Culture ministry vows to boost OTT industry
Culture, Sports and Tourism Minister Park Bo-gyoon / Korea Times fileBy Kwak Yeon-sooThe government will provide financial, systematic and infrastructural support to boost production of dramas and films for over-the-top (OTT) platforms, according to the Ministry of Culture, Sports and Tourism, Thursday.The plan, which is a part of the ministry's key policy directives for 2023, comes with an aim to solidify Korea's reputation as a cultural powerhouse.Under the scheme, the ministry plans to increase its fiscal spending on Korean cultural content, especially that to be released on OTT. It will offer 45.4 billion won ($35.7 million) in financial support to productions making films and dramas for OTT services, and another 30 billion won for post-production work such as subtitling and dubbing.It plans to introduce a self-rating system for streaming services in March so the platforms can reduce the time needed to circulate new releases and respond quickly to fast changes in global audiences' demand. A relevant law was passed at the National Assembly last September.As to infrastructure, the
