Broadcasting and Video Industry to Grow to 30 Trillion Won by 2030... 7th Mid-to-Long-Term Plan Announced

The Ministry of Culture, Sports and Tourism announced that it will foster the broadcasting and video industry into a 30 trillion won business by 2030, unveiling the 7th Mid-to-Long-Term Plan for the Promotion of the Broadcasting and Video Industry.

As of 2024, South Korea's domestic broadcasting and video industry recorded 24.9944 trillion won in sales, ranking first in sales among content industries.

In particular, exports reached 1.99 trillion won, a 20% increase from the previous year, breaking all-time highs and recording an average growth rate of 16% over the past five years.

However, a sense of crisis is growing within the domestic broadcasting and video industry due to the recent expansion of global online video services (OTT), soaring production costs, deteriorating profitability of domestic platforms, and the rapid rise of new media industries represented by creator contents and short-form videos.

The rapidly expanding content creator industry has also faced a lack of systematic legal and institutional support relative to its growing size, continuously raising the need for government support.

In response, the Ministry of Culture, Sports and Tourism announced that it has prepared four major implementation strategies and twelve detailed tasks to achieve 30 trillion won in industry sales, 3.06 billion dollars in content exports, and a twofold expansion in the proportion of production companies with sales of 10 billion won or more (achieving 27.8% from the current 13.9%) by 2030, through more than 18 rounds of communication including industry meetings and on-site visits.

The plan includes full-cycle support for the broadcasting and video content industry, strengthening the competitiveness of domestic platforms, measures for copyright protection, revision of standard contracts, and plans to reorganize video content legislation.

A policy official from the Ministry of Culture, Sports and Tourism stated, "The broadcasting and video industry is the protagonist of the Hallyu wave that delivers K-culture to the living rooms of viewers around the world," adding, "We hope that this 7th Mid-to-Long-Term Plan for the Promotion of the Broadcasting and Video Industry will serve as a foundation for creators, production companies, platforms, and the content creator industry to grow together."

(Photo: Provided by the Ministry of Culture, Sports and Tourism, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.