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Ministries invest in culture projects

Dec 18,2018
As the year nears its end, government bodies are announcing their plans to energize Korea’s arts and entertainment industry in 2019. While the Ministry of Culture, Sports and Tourism announced their long term plans for the broadcasting industry, the Ministry of Economy and Finance said that it will build a K-pop arena in northern Seoul.

The culture ministry announced three major priorities of their agenda on Monday: to form a fair and equal ecosystem, to build an innovative foundation for the industry and to support our contents abroad. Ten subcategories and 45 specific tasks are included in the agenda, which mainly focuses on improving the working conditions of those working behind the scenes. For instance, companies that go against their contracts with on-site staff will be given penalties when caught by the ministry.

The ministry will also provide 50 billion won to production companies, as well as loaning a total of 13 billion won each year to broadcasting companies at low interest. The ultimate goal, according to the ministry, is to increase the industry’s sales volume to 23 trillion won by 2022 from this year’s estimated 19 trillion won.

Meanwhile, the finance ministry will be investing in a music arena in Chang-dong, northern Seoul. The project is projected to cost 500 billion won and could be financed by private companies, but further details were not provided.

By Yoon So-yeon