Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
Korea aims to become one of world's top four cultural powerhouses
Kim Jae-hyun, director general of content policy bureau of the Ministry of Culture, Sports and Tourism, speaks during a press conference at the Central Government Complex, Seoul, Thursday. Yonhap
By Kwak Yeon-soo
By Kwak Yeon-soo
Korea plans to become one of the world's top four cultural powers by boosting its content exports, such as TV dramas and pop music, the Ministry of Culture, Sports and Tourism said on Thursday.
“By entering the world's top four countries with the most cultural influence after the U.S., China, and Japan, the Korean content industry will have a positive influence on the national brand image and exports of other related industries,” said Kim Jae-hyun, director general of the content policy bureau of the Ministry of Culture, Sports and Tourism.
Currently, Korea is said to rank 7th in the world in terms of market share in the content industry.
The Ministry of Culture, Sports and Tourism set out a goal to achieve $25 billion in content exports by 2027. The ministry will inject 790 billion won ($609 million) in 2023 and 1 trillion won in 2024 in policy funds to help increase content exports.
The content industry has already become a major sector of the country's exports, accounting for a total of $12.4 billion in 2021, which outpaced home appliances ($8.6 billion) and displays ($3.6 billion), according to the ministry.
“Despite the COVID-19 pandemic and the global economic slowdown, the content industry's annual export growth rate stood at an average of 9 percent in the past five years and it has recorded an export surplus over the past 10 years,” Kim said.
A poster for hit K-drama “Extraordinary Attorney Woo,” left, and “Reborn Rich” / Courtesy of ENA, JTBC
The government will seek new export markets in North America, Europe, and the Middle East as part of its overseas expansion plan. China, Taiwan, Hong Kong, and Japan account for more than 50 percent of the total export value of the content industry.
Korea will hold K-content Expo events in the U.K. and the U.S. in 2023 and newly establish content hubs in New York, London, Frankfurt, New Delhi, and Mexico City in the second half of this year. It will also participate in France's MIPTV, MIPCOM, Cannes Film Festival, Singapore's Asia TV Forum & Market, and Germany's Berlin Film Festival to promote K-content.
Considering the popularity of Korean content in the Middle East, the government plans to provide customized content based on local languages and cultural backgrounds and promote K-content through cultural events such as K-pop performances.
The ministry aims to extend the scope of the content industry by supporting the webtoon industry and funding dramas, films and TV shows on over-the-top (OTT) streaming services. It plans to invest 45.4 billion won this year to encourage local production studios to protect their intellectual property rights.
The government said the rising global popularity of K-content will have ripple effects on other related industries, such as fashion, beauty, home appliances, IT, and construction.