12-02-2025
Art spending by private foundations tops W1tr
Corporate-run culture foundations in South Korea spent more than one trillion won ($689 million) over the last decade to promote arts and culture, according to the latest Arts Council Korea data.
The agency run by the Culture Ministry found that 112 firms spent 2.3 trillion on various public projects from 2014-2023. Half the funds, or 1.1 trillion won, went to advancing arts and culture.
In 2023, when the number of corporate-run arts and culture foundations reached 112, their sponsorship of arts and culture totaled more than 182.4 billion won.
The CJ Cultural Foundation contributed the most to advancing arts and culture, according to Arts Council Korea. The council scored companies on the total amount spent, transparency in execution and concrete results among other metrics that looked into whether the foundations practiced the latest environmental, social and governance principles.
The Daelim Cultural Foundation came in second, followed by the Samsung Foundation of Culture, the Paradise Cultural Foundation and the Hansol Culture Foundation -- all cultural arms of Korean conglomerates.
Smaller company contributions were led by the Smilegate Foundation, the Woojin Culture Foundation, the United Foundation and the Junglim Architecture Foundation.
Arts Council Korea noted that businesses' interest in promoting the arts remains weak.
Only 32 out of Korea's 88 leading companies have set up culture foundations, the agency said, pointing out that a 36 percent participation rate does not match Korea's rising global profile as a culture powerhouse.
'Companies can take on initiatives themselves promoting art projects, but public projects led by their culture arms like foundations lead to lasting impact,' said Choung Byoung-gug, the agency chairperson.
'We will do our part to make it easier for companies to launch culture foundations,' Choung added.
Choung believed Korean content may be gaining global popularity because the government has earmarked dedicated funds to foster cultural content.
It is now time for private companies to come forward, according to Choung. 'Take for example, Hermes and Louis Vuitton,' he said, adding, 'The French luxury houses are active in expanding cultural outreach through foundations they run.'
