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S. Korea to invest 1 tln won in boosting global competitiveness of homegrown OTT platforms


Published on 2024-12-19 00:42:15 - MSN
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  • South Korea will invest 1 trillion won (US$689.5 million) to help strengthen the competitiveness of homegrown over-the-top (OTT) platforms amid intensifying competition in the global market, the science ministry said Thursday.

South Korea has announced plans to invest 1 trillion won (approximately $720 million) to enhance the global competitiveness of its homegrown Over-The-Top (OTT) platforms. This initiative, revealed by the Ministry of Science and ICT, aims to support local content creators and streaming services in expanding their international presence. The investment will focus on developing original content, improving technological infrastructure, and fostering collaborations with global partners. This move is part of a broader strategy to leverage South Korea's cultural exports, particularly in K-dramas and K-pop, to increase the global market share of its OTT services amidst fierce competition from international giants like Netflix and Disney+.

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