Good news for fans of Kpop and Korean TV series! The year 2023 is preparing us full of Korean content!
The expenditure budget of the Ministry of Culture, Sports and Tourism for 2023 is set at 6.74 billion won or about 5 million euros to support K-content.
This includes a budget of 2.2 trillion won to support freedom, creativity and innovation of the private sector, 1.42 trillion won to support culture, art, sports and tourism, which are enjoyed by everyone without exception, and 892.5 billion won to finance Korean culture (K-culture) all over the world.
The Ministry of Culture, Sports and Tourism has decided to increase the budget in order to increase the competitiveness of the Korean content industry in the international market.
The budget to support the production of online streaming services content was set at 99.1 billion won, which is 72.3 billion won more than last year. The K-content fund also has 190 billion won, which is 51.2 billion won more than in the previous year.
The budget needed to train the workforce to merge new technologies and content such as virtual reality (VR) and augmented reality (AR) will increase from 200 million won in 2022 to 5.7 billion won in 2023.
5.5 billion won will be spent on developing the content of the stage performance.
The Ministry of Culture, Sports and Tourism strives to spread the charm of Korean culture around the world.
In this regard, the ministry will expand its export bases to five foreign business centers in order to revitalize marketing outside of South Korea by holding K-content exhibitions.