The Korea Creative Content Agency’s 2021 budget has been set at 484.2 billion won ($440 million), a 54.4 billion won increase from last year.
KOCCA uploaded multiple videos on its YouTube channel on Monday, outlining the details of the budget distribution by sector. The broadcast sector will receive 49.6 billion won, games 61.5 billion won, culture technology 81.6 billion won, virtual interactive content 49 billion won, music 41.1 billion won and regional content 49.7 billion won, among others. Another 109.1 billion won will be spread across multiple sectors.
In terms of function, 160.6 billion won will be used to support content creation, 121.5 billion for infrastructure and 41.2 billion for content exports while 34.8 billion has been earmarked for nurturing talent.
The games and music sectors saw the biggest increase in investment compared with last year, while the biggest functional investment increase was in content creation.
Support for game startups and indie games will increase this year, while console games, board games and arcade games have been set apart from PC and mobile games to provide more adequate support. The agency will fund the building of online interactive performance studios and provide online marketing support for the music sector.
KOCCA said that “three revolutionizing strategies for the content business” and a “digital new deal growth strategy” will be the central strategies this year, with the agency focusing on bolstering support policies, developing virtual interactive content, increasing international opportunities for contactless content related to the Korean Wave and creating social value as a public organization.
To eliminate the pressure of having to produce quick results, midterm evaluation of companies receiving funding will be abolished and replaced by a checkup. Also, fund recipients will be required to take part in stabilizing the employment environment and will be required to educate workers on the prevention of sexual harassment.
Last year, KOCCA funded 768 projects, which helped generate 270 billion won in revenue and created 3,400 new jobs.
“In 2021, the Korea Creative Content Agency will do our best so that people in the content industry can overcome the current difficult situation and have opportunities to leap forward,” said Kim Young-jun, president of KOCCA.
“We will create financial support systems to help content businesses suffering from lack of financial support and create an online biz-matching online environment for the businesses to connect with the global market, turning the COVID-19 pandemic into an opportunity,” he said.
By Lim Jang-won (email@example.com