Korean government to support contents industry with 48 new measuresUpdated: 2014-04-04 22:01:22 KST
Korea's contents industry, which is made up of a diverse set of sub-areas, such as films, music, games, and comics, has grown rapidly over the past few years.
Between 2008 and last year, the industry has posted annual average growth of seven-and-a-half percent.
To further induce growth, the Presidential Committee for Cultural Enrichment reported to President Park Friday a total of 48 measures to boost the contents industry.
"As the industry has a great ripple effect on the rest of the economy, the government has designated it as a promising service industry. So, we plan to support it with a variety of measures."
The measures, which span from financial support to doing away with unfair practices, aim to achieve annual revenue in excess of one-hundred-ten billion U.S. dollars and an annual export volume of some ten-billion dollars by 2017.
One of the main initiatives is to raise a government fund of about 47 million dollars.
This will be used to invest in small contents production companies with an annual revenue of less than one million dollars.
About 90 percent of all contents-related companies in Korea fall into this category.
Korea and China will also raise a joint fund of about 190 million dollars for the co-production of films by both countries.
The money come from the public and private sectors and the government expects the deal will make it easier for Korean film talents to crack the Chinese market.
As the presidential committee consists of dozens of key cultural leaders in Korea, the measures were drawn up through cooperation between related government bodies, such as the culture, future and science and education ministries.
The government will also provide office space to creative, young people who want to start their own businesses in the industry.
It plans to support more than four hundred new businesses by 2017.
Park Ji-won, Arirang News.
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