The interest of the world community for South Korean OTT Dramas continues to increase rapidly so that this great potential becomes a plan for the South Korean government that does not want to lose money like the previous 'Squid Game'.
The South Korean entertainment industry is now one of the hottest topics in the world. Various kinds of Korean content are always crowded with enthusiasts around the world so that the potential to benefit from several sectors is wide open.
Since "Squid Game" caused an uproar around the world, Minister of Culture, Sports and Tourism Park Bo Gyun reported on the K-Content support plan that was submitted at the Presidential Office in Yongsan, Seoul on Thursday (21/7). This is done because they plan to prevent leakage of intellectual property (IP) abroad due to lack of funds.
"Squid Game" became a regrettable case in terms of intellectual property. It is known that Netflix earned more than 1 trillion won from "Squid Game", but South Korea received less than 30 billion won in profit which is because they failed to secure IP.
In order not to repeat the same mistake, the Ministry of Culture, Sports and Tourism plans to use Korean culture as a national brand that leads the economy. The government also provides support to a sustainable K-content industry ecosystem with content policies led by the private sector and driven by the government.
It is reported that the Ministry of Culture, Sports and Tourism will develop films, OTT content, and K-pop as pillars of economic growth and plans to encourage global intellectual property (IP) companies such as Disney. The government will take the lead in completing investments in the content industry by supplying 4.8 trillion won over five years.
In addition, K-Content will be extended to the virtual world by utilizing new technologies such as "K-meta World" and the construction of a virtual museum. In order to intensively promote OTT content, the government will set up a drama fund worth 40 billion won and strengthen the production infrastructure such as building better filming sites.
"The era of cultural prosperity has arrived when the world pays attention to our content. K-content will be the mainstay of our economy, with a focus on K-movies, K-drama, online streaming service (OTT) content and K-pop," said the Minister of Culture, Sports. , and Park Bo Gyun Tourism in his plans.
Meanwhile, the Ministry of Culture, Sports and Tourism will also expand cultural access opportunities for people with disabilities and the elderly across the country. Broadly speaking, the government sees great potential to properly advance the Korean entertainment industry. (wk/taki)
