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Posted : 2013-01-31 16:57
Updated : 2013-01-31 16:57

KT launches 'content funds' for SMEs

By Kim Jae-won

KT Media Hub CEO Kim Ju-seong speaks during a press conference at the firm's building in Gwanghwamun, Seoul, Thursday.
KT said Thursday that it will launch two funds worth a combined 100 billion won for small- and medium-sized firms in a move to foster the nation's content industry.

The nation's biggest telecommunications company said that its subsidiary KT Media Hub will be in charge of managing the 60 billion won investment fund and a 40 billion won loan-type fund, which will be lent to cash-hungry companies.

"With the funds, we will support small- and mid-sized producers to make a wide range of content. Regardless of industry, we will help as many firms as possible get access to the fund," KT Media Hub said in a statement.

Observers say the move is part of the firm's efforts to keep pace with the incoming Park Geun-hye government, which is promising to focus on helping small- and medium-sized enterprises (SMEs). Park said she will be a president for SMEs by providing more equal business opportunities to them.

KT said that it will also let small producers use the company's media studio in Mok-dong, western Seoul, helping them make content in more convenient circumstances.

It will also offer them platform infrastructures of IPTV, SkyLife satellite broadcasting, Ustream and Soompi among others.

For the 40-billion won fund, KT and the Industrial Bank of Korea (IBK) will provide 20 billion won each. IBK will be in charge of credit screening and risk management, while KT will put up assets as collateral to help small firms receive loans at favorable rates.

KT said it will also beef up its education program for content producers by doubling the number of beneficiaries to 1,000.

"We will create an ecosystem to ensure shared growth for both big and small producers, offering chances for prominent small players to flourish," said KT Media Hub CEO Kim Ju-seong in a statement.

"We will spare no efforts to let them benefit from the funds in all processes from production to retail to sales."


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