Latest news with #BasicPlanforthePromotionoftheAnimationIndustry
Yahoo
27-04-2025
- Entertainment
- Yahoo
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. More from Variety Netflix's Tokyo Showcase Spotlights Korean Animation Push and Genre Diversification Korean Crime Thriller 'Nine Puzzles' Set at Disney+ Prime Video's Korean Rom-Com 'The Divorce Insurance' Stars Make the Case for Life After Heartbreak: 'Choices That We Make to Become Happier' 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. Best of Variety New Movies Out Now in Theaters: What to See This Week What's Coming to Disney+ in April 2025 The Best Celebrity Memoirs to Read This Year: From Chelsea Handler to Anthony Hopkins
Korea Herald
24-04-2025
- Business
- Korea Herald
Culture Minsitry unveils plans to boost animation industry, expand global reach
With a 1.5 trillion won boost and new AI and export policies, Korea aims to turn animation into a growth engine The Ministry of Culture, Sports and Tourism on Thursday unveiled its 'Basic Plan for the Promotion of the Animation Industry,' which seeks to address structural challenges in the Korean animation sector. These include overreliance on preschool content, dependence on television broadcasting and poor production conditions. To revitalize the industry, the government will establish a 200 billion won ($140 million) animation-focused fund this year expanding it to 1.5 trillion won by 2029. A new cash rebate system will also be introduced to attract foreign investment, by reimbursing part of the production cost for international co-productions that meet certain conditions and are primarily executed in Korea. The five-year plan aims to diversify animation audiences by supporting content geared toward young adults and older demographics, and fostering animation tailored for streaming services and short-form video apps. The government will also encourage cross-media adaptations with webtoons and web novels, and promote the creation of AI-powered spin-offs to extend the lifespan and value of intellectual property in animation. International expansion is another focus. Korea will establish joint pavilions at major animation markets in Greater China and Southeast Asia for the first time. The government will provide structured support for localization efforts — such as dubbing and subtitling — and carry out global marketing initiatives through Korean Cultural Centers and K-Content Business Centers overseas. Responding to fast-evolving technologies, the government will build an AI-powered ecosystem for animation production, distribution and startup incubation. It also plans to develop a Korean-style AI training dataset for video content and establish the Second Animation Promotion Committee, composed of experts in emerging media. A new law will also be proposed to systematically support new media content involving virtual humans and short-form formats. The plan supports the development of merchandise and cultural products based on animation characters, virtual humans and short-form IP. It also encourages partnerships between small creators and larger firms, while offering commercialization training and industry insights. Finally, to strengthen the talent pipeline, the plan includes training programs for animation planners, writers and AI-skilled video production professionals, in partnership with universities and affiliated institutions. In 2023, the Korean animation industry recorded 1.1 trillion won in revenue, marking a 23 percent increase from the previous year — surpassing the 2.1 percent growth of the overall content sector. The Culture Ministry hopes to increase animation industry revenue to 1.9 trillion won and exports from $120 million in 2023 to $170 million by 2030.
