<p>“The global competition driven by the Internet and network platforms, artificial intelligence (AI), the metaverse, blockchain technology, and other unprecedented advancements in content technology is ushering in a new era,” Director Jo Hyun-rae of the Korea Creative Content Agency (KOCCA) <a href="https://www.fnnews.com/news/202309201815325285" rel="noopener noreferrer nofollow">said</a> in his speech during the 10th annual South Korea Cultural Contents Forum at the Josun Palace Hotel in Seoul on Wednesday, where authorities from various agencies gathered to discuss the prospects, challenges, and hopes for the nation’s content industry.</p><h2 id="header-0">Importance of creative foundations and collaborative efforts</h2><p>Jo emphasized his belief that the industry should be built on a foundation of creative talent, rich infrastructure, and financial resources, saying that the agency is actively pushing projects to provide production and financial support in the face of limited resources.</p><p>“I believe that the creativity and spirit of ambition in our content industry, along with the support and efforts of our people, government, and media, including the Financial News, are shaping the status of K-content today,” he said.</p><h2 id="header-1">Growth and government initiatives</h2><p>According to the Ministry of Culture, Sports, and Tourism (MCST), the Korean content industry has seen remarkable growth over the past decade. Last year, the size of the industry exceeded KRW 148 trillion (approximately $111 billion), a growth of about 70% compared to ten years ago.</p><p>Last year’s content-related exports also amounted to $13.3 billion, far surpassing the $10 billion scale of secondary battery exports and $8.1 billion in home appliance exports. “The Ministry recognizes the economic importance and potential of the content industry and is actively promoting comprehensive support measures to utilize it as an instrument of our national strategy, just like the semiconductor industry,” said Park Sung-won, Vice Minister of the MCST. He also mentioned plans to boost governmental support to encourage active investment in the industry and stimulate the creation of globally competitive works.</p><p>“Even amid an overall economic downturn, the growth of K-content exports continues, which plays a significant role in our economy,” said Byun Dong-shik, President of local news outlet Financial News. “In light of this forum, I hope that the Korean cultural content industry, and our nation’s economy as a whole, can take another quantum leap forward.”</p>

Korea’s Content Industry: Thriving Amidst Global Tech Advancements and Ambitious Plans

Table of Contents

CoinNess Global

Other articles published on Sep 22, 2023

Crypto’s CoinShares goes hard for U.S. investors

AI has an energy problem — Blockchain is here to help

Elon Musk's X is Bringing Payment Feature like Google Pay

Stablecoins are doomed to disappear, says Binance

Canoo Stock (NASDAQ: GOEV) In Downtrend, Will GOEV Bounce off?

YouTube teases AI features to roll out in 2024

Join our free newsletter for daily crypto updates!