In a joint effort to invigorate the Korean content and media industry, the Ministry of Science and ICT and the Ministry of Culture, Sports, and Tourism have introduced the ‘K-Content/Media Strategy Fund.’ This initiative, outlined on March 14, marks a pivotal step in the broader ‘Media and Content Industry Convergence Development Plan’.
Unlike conventional funds limited to small and medium-sized enterprises and venture companies, the ‘K-Content/Media Strategy Fund’ aims to broaden investment horizons, mainly targeting large-scale content rooted in intellectual property (IP). By easing operational constraints, the fund seeks to enhance investment allure, responding to the escalating competition within the content landscape.
KRW 600 Billion Deployment for K-Content/Media Strategy Fund
With an eye on the evolving industry dynamics, the ministries have pledged support for domestic content producers, encompassing financial backing and IP security. To materialize this vision, a mother fund worth KRW 200 billion (USD151 million) is set to be established through collaborative efforts, drawing investments from public and private entities. Notably, the Ministry of Science and ICT and the Ministry of Culture, Sports and Tourism will contribute KRW 35 billion (USD 26.5 million) and KRW 45 billion (USD 34.1 million), respectively, with an additional KRW 120 billion (USD 90 million) sourced from private funds.
This initial investment will seed a sub-fund totaling KRW 600 billion (USD 454 million) this year alone. Looking ahead, the aim is to significantly amplify K-content investments, with an ambitious target of raising KRW 1.02 trillion (USD 77 billion) over the ensuing five years (2024-2028).
Plans are underway to select a fund management company to oversee the fund’s management. The selection process is slated to commence on March 14, with proposals being accepted until March 28. The final designation of the fund management company is expected to be made in April.
This strategic endeavor underscores the government’s commitment to nurturing Korea’s content and media sector, fostering innovation, and fortifying its global competitiveness in an ever-evolving landscape.
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