Korean Animation Business Gets $1 Billion Government Boost
The South Korean government is betting big on animation, unveiling a $1 billion investment strategy aimed at transforming its cartoon industry into a global powerhouse.
The Ministry of Culture, Sports and Tourism on Thursday rolled out its 'Basic Plan for the Promotion of the Animation Industry,' a sweeping five-year initiative designed to address long-standing structural weaknesses in the Korean animation sector, including overreliance on preschool content, heavy dependence on traditional television broadcasts, and challenging production conditions, according to The Korea Herald.
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Central to the strategy is a massive financial injection, beginning with a KRW200 billion ($140 million) animation fund launching this year that will expand to KRW1.5 trillion ($1 billion) by 2029. In a move designed to attract international players, the government will introduce cash rebates for co-productions that meet specific criteria and are primarily produced in Korea.
The initiative emphasizes audience diversification, with targeted support for content appealing to young adults and older demographics. Streaming platforms and short-form video apps will receive special attention, as will cross-media adaptations with popular webtoons and web novels. The plan also promotes the creation of AI-powered spin-offs to extend the lifespan and value of intellectual property.
Recent successes include 'Heartsping: Teenieping of Love,' which became the country's second-highest-grossing animated feature with 1.2 million admissions. Korea's animation history also includes notable hits like 'Leafie: A Hen Into the Wild' (2011), which remains the country's top-grossing animated film with 2.2 million viewers, and the 'Pororo the Little Penguin' franchise, which has produced 11 feature films.
The government's international expansion strategy focuses on emerging Asian markets, with plans to establish joint pavilions at major animation markets in Greater China and Southeast Asia. Korean Cultural Centers and K-Content Business Centers will spearhead global marketing initiatives, while dedicated funding will support localization efforts including dubbing and subtitling.
Recognizing technology's transformative potential, the plan outlines construction of an AI-powered ecosystem spanning production, distribution and startup incubation. Officials will develop Korean-style AI training datasets for video content and establish a Second Animation Promotion Committee with emerging media experts. New legislation is planned to support content involving virtual humans and short-form formats.
The initiative includes comprehensive talent development, with training programs for animation planners, writers and AI-skilled video production professionals in partnership with universities.
In 2023, the Korean animation industry recorded $764 million in revenue, marking a 23% increase from the previous year — surpassing the 2.1 percent growth of the overall content sector. The Culture Ministry aims to increase animation industry revenue to $1.3 billion and exports from $120 million in 2023 to $170 million by 2030.
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