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| ▲ Finance Minister Choo Kyung-ho speaks during a meeting with officials from the South Korean content industry in Seoul on June 15, 2023, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) |
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S. Korea to review ways to foster content industry to become world's No. 4
SEJONG, June 15 (Yonhap) -- South Korea's finance minister said Thursday the government will proactively review supportive measures for entertainment content producers, amid the global success of locally made movies and dramas.
The plan comes in line with the government's efforts to foster the content industry to become the fourth-largest in the world, according to the Ministry of Economy and Finance.
In terms of the size of the content industry, South Korea held seventh position in 2021 with a valuation of $70.2 billion, the ministry said. The United States took the top spot with $979.8 billion, followed by China at $446.1 billion and Japan at $208.2 billion.
"The content sector is a key area of the service industry, which has been generating massive profits," Finance Minister Choo Kyung-ho said during a meeting with heads of media firms, including CJ ENM Co. and Watcha Inc.
"With the global market acknowledging the influence and potential of K-content, the government plans to make efforts to build grounds for the segment to become the fourth player in the world," he added, referring to dramas and movies created in the country.
South Korea plans to continue to review its policy direction to revamp the global competitiveness of local content and set export strategies based on discussion with the business officials, the ministry said.
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