Kocca to inject 95.7 billion won in content industry this year
The Korea Creative Content Agency (Kocca) will inject a total of 95.7 billion won ($79.2 million) into the content industry this year in an aim to create the next global success.
The budget shot up 269.5 percent compared to the previous year as the agency aggressively pursues the next gamechanger in K-content, following the lead of last year's hits JTBC’s “Reborn Rich” and ENA’s “Extraordinary Attorney Woo."
Kocca will support seven sectors in the industry — streaming platforms, television broadcasts, broadcast formats, new media, post-production, global co-production and distribution.
Nearly half of the budget, a total of 43.9 billion won will go to supporting production costs for content tailored for streaming services, while 4.45 billion won will be invested in television.
The organization will allocate 5.33 billion won to the new media sector, including the production of web drama series, variety shows and documentaries.
Funding for post-production and global distribution has been newly added this year, with the agency injecting 29.5 billion won and 9.4 billion won in the respective sectors. Post-production includes editing, visual effects and subtitles.
Global distribution is for small-and-medium sized production houses to help them utilize the intellectual property (IP) they possess, and to help connect domestic houses with overseas producers to adapt and expand their IP businesses.
BY LEE JAE-LIM [firstname.lastname@example.org]