Korean government to fund content start-ups to grow creative industry

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Korean government to fund content start-ups to grow creative industry

Published: 22 Feb. 2023, 18:46

A scene from Netflix original series ″Squid Game″ (2021) [NETFLIX]

The Korean government will nurture 200 start-ups in the content field with up to 150 million won ($115,000) allotted per company to grow the domestic creative industry, the Ministry of Culture, Sports and Tourism said Wednesday.

"The content industry has become a staple in our country's exports, and 78 percent of the market is taken up by young people in their 20s and 30s," Culture Minister Park Bo-gyoon said in a press release.

"We hope to support youngsters by turning their dreams and imagination into businesses from the very ideation step so that content start-ups overcome the valley of death and become unicorn companies [valued at over $1 billion]."

Sixty CEO-hopefuls in their ideation process will be chosen, 32 start-ups with less than three years of business and 20 companies that have been established more than three years but less than seven will be chosen. Founders of the companies must be aged under 39.

Companies that have been chosen will sign an agreement with the Korea Creative Content Agency (Kocca), which will provide the start-ups with necessary support such as consultations, mentorships and demo days.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]