his undated file photo provided by the Ministry of Science and ICT shows its office in Sejong, about 120 kilometers south of Seoul. (Ministry of Science and ICT)
South Korea's ICT ministry said Thursday it will provide 21.2 billion won ($19.3 million) to support the production of local broadcast content in a bid to boost next-generation media services.
The Ministry of Science and ICT said it will focus on over-the-top (OTT) or video streaming content this year, setting aside 5.1 billion won to support short form videos and cross media content.
It will also provide an additional 10.3 billion won in support for content targeted for overseas markets and public service broadcasts such as documentaries.
The ministry added it will also invest 5.75 billion won to develop next-generation media content, such as those that incorporate augmented reality, artificial intelligence and 5G technology.
South Korea's OTT market has grown rapidly in recent years, with the platform's usage rate at 52.0 percent in 2019, compared with 42.7 percent the previous year, according to the Korea Communications Commission. (Yonhap)