Korean Animation Business Gets $1 Billion Government Boost
The South Korean government is betting big on animation, unveiling a $1 billion investment strategy aimed at transforming its cartoon industry into a global powerhouse.
The Ministry of Culture, Sports and Tourism on Thursday rolled out its “Basic Plan for the Promotion of the Animation Industry,” a sweeping five-year initiative designed to address long-standing structural weaknesses in the Korean animation sector, including overreliance on preschool content, heavy dependence on traditional television broadcasts, and challenging production conditions, according to The Korea Herald.
Central to the strategy is a massive financial injection, beginning with a KRW20 billion ($14 million) animation fund launching this year that will expand to KRW150 billion ($1 billion) by 2029. In a move designed to attract international players, the government will introduce cash rebates for co-productions that meet specific criteria and are primarily produced in Korea.
The initiative emphasizes audience diversification, with targeted support for content appealing to young adults and older demographics.
The Ministry of Culture, Sports and Tourism on Thursday rolled out its “Basic Plan for the Promotion of the Animation Industry,” a sweeping five-year initiative designed to address long-standing structural weaknesses in the Korean animation sector, including overreliance on preschool content, heavy dependence on traditional television broadcasts, and challenging production conditions, according to The Korea Herald.
Central to the strategy is a massive financial injection, beginning with a KRW20 billion ($14 million) animation fund launching this year that will expand to KRW150 billion ($1 billion) by 2029. In a move designed to attract international players, the government will introduce cash rebates for co-productions that meet specific criteria and are primarily produced in Korea.
The initiative emphasizes audience diversification, with targeted support for content appealing to young adults and older demographics.
- 25/04/2025
- di Naman Ramachandran
- Variety Film + TV
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