The Ministry of Culture, Sports and Tourism (Minister YU In Chon, MCST) announced the 4th Mid- to Long-Term Sports Industry Promotion Plan (2024–2028) on April 9 (Tue). As mandated by Article 5 of the Sports Industry Promotion Act, this plan outlines the vision and direction for sports industry policies over the next five years, developed after consulting with over 40 experts from academia and industry based on foundational research conducted in 2023.

In 2022, the sports industry market grew by 22.3% to KRW 78.1069 trillion, quickly recovering to pre–COVID–19 levels (KRW 80.6840 trillion in 2019). The industry, comprising facilities, equipment, and services, has seen significant growth, especially in golf, water sports, outdoor activities such as fishing and camping, and sectors including sports marketing and broadcasting. However, compared to global trends, Korea’s sports industry faces challenges because of its small scale and domestic focus, necessitating policies to enhance growth. Considering the industry’s connection to everyday sports participation and spectating, shifting from a supply-driven to a demand-driven approach is essential.

MCST has established the 4th Mid- to Long-Term Sports Industry Promotion Plan to boost the industry’s competitiveness and foster it as a new engine for national growth. Under the vision Growing Together: Sports Industry as a New Growth Engine for South Korea, the plan comprises three strategic directions and nine specific implementation tasks.

[1] Supporting Sports Companies to Achieve Global Competitiveness in Overseas Markets

The MCST will clearly reorganize the domestic-focused industrial structure and enhance the global competitiveness of sports companies in international markets by elevating the supporting system. Priority will be given to high-growth sports companies with an average annual revenue growth rate of 20% or more for three years, strengthening comprehensive support, including investment attraction and overseas expansion. Support will also be expanded for sports service companies showing high growth rates.

In addition, customized support plans will be prepared according to the companies’ capabilities for overseas expansion, aiming to develop them into global representative enterprises, from exploring new markets to enhancing brand competitiveness. In this regard, starting in 2024, MCST established support projects to lay the groundwork for the initial overseas expansion of sports service companies, including market research, development of content for overseas markets, preparation for local business operations, and promotional activities. In addition, to secure key technologies and reduce foreign dependency, research and development supporting funds will be provided for selected import-substituting and export-promising sports products.

To strengthen the foundation for sustainable growth of sports companies, the Sports Industry Comprehensive Support Center (Gwangmyeong, Seoul) will be renamed Sports Korea Lab(draft name) in the mid- to long term, enhancing functions like new idea development, technical training, and experiments to nurture sports start-ups. Following the announcement at the presidential-hosted 17th Policy Discussion with Citizens on March 5, under the theme South Korea’s Leap with the Power of Youth, involving the introduction of tax deductions for gyms and swimming pools, MCST plans to continue these measures in collaboration with the Ministry of Economy and Finance, including legal amendments and system improvements.

[2] Expanding Industry Base through High-Value Industry Integration and New Market Development

The MCST has formulated a plan to expand the sports industry base and establish new market foundations through the integration of high-value industries such as technology, tourism, and content. To lead the sports participation and health management service market, the development of specialized artificial intelligence (AI) for sports is planned. This AI will offer core technology as personalized fitness program recommendations, exercise quantity, and effectiveness measurements. To increase the sports spectators market, technologies for enhanced and convenient sports viewing experiences based on Extended Reality (XR), innovative stadium technologies (facial recognition and terror detection), and improved accessibility for vulnerable groups (vibration detection seats for people with disabilities and apps providing lyrics for the hearing-impaired) will also be developed in a long term manner.

Moreover, sports tourism products centered on traditional Korean sports, such as Taekwondo and Esports, will be developed, as well as sports with well-established facilities like cycling, trekking, and winter sports. This includes supporting the integration of sports with entertainment and performance content, thus continually expanding the base of the K-sports industry.

[3] Creating a Region-Led Sports Industry Ecosystem

The MCST is fostering the development of a region-led sports industry ecosystem, leveraging local sports companies and various sports-related resources for long-term growth. To this end, areas with a concentration of private sports businesses, like Yangyang in Gangwon State for surfing and Danyang in Chungbuk Province for paragliding, are designated as “Sports Complexes” to facilitate integrated promotion. The distribution of virtual reality (VR) sports facilities, previously provided to elementary schools, will be expanded to senior welfare centers and public kindergartens, along with the development of all-season training facilities like air domes to enhance regional sports industry vitality and ensure safe sports activities regardless of weather conditions.

Furthermore, the effectiveness of safety and consumer assurance certification programs for private sports facilities will be enhanced. By identifying best practices in safety management, a standard model for the safety management of sports facilities will be established and disseminated across regions, expanding the availability of local sports facilities that can be used with confidence. Collaboration with professional sports teams based in local areas will be pursued to promote spectator attendance and connect with local commerce, thereby attracting visitors and contributing to the development of the regional sports industry. In addition, indicators will be developed to measure the balanced growth of the local sports industry, providing a foundation for establishing sports policies that align with regional development goals.

Minister YU In Chon stated, “Considering its broad scope, including facilities, equipment, services, and its potential for integration with tourism, content, and regions, we are confident that the sports industry will become a key driver for our country’s future growth.” He added, “Our ministry will leverage all available resources to swiftly implement these strategies and tasks, ensuring that the changes can be tangibly felt.”