MCST to support Korean streaming service contents to grow globally and provide foundation to grow together with K-Culture

Date Aug 09, 2022

  Minister PARK Bo Gyoon of the Ministry of Culture, Sports and Tourism (MCST) met online streaming service producers and Korean over-the-top (OTT) service leaders to discuss on improving the competitiveness of Korean contents (K-Content) and promised that the government will support the domestic online video streaming service industry with a well-structured policy for further advancing to the global market during the meeting in Seoul on August 3. 

  The Minister said, “The horizon of K-content is expanding at a tremendous speed via the global online streaming market,” referring to the recent famous series “Extraordinary Attorney Woo”, which overcame the lower awareness of the channel itself and recorded a high viewer ratings. PARK emphasized in the end that what is really important is the content itself that captures peoples' mind.  

  During the meeting with producers, PARK listened to current issues in the streaming industry and exchanged opinions on ways to revitalize the industry, including policy support and regulatory innovation. Participants presented various opinions for the mutual growth of K-contents and online video service (OTT) at a time when the influence of global operators on content investment and distribution is greatly expanding. Opinions from the industry requests included: Expanding support on planning, developing, and producing online streaming specialized contents, support global advancement of Korean streaming service into overseas market, expanding policy financing to gain intellectual property (IP) on contents, and deregulating by immediately introducing contents self-regulatory system for online streaming services.  

  In response to such requests, Minister PARK said that as the YOON administration promised to intensively foster domestic streaming service sector to gain global competitiveness, MCST will provide structured support in planning, developing, and producing into overseas market. He added that he would nurture talented resources and expand the production base as well. In addition besides financial support of 11.6 billion KRW this year for producing streaming-industry specialized content and creating a drama fund worth 40 billion KRW, MCST also added that it plans to significantly expand policy finance to secure content intellectual property (IP).

  Moreover, the Minister emphasized that tax benefits will be given to streaming service producers by applying tax credit from next year. Also, self-rating classification system will be introduced immediately as there is no disagreement on the current bill.

  Minister PARK said, “Streaming service is a new platform that breaks down the existing media order and is playing a new leading role in K-culture. The government will actively support the domestic online streaming service with our policies to create an environment where we can find new creators and invest more in good works by collaborating with the content industry in the face of global competition.”

  Minister PARK's communication with each field is expected to continue consecutively after meeting with the streaming service industry.