South Korean Government to Invest on Content Startups Following Success of Squid Game & More Flicks

Credit: NETFLIX/YouTube Screenshot

Credit: NETFLIX/YouTube Screenshot

The South Korean government is making a massive move to support start-ups in the content field that face issues like what Squid Game experienced.

The success of Squid Game led industries and companies to offer funds for Korean content. Director Hwang Dong Hyuk's story also shocked the viewers as he revealed that investors and actors thought the hit Netflix series' script was weird.

He also faced money issues because he had to sell his laptop while writing the drama.

To aid creators who face the same problems, the government revealed its plans recently.

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Korean Government To Help Start-Ups in Content Industry

Korea JoongAng Daily cited the announcement from the Ministry of Culture, Sports, and Tourism Wednesday.

It revealed that the Korean government would aid 200 start-ups with up to 150 million KRW, approximately $115,000. The amount will reportedly help them grow in the industry.

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Culture Minister Park Bo Gyoon noted in a press release that the content industry needs assistance as it continues to grow in the past years.

"The content industry has become a staple in our country's exports, and 78 percent of the market is taken up by young people in their 20s and 30s," the minister said. "We hope to support youngsters by turning their dreams and imagination into businesses from the very ideation step so that content start-ups overcome the valley of death and become unicorn companies [valued at over $1 billion]."

How They Will Select Beneficiaries Revealed

Sixty creators will be chosen in the process. The committee will also select 32 start-ups with less than three years of business and 20 companies with less than seven years but more than three years in operation will be chosen.

The Ministry of Culture, Sports, and Tourism said that the founders of these companies must be 39 years old and below.

For the chosen start-up owners, they will sign an agreement with the Korea Creative Content Agency (Kocca), which will also help them through consultations and mentorships, among others.

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