Korean gov't launches $454 million fund for Korean movies, K-dramas, webtoons

Culture Minister Yu In-chon, fifth from left, and Science and ICT Minister Yoo Sang-im, sixth from left, pose for a photo during the agreement ceremony for the formation of the "K-content Media Strategic Fund" at the Seoul Business Support Center in central Seoul on Wednesday. [NEWS1]
The Ministry of Culture, Sports and Tourism and the Ministry of Science and ICT formed a 600 billion won ($454 million) investment fund to finance Korean entertainment.

The government will utilize the fund, whose Korean name translates to “K-content Media Strategic Fund,” to help domestic production studios adapt popular Korean intellectual property across multiple formats rather than selling its rights to overseas streaming platforms, the ministry said Wednesday.

Domestic investment firm Korea Growth Investment Corporation will manage the fund; firms including SLL JoongAng, CJ ENM, Industrial Bank of Korea (IBK) and the Korea Development Bank (KDB) will contribute capital in addition to the government.

Culture Minister Yu In-chon and Science Minister Yoo Sang-im, alongside representatives from KDB, IBK, CJ ENM, KBS, SLL JoongAng, KT, SK Broadband, LG U and Korea Growth Investment, signed a memorandum of understanding regarding the strategic fund at the Seoul Business Support Center in central Seoul on Wednesday.

“Korean content creators are facing a sharp rise in production costs, and they need bold investment in good content,” Science and ICT Minister Yoo said at the signing ceremony.

“The precious content we have — movies, dramas, K-pop, games and webtoons — is being loved around the world,” Culture Minister Yu said

“They are already up to the [global] standard, so a bit of help will result in a significant increase in Korea’s soft power.”

The Culture Ministry plans to expand the fund and invite overseas investment next year.

Both ministries will finalize operating plans for the master funds and select an operator for a feeder fund by the end of 2024.