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S. Korea to create 26 bln-won digital media fund

All News 09:00 December 11, 2020

SEOUL, Dec. 11 (Yonhap) -- South Korea said Friday it will set up a fund worth 26 billion won (US$24 million) to support the country's growing digital media industry.

The fund aims to help small and midsized digital media companies and one-person media as the COVID-19 pandemic has lead to increasing consumption of new media platforms globally, such as video streaming services, according to the Ministry of Science and ICT.

The government will provide 16 billion won for the four-year fund, which will be operated by K&Investment Partners Co., and seeks the rest of the amount from the private sector.

The ministry said it plans to launch the fund by March next year, which will invest in new digital media projects and support efforts to enter overseas markets.

Video streaming services and content consumption have seen rapid growth throughout the past year as the pandemic limits outdoor activities.

South Koreans are estimated to have spent on average nearly 30 hours on YouTube in September, according to market tracker IGAWorks.

This file image shows logos of video streaming services. (Yonhap)

yunhwanchae@yna.co.kr
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