Visitors eat and cheer together in the outdoor garden of Korea House, a hub promoting Korean sports and culture during the Paris 2024 Olympic Games, in Paris, July 31, 2024. Korea Times file
Korea has spent more than two decades perfecting the art of the cross-border pop phenomenon. Now, government officials are turning to artificial intelligence (AI) and intellectual property rights to ensure the nation’s cultural juggernaut doesn't run out of steam.
The Ministry of Culture, Sports and Tourism and the Financial Services Commission (FSC) jointly announced, Wednesday, the launch of a 150 billion won ($108 million) K-Culture Value-Up Fund. The public-private vehicle represents Seoul’s largest target-driven effort to date aimed at pairing state-backed venture capital with emerging technology in the creative arts.
Under the plan, the government will chip in 50 billion won from state coffers, flanked by 30 billion won from the state-run Korea Development Bank and the Advanced Strategic Industry Fund. Managing institutions hope to leverage that anchor seed into attracting more than 70 billion won in private capital.
The strategy marks a structural pivot for Korea’s cultural policy. Previous state-guided venture funds in media and entertainment hovered around 50 billion won, a figure officials say struggled to meet the ballooning production costs of modern blockbuster media and global platform plays.
