Government pushes Korean content to France as Paris Olympics approach

The Korea Creative Content Agency aims to export Korean content to European markets as the Paris 2024 Olympics approach. Kocca plans to establish 10 business centers in various countries and allocate around $51.9 million for content.

Jo Hyun-rae, President of the Korea Creative Content Agency (Kocca), explains the agency's plans for 2024 to reporters in a press conference held on Tuesday in central Seoul. [KOCCA]

The Korea Creative Content Agency (Kocca) will focus on exporting Korean content overseas to the European, especially French, markets next year in tandem with the Paris 2024 Olympics.

“There are so many studies on the economic effects of content and culture, such as that with every $100 million export in culture, $180 million of consumer goods are also exported,” Jo Hyun-rae, president of Kocca, said in a press conference that was held Tuesday in central Seoul.

“Our well-made K-content has been proving its positive influence on other industries, especially in this age where content isn’t just consumed in our country but in other countries through global platforms. But up to 90 percent of production companies are small-sized companies that need support from Kocca, especially when it comes to content export.”

The aim of Kocca, a state-run company that is in charge of running and managing support programs for pop culture companies, is in line with that of the Ministry of Culture, Sports and Tourism, which has also set a goal to export domestic content and culture to overseas markets in 2024 with the help of Hallyu, or the Korean Wave.

To spur the spread of Korean content to international markets, 10 overseas business centers will be established next year in Osaka, Japan; Singapore; Sydney, Australia; Sao Paulo, Brazil; Buenos Aires, Argentina; Toronto, Canada; Madrid, Spain; Rome, Italy; Stockholm, Sweden; and Ankara, Turkey. There are currently 15 centers in countries around the world, including the United States, China, Japan, France, Indonesia, Vietnam and the United Arab Emirates.

Jo Hyun-rae, President of the Korea Creative Content Agency (Kocca) [KOCCA]

Some 67.9 billion won ($51.9 million) has been allotted to projects and businesses related to content exports next year, up 70 percent from the 39.4 billion won that was given to the sector this year, according to President Jo.

However, the number is susceptible to change, as the National Assembly has not passed the government’s final budget yet. Kocca is expected to get a 610 billion won budget this year, a decrease from the 623.8 billion won budget of 2023. Most of the cuts have been made to the broadcasting center, according to President Jo.

“Most of the smaller-sized companies requested that Kocca help us navigate the culture, legalities and market policies in different countries, because such information is hard to access from Korea,” Jo said. “It’s not easy for smaller companies to actually meet people when they’re abroad, and Kocca is willing to act as the middleman for them.”

Another change also comes in line with the Culture Ministry’s transformation, where support programs will no longer be assessed by an outside panel of experts, but by a team within the agency that will be responsible for any issue of collusion should it arise. Art and culture support program submissions were previously assessed by external reviewers to prevent collusion between officials and artists, but the policy has been criticized in recent years due lack of legal liability.

Kocca will also get rid of its policy that prohibits a company from receiving more than 2.5 billion won within three years. The agency will strive to establish a structure where companies can receive adequate subsidies at multiple stages of the business should they be fit, but will also tighten the screening process for each program.

“Korea, as well as the rest of the world, faces a continued economic downturn next year,” Jo said. “I believe that K-content can be the true breakthrough through the hardship. We need to push hard, and we’re ready to restructure ourselves for this endeavor, and we will keep looking for new business opportunities and fulfill the needs of the market.”

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]