"Next-generation content linking K-pop and webtoons: The government must provide the initial impetus" [9th Korea Culture Content Forum]

Panel Discussion

90% of domestic content companies are small and medium-sized

Support is needed to build a next-generation content ecosystem

The era of a great transformation in cultural content has arrived as cutting-edge technology combines with artistic imagination. At the 9th Korea Culture Content Forum panel discussion, held on the 21st at The Great Hall, Josun Palace Gangnam-gu, Seoul, participants included Seo Byeong-mun, Chairman of the Content Future Research Institute, Kang Dong-jin, Director of Cultural Industry Policy Division at the Ministry of Culture, Sports and Tourism, Lee Sung-ho, CEO of District, Baek Seung-yeop, CEO of Locus X, Hong Ji-suk, CEO of ARTTOKEN, and Professor Sang-sim Min of Sungshin Women's University's Department of Cultural Communication.

Chairman Seo mentioned the successes of BTS, the movie 'Parasite,' and the drama 'Squid Game,' stating, 'When the Korea Creative Content Agency was established in 2009, we never imagined that our country's content industry would be this popular globally.' He predicted that 'While the cultural content industry operated primarily around creativity and capital, in the future, it will be difficult to lead the world without the infusion of technology and art.' Director Kang expressed agreement with Chairman Seo's opinion, saying, 'Explosive growth is expected in the next-generation content market. This will be a huge opportunity for our country's content industry.'

■'Revival thanks to KCCA support policies; challenging experiments must be supported'

Director Kang stated, 'The government will prepare various support policies in stages for the sustainable growth of next-generation content that fuses technology and art.' He pointed out, 'Since 90% of our country's content companies are small and medium-sized, we know that establishing self-sustaining business models and a virtuous cycle ecosystem is difficult. Government initial impetus is needed.'

The Ministry of Culture, Sports and Tourism not only nurtured the metaverse market, which has emerged as a new growth area, such as core technology development for next-generation immersive content copyrights and global virtual performance core technology development, but also showcased the Gwanghwajae Project, implemented in 8 types using 5G, augmented reality, and hologram technologies, to raise public awareness of immersive content and promote culture and technology and foster industry growth. In the 2023 budget, 125.5 billion won is planned to be invested in pioneering new markets for K-content, including support for immersive content production for SMEs and hosting international events.

CEO Lee mentioned the necessity of government support policies, stating, 'Thanks to KCCA's immersive content production support project, the company was revived.' He said, 'We experienced two major difficulties since starting as Live Park in 2011 until establishing ourselves as District.' He added, 'The company was finally able to escape a capital deficit status after the Art Museum, which opened in 2019, succeeded thanks to government support policies.'

CEO Lee was confident, saying, 'Even though the company was in a capital deficit, KCCA played the role of initial impetus for our adventurous business, leading to this change. Our creators in Korea excel at making something, regardless of the genre. If government support policies that do not fear failure are backed, content that creates new added value beyond K-pop and K-webtoons (Hallyu) will continue to emerge.'

■'Regulatory innovation is important, focus on talent development'

CEO Baek and CEO Hong also called for active government support and rapid regulatory reform. CEO Baek explained, 'It takes a lot of money to create virtual humans.' He added, 'Our company has 8 virtual humans, including 'Loji,' and Loji is earning money like a 소녀가장 (Girls' Generation).' He suggested, 'It would be beneficial if the government actively discovers and invests in (high-potential) companies so that the newly created virtual human market does not disappear.'

CEO Hong mentioned 'regulatory innovation.' He predicted, 'The traditional art market will incorporate NFT art (crypto art) while operating in existing ways, and crypto art will become much larger than the existing art market.' He urged, 'Rather than regulating out of fear of change, please allow us to overcome obstacles through swift institutional adjustment.'

It was also pointed out that talent development is essential for the next-generation content market to grow. Professor Jin-joon Lee of KAIST's Graduate School of Culture and Technology stated that regarding what kind of talent is needed, 'We plan to create an Art & Technology Center at KAIST' and 'We will cultivate three groups of members here.' Professor Lee explained, 'The group of creators and artists majoring in art, music, architecture, and design; the creative technologists who implement art technically, such as those majoring in AI, computer science, chemistry, and physics; and the creative directors who connect artists and technologists.'

Kim Ho-young Reporter (hydy2002@fnnews.com)

Shin Jin-ah Reporter (jashin@fnnews.com)

Lee Hwan-ju Reporter (hwlee@fnnews.com)

Kim Dong-gyu Reporter (kyu0705@fnnews.com)

Lee Ju-mi Reporter (zoom@fnnews.com)

Subin Reporter (soup@fnnews.com)

Source: Financial News ( https://www.fnnews.com ) https://www.fnnews.com/news/202209211809377392