"Soaring Production Costs and Shrinking Investment"... Drama Production Companies Send SOS to Government

Minister Choi Hwiyoung Hosts Meeting with Industry Leaders
"Urgent Need for IP Sharing and Increased Budget for Production Companies"

Minister of Culture, Sports and Tourism Hwee-Young Choi is taking a commemorative photo after a meeting with broadcasting and video content industry officials on the 22nd at the National Museum of Modern and Contemporary Art Seoul in Jongno-gu, Seoul.

Major domestic broadcasting and video production companies have requested government support, stating that they are facing a survival crisis due to soaring production costs and shrinking investment.

The Ministry of Culture, Sports and Tourism held a meeting with major domestic broadcasting and video production companies on December 22 at the National Museum of Modern and Contemporary Art Seoul. Participants included the Korea Drama Production Association, the Korea Broadcasting and Video Production Association, drama production companies such as SLL, Astory, and Samhwa Networks, as well as variety and documentary production companies like Egg is Coming and ELTV, and broadcasting export companies.

The attendees unanimously stated, "Production costs are rising sharply, while production and investment from domestic broadcasters and platforms are contracting." They emphasized, "In order for the industry to survive, it is essential for the government to expand investment and increase the budget for production support." They also called on the government to ensure that production companies can jointly own intellectual property (IP) with broadcasters and platforms, rather than IP being concentrated solely with the latter.

Choi Hwiyoung, Minister of Culture, Sports and Tourism, said, "Our broadcasting and video content is at the center of the global spread of K-culture, as seen with 'Squid Game,' 'When Life Gives You Tangerines,' and 'Black and White Chef.' We will provide support through various means so that domestic production companies can build self-sufficiency and enhance their competitiveness in the global market."