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SEOUL, KOREA- Korea's export volume of entertainment contents, including games, films, TV dramas, and animations, will be increased up to US$10 billion by 2017 from the current $4.8-billion level.The Ministry of Culture, Sports, and Tourism and the Ministry of Science, ICT, and Future Planning said this on September 12 in an external economic affairs ministers meeting in a plan to expand content exports.
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Friday, September 13th, 2013
Of the $4.8-billion content exports in 2012, as much as 50.8 percent is accounted for by games. By export destination, Japan takes a 30.1-percent share in the total (as of 2011). In order to address the lopsidedness, the ministries will develop unexplored markets in Latin America, the Middle East, and Africa. To that end, they will set out to open joint promotion centers while doing more market research and increasing contact with potential buyers, in partnership with Korea Trade Promotion Corp.
The government agencies will also create funds to nurture international competitiveness of the content industries, including a global fund (220 billion won to be set up by the Culture Ministry) and a digital content Korea fund (120 billion won, ICT Ministry). To help the cause, Korea EximBank will increase its "Korean wave" content support lending to 250 billion won by 2017 from this year's 180 billion won. Korea Trade Insurance Corp. will also raise its export credit guarantee limit for content exporters to 7 billion won by 2017 from 5 billion won now.
