Content.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoonchul visited an artificial intelligence (AI) digital production startup located in Gangnam-gu, Seoul, on the 18th to attend the first event of the Super-Innovative Economy On-Site Relay Meeting, the K-Content On-Site Meeting, and watched an AI content demonstration. Ministry of Economy and Finance

Before the meeting, Deputy Prime Minister Koo watched a demonstration of AI-based conversational digital human technology and listened to a presentation on overseas expansion cases. He stated, "With the paradigm shift in the content industry driven by AI, our companies now have the potential to create new revenue streams and target overseas markets."

He also emphasized, "The convergence of AI and K-Content is a new growth engine for our economy and a core sector where our companies can become global leaders. The government will do its utmost to help our companies unlock their potential and become key players in the global content market."

To this end, the government plans to provide comprehensive support packages that include: ▲expansion of policy financing ▲promotion of AI adoption throughout the entire content production cycle ▲increased investment in technology development (R&D) ▲talent development ▲localization support, among others. Deputy Prime Minister Koo stated, "We will actively support the achievement of 230 trillion won in K-Content sales and 25 billion dollars in exports."

At the meeting, participants highlighted ongoing challenges in the field, such as chronic funding shortages, a lack of AI convergence talent, and legal uncertainties surrounding AI content production. They also proposed policies to support demand creation, including expanded government R&D and pilot support, increased voucher programs, and greater public sector adoption of AI content services.

Deputy Prime Minister Koo stated, "The policy issues discussed at today's meeting will be thoroughly reviewed to ensure that the 'K-Content Super-Innovative Economy Task Force,' launched on the 16th, can deliver effective support tailored to the needs of K-Content companies."

The global content market is expected to grow from 2.0639 trillion dollars in 2023 to 2.6893 trillion dollars by 2028, with an average annual growth rate of 5.4%. Notably, the AI content market is projected to grow at an average annual rate of 31.2%.