South Korea will invest 1 trillion won (US$689.5 million) to strengthen the competitiveness of domestic over-the-top (OTT) platforms amid growing global market competition, the science ministry said on Thursday.
The investment is part of the government’s broader plan to help domestic OTT platforms, including Tving and Wavve, expand overseas and innovate the industry using artificial intelligence and digital technologies, according to the Ministry of Science and ICT.
Under the plan, the government will partner with the private sector to create a strategic fund for Korean content and media businesses.
It will also work to expand access to Korean content through approximately 600 million smart TVs sold worldwide by Samsung Electronics Co. and LG Electronics Co.
The government also plans to innovate the OTT industry by applying AI technologies, such as AI dubbing and production, to media content.
It aims to boost the media industry’s use of AI technologies to 50% by 2027, up from 10% in 2023.
The Korean OTT industry is pushing to garner 100 million global viewers by 2027, up from 32 million tallied last year, according to the science ministry. (Yonhap)