Korea to Invest in Content Industry

The government recently announced plans for a big investment.

It created a new fund to support the nation's content industry for the next three years.

The announcement was made by President Moon Jae-In on September 17.

He said the ability to produce quality content will be important to the nation's future.

"The content industry has immense potential for great growth," Moon said.

"It can raise the competitiveness and brand power of Korea."

The definition of content is broad.

It can refer to information that provides an experience to an audience or online users.

The content can be delivered through various media, including computers, cinema, smartphones, books, and live events.

Examples of content are K-pop music, a cartoon series, or an online game.

But it can also be the digital experience provided through a VR program at a hospital.

In total, the government plans to invest 1 trillion won more to build up the nation's content industry.

For three years beginning in 2020, it will fund various enterprises so that they can plan and design new content.

The content investment will take place in various fields.

For example, some funding will go to companies that are building VR services for military defense, education, fashion, and business.

Meanwhile, companies hoping to make the next big hit movie or musical group will also receive help.

Of the total investment, 450 billion won will focus on supporting content developers at the early stages.

Normally, it is hard for companies to receive funding for ideas because the chance of success is slim.

However, Moon said it is important to encourage these companies to take risks.

 

@ immense  ɪˈmens  엄청난, 어마어마한 (=enormous)

@ competitive   kəmˈpetətɪv  경쟁력 있는  ( 명사: competitiveness  경쟁력  )

@ definition  ˌdefɪˈnɪʃn  정의

@ broad   brɔːd   (폭이) 넓은 (↔narrow )

@ refer to  (… 에 대해) 언급하다[거론하다/들먹이다/말하다]

@ take place in  ~에서 열리다, 일어나다

@ Meanwhile  그 동안에 / 한편