The Ministry of Culture, Sports and Tourism in South Korea has announced its approved budget for next year, totaling KRW 6.97 trillion. This represents a 3.5% increase from this year’s budget and accounts for 8.7% of the government’s overall 2024 budget. The content industry received the highest increase, with a policy financing scale of KRW 1.77 trillion, more than double the amount from last year. This includes the establishment of the K-Content Fund, investing in companies and projects for export and intellectual property rights.
Additionally, the budget for supporting industries related to Hallyu (Korean Wave) will be expanded to KRW 27.4 billion, focusing on joint inter-ministerial exhibitions and promotional centers in other countries. The tourism budget for next year is set at KRW 1.36 trillion, with a focus on attracting foreign tourists and reducing the tourism deficit. The Visit Korea Year campaign will receive a budget increase to KRW 17.8 billion, with KRW 7.3 billion allocated to create a proper tourism atmosphere in the country.
In the arts sector, the promotional budget has been raised to KRW 44.1 billion, with a portion allocated to supporting up-and-coming artists without gallery affiliation and funding projects showcasing domestic artworks abroad. The publishing industry will receive KRW 7.7 billion to explore overseas market entries, train human resources, and protect intellectual property rights.
Sports received a significant increase in funding, with its budget for next year raised by 193.7% to KRW 235 billion. The aim is to support exports, job creation, and ensure fair and non-discriminatory access to cultural activities for the public.
Overall, the Ministry of Culture, Sports and Tourism aims to invest in the growth of the content industry, promote tourism, support the arts, and boost the sports sector through increased funding in the coming year.