Culture Ministry expands support for startups, culturally marginalized in 2024

The Ministry of Culture, Sports and Tourism announced Tuesday that it is set to expand policies to support startups and employment in the cultural arts sector and the culturally marginalized in 2024.

Culture Minister Yu In-chon speaks during the 61st K-Theater Awards in Jongno District, central Seoul, on Dec. 29, 2023. [NEWS1]

The Ministry of Culture, Sports and Tourism announced Tuesday that it is set to expand policies to support startups and employment in the cultural arts sector and the culturally marginalized in 2024.

The policies are divided into and targeted toward young adults over 19, vulnerable groups, businesses and regions.

Starting this year, the “Cultural Arts Pass,” as its Korean name translates, will go into test operation and be given to 160,000 young adults, allowing them to use up to 150,000 won ($115) monthly to purchase tickets for performances and exhibitions.

For loot boxes in online games, disclosing the probability data to users before purchase becomes mandatory starting in March.

Holders of the Munhwa Nuri Card, a cultural welfare card provided to low-income individuals, will each be able to use up to 130,000 won per year now, in contrast to 110,000 won last year.

The card can be issued by calling 1544-3412 or on the Government24 civil service portal site.

A sports voucher given to children and teenagers from low-income families and disabled individuals has increased in subsidies provided and applicants accepted.

Startups up to their seventh year of business can now receive help regarding mentoring, public relations, market development and attracting investment.

In 2024, 1.74 trillion won of policy funds will be supplied to continue to foster K-content.

The Culture Ministry is pushing for a “strategic fund” with no restrictions on investment targets. The government and private companies in the content sector will jointly invest to create 600 billion won to support content targeting the global market.

The percentages of tax deductions for the production of video content will become similar to those of advanced countries like the United States and France. The maximum tax credit will be from 15 percent to 30 percent, depending on the company's size.

Centers that support content exports will be established overseas in 10 nations, including Argentina and Turkey, and a corporate support center for attracting investments and reducing the burden of local rental costs will be built in Tokyo.

Finally, the new policies encourage local tourism by providing discounts, especially in June, and “well-being” content like bike-riding and trekking courses.

In his New Year's address, Culture Minister Yu In-chon stressed that supporting creators to “produce more competitive content in the global market” was the reason behind the key strategies for 2024.

“The goal is to reduce the burden on the people who enjoy culture, revitalize the economy through culture and create a culturally appealing environment for each region that encourages people to stay,” he said. “We will ensure that the policies let people have a richer year through our culture.”

BY SHIN MIN-HEE [shin.minhee@joongang.co.kr]